When Do You Do It?
I’ve got a probing question for you….’When do YOU do IT?
Before or After?
Let’s face it, we all do it.
It is a basic need and it is also a basic fact that some of us get more of it than others.
I’m sure we’d all like to make more of it.
And many people have even made it a written goal to get more of it and that is why I must ask you ‘When Do You Do It?’ because when you do it is really a BIG secret to how much you’ll get of it.
What am I talking about?
Isn’t it obvious?
I’m talking about when do you get paid! (What were you thinking I was talking about?)
Here’s a big SECRET success principle of the wealthy.
Wealthy people make a practice of getting paid BEFORE
they do work. And
                                  The average person gets paid after they’ve done work.Why is this such a big deal?
The answer is too long to cover in one blog entry and this is one of the many strategies I help my coaching students re-engineer in their businesses, but let’s just touch on a few reasons why ‘When You Do It’ impacts your wealth.
If you are like ‘most’ people and get paid after the work is done they you are put onto the ‘hamster wheel’ of trying to pay yesterday’s bills with tomorrow’s paycheck, and this inevitably pushes you into the dark caverns of debt rather than the wealth practice of accumulating savings. This cycle spirals even more out of control because buying via debt (credit cards etc) is the most disadvantageous way to acquire (unless you are paying off the debt, but the interest clock is ticking against you while you are waiting to get paid…which is effectively reducing your pay). The vicious cycle continues it’s perilous downward spin because the needs of today must be met and if you are waiting to be paid then the way most people get those needs met is via debt.
Now, contrast and compare that to the practice of the wealthy of getting paid BEFORE the work. As a result, wealthy people are positioned to buy things in the most advantageous ways, and often buy at the lowest prices because no interest is tacked onto the purchase like the example I mentioned above.I could go through example after example but I think you get the idea.This success principle is only practiced by the wealthy and that should be enough reason for you to incorporate it into your business, but you could also apply what I call the Walt Disney Success Rule too.
Disney would basically take a peak at what the majority of other people were doing and then do the opposite! This was simple Genius! Why? Because if the majority of the people were doing something that was creating just average results…and it he did not want average results…then logically he did NOT want to immulate their extreme mediocrity. Do You?So, based on the fact that most people do the work first and get paid after…that alone is sufficient ground to ‘look at things from a different perspective…and it can turn your whole world around!’Anyway, to return to the Success Principle or Rule, it is to get paid before work, not afterward.And If for no other reason than to be sure and do the opposite of what average Joe or Jane do!Let’s look at some of the other reasons you’d want to change when you do it.
In business, it eliminates collection problems. The phrase ‘Time is money’ is an understatement. If you are chasing money owed then you are not making money that could be generated. This is called ‘Opportunity Cost’. Simply put..you’re losing an opportunity to create money because of chasing money owed.
In addition, when you get paid before vs after you can drastically positively impact cashflow which opens up a ton of opportunities for your business growth.
When you do it will also impact how you feel. Here’s what I mean.
Zig Ziglar is famous for saying (and I’m paraphrasing) “I’ve had money and I’ve not had money…and overall it is MUCH better to have it!”
I can attest to this statement and I can also speak firsthand on the massive impact on how your think, process, respond, react, and over all feel when you have money vs when what little money you have ‘has’ you!
Some people may think this is ‘shallow’, but frankly speaking there is a different level of confidence you exude when the bills are paid and money is accumulating and there are some things that I just don’t know how to explain that occurs that somehow causes money to be attracted to your success.
Here’s an analogy. If you are sitting on a park bench and wanting to catch a dove, you are going to have a much better chance of confidently sprinkling some crumbs in front of you and progressively sprinkling the crumbs closer and closer to you so that eventually the dove will come to you….verses you throwing the crumbs on the sidewalk and when the doves land on the sidewalk to eat you then go hastily rushing into the flock like an arrogant crazed pit bull thinking you’ll be able to snag a dove.
Money is attracted to certain things…Speed- yes, but not haste (like the example above). Money is attracted to confidence, yes, but not arrogance (like the example above) and in talking about the Rule of getting paid first, this creates an element of confidence. (Plus, you are more likely to get the compliance of a customer to follow your suggestions if it is a consultant type of deal because the customer has ‘skin in the game’…which opens up their ears!)
In short, and I really don’t understand why what I’m about to say is the way it is, but the less you need or feel the need to get money, the more easily money flows to you.
(As an aside, I don’t have to understand why this works this way…in the very same way I don’t have to understand why when I push the power button on my remote control that suddenly my beloved Buckeyes or Browns are on TV…I don’t understand why or how a light switch causes light…but I don’t have to understand in order to enjoy the benefit! (Re-read that last line…a couple of times…go ahead..I’ll wait)
So in summary, when you are paid in advance you go through life with a profound sense of accomplishment, confidence and get onto the escalator of abundance. You end up with a relationship with ‘money’ and with ‘work’ that is different and you tend to spiral up. You’ve heard the phrase…’The rich get richer…and the poor get poorer’. There Is some truth to that for numerous reasons. One being the RULE discussed today. And you’ve also heard the phrase…”A day late and a dollar short’…This is because of NOT adhering to the RULE. Both phases are cycles that you must either get out of or onto.
Now let me address this right now because I can hear most of you already disqualifying what I’m saying because of the famous…BUTT (and I spelled it that way on purpose! By the way I was speaking at Denison University last week (one of the reasons for so few blog entries recently…sorry J) and a young lady shared a title of a book called something like ‘All Buts Stink!’. I have not got the book yet, but I love the concept. )
BUTT MY business is different…
Don’t disqualify the RULE. Put as much effort into thinking of ways to insert this principle into your business as you do in disqualifying why it won’t work in your business…because it will and can work…IF you work to make it happen.
It is vital that YOU take a close look at how your business is structured, and if you are getting paid post-work rather than pre-work, then simply ask yourself how that might be switched around. And don’t be in the ‘settle for’ group that like lemmings going over the cliff who instantly in a ‘knee-jerk-regurgitation-like spewing of the words on the sign of the entrance door of the ‘poor house’ that read “can’t be done in MY business – MY business is different”.
My mom always said…’Can’t died in the Poor house with ain’t’. Thanks Mom.ÂÂ
Choose to Make Your Business Different and be the Disney (and NOT his character…Goofy, because it frankly is Goofy to be like the lemmings I mentioned above) of your industry.
And in keeping with the Disney theme and going back to my childhood days…You’ll then ‘Enjoy The Wonderful World of (Your Business) Disney’
So what’s your answer? When do YOU do it?
*****Be sure to read my other entries to discover the contest that is being held for the month of January. You could win and you don’t want to miss out!****
Enjoy!
Thad
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 ”Take Action, But Don’t Let Actions Take You!” ™ ÂÂ
“Think Big…Dream Bigger!” â„¢
©TMG 2008