(Where will this life take us?)
This article is about the opportunities and pitfalls of owning your own business. Before we go into the different business models we need to understand why people want to be their own boss.
In my case I thought it would give me the following.
- More money
- More Time
- Control of my life
Those key concepts above were important to me because of the lessons I learned from being employed. Raised with the idea of getting a good job and working harder is the motto in my family. And yes, working harder is good for personal growth, but should only be the catalyst to jump start your career. In my life I took pride in working harder and used this thinking to move up the corporate ladder only to get slapped with harsh reality. The more I got paid the more taxes I paid. I learned this the hard way of course. My last job I worked double shifts and grabbed up as much overtime as possible. I ended up almost doubling my normal paycheck! Great!!! No, not great because that tax season I ended up moving into a higher tax bracket and in the end after paying my taxes I essentially got paid the same as I would have without all the overtime. So what did working harder get me? It got me more taxes and more tired, what it didn’t do was give me more wealth, time or control of my life. I was allowing my job to steal my dreams from me. Because I thought if I worked harder I would have more money the following year to spoil my family and do the things I was dreaming of doing.
So was working harder at a normal job the solution for me? Not even close, and that’s when I started to think about other career choices. My initial thoughts were;
- Get a better paying job
- Invest more in retirement plans
- Purchase real estate
But as time went I realized none of those ideas would give me the things I wanted either. “Getting paid more” would give me my time back without all the overtime, but still I would be paying higher taxes and working years for only a few days of freedom.
“Retirement plans”, yes it is nice to save for the future, but what about now! I am working myself into the grave then when I’m in my late 60’s I can finally travel to all the places ive dreamt of, and hopefully I was able to save up enough to do that because most people aren’t able to live this kind of life and are dependent upon social programs to support their life, or worse they end up going back to work! Ahhhhhhh!!! That will not do at all.
“Purchase real estate” many people have found success right. I could buy a small property and fix it up and turn around and sell it, but to do that I need to have a sizable amount of money saved up first, and with each sale comes the tax man. Was the risk worth the effort? The housing market is not a sure thing as we once knew it.
That’s when I realized my thinking needed to further evolve! My family motto no longer served me. If I wanted to get out of this cycle of working more and paying more there has to be another way. I wondered how are others getting their lives back? This question led me to research several business platforms, and has changed my life.
- Traditional business owner
- Stock market
- Franchise owner
- Sells/ Network Marketing
In college when I was going for a degree in business, I was fortunate to have a professor who owned several McDonald Franchises. For our final we had to come up with a business plan and present it as if we were asking a bank for a loan. I learned with this final that openning a business was more about stepping into a heap of debt first then working my butt off to get out of debt and hopefully after 5 years be able to break even. I would also have to know how to be a leader, business owner, marketing pro, advertiser, tax accountant, and provide customer service in my case. While I am sure these things are achievable my learning curve has to be quick. Don’t like that idea at all specially since my business depends on it. My professor suggested owning a franchise! Established business model, established marketing and advertising! She then mentioned she was able to do so because her parents opened up thier first franchise many years earlier. Now to purchase a franchise is an astronomical cost and not an option for me. In addition owning these types of business would not give me the time freedom I want. It certainly didn’t give my professor her time back.
Okay so owning a business and franchise were not the solution, so next I spoke with an stock market professional. His advice was save some money and invest a little here and there while still working a job. His key to success was selling his stock whenever the value of his stock would raise or fall 12%. He said this was a slow process at first but eventually led him to becoming rich. Excited with the idea I continued to inquire more. Slowly I realized it was more complicated than that. He researched constantly about each stock and the market. This part time job had become his life. Night and day he spent it in front of a computer waiting for the percentage to hit 12% just to start over again. This life style did not excite me nor did I see how he was much better off as his taxes were very high.
So I jumped into network marketing right, wrong. I didn’t see how going door to door would give me much of anything other than longer hours again. Yep, back to work my wife and I went, we worked harder and harder and eventually we got sick. My wife had a brain tumor and I was 250lbs, only 60lbs over my recommended body weight, but what could we do? Lucky for my family we were introduced to a product that changed our lives, a product that I had never seen, and from a brand I knew nothing of. All I know is that my family and I were able to buy back our health. We continued using these products for the next 4 years and shared our story with others. Then we realized that is what network marketing is all about. In 2015, we started a business that I thought I wouldn’t ever do and boy was I wrong to not have done this along time ago. My requirements I wanted from a business if you recall were; more money, more time and control of my life. What I didn’t know is all the other things that network marketing would give me in addition! These additional things have actually become the fuel for my success in this industry.
- Work with like minded people
- Help people get thier time back
- Help people get more money
- And help others to take back control of thier life.
- The more people you help the more you are helped.
What!!!! Helping others gets me the same thing I want isnt that so amazing and the best part is the harder I work the more I make with no limits/ no caps ever. So why aren’t more people doing network marketing then? Simply, there are no short cuts! Good thing my family’s motto is work hard! Secondly, most people who start a network business don’t appreciate what they have. Starting a network marketing business costs very little or nothing at all to get started, so they simply don’t put the same effort into thier business as they would if they owed the bank a large sum of cash if they failed. The final reason many don’t succeed in network marketing is because they don’t learn the trade. Most people don’t understand network marketing is a business and like any business you need to know how to lead, and how to be a professional in our industry! The great thing is this business allows you the time to learn and it doesn’t take forever to learn the skills needed to be a pro.
How has my life changed since being with network marketing? I am not financially free yet, but I have been able to leave my job and return to college to study what I love. My monthly income is reoccurring and constantly growing because I have taught enough people how to do the business and instead of working 40 hours a week I now only work 12 hours a week speaking and working with like minded people. My team is surrounded by positive, excited and driven individuals who are all striving to live a better life! This is how I always dreamed my business would be and now it’s happening.
Network Marketing might not be for you, but it has been one that my wife and I are proud to be apart and know that if you are looking for away to break out of your routine, willing to work for it, and willing to learn it this can be the answer for you.
In the end having as many assets as possible is the key to having residual income, which can be established as a business and can be tax write offs. Robert Kiyosaki better explains this in “Rich Dad Poor Dad” that being able to pay yourself before being taxed is fundamental in our current economy. Why is that? Because even if you make more money the business write offs offsets the tax increases. Allowing for growth in your business and more funding to establish further assets creating residual income and financial freedom. The rich keep getting richer because they understand these concepts.
My next article I will write about is how do you know if the network marketing company is right for you. Until then happy holidays from NYC.
#business #networkmarketing #money #careerchange #advice #testimonial #aloe4miracle