6 Figure Income Secrets Using Your Own Business
Cal Tingey, MBA
Published by Cal Tingey, MBA at Smashwords
Copyright 2011 Cal Tingey
Discover additional information at
http://www.6FigureIncomeSecrets.com
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Smashwords Edition, License Notes
This ebook is licensed for your personal enjoyment only. This ebook may not be re-sold or given away to other people. If you would like to share this book with another person please purchase an additional copy for each recipient. If you’re reading this book and did not purchase it, or it was not purchased for your use only, then please return to smashwords.com and purchase your own copy. Thank you for respecting the hard work of this author.
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6 Figure Income Secrets Using Your Own Business
Table of Contents
Chapter 1 - Secret #1 - The Best Way to Become Rich
Chapter 2 - Secret #2 - Your Business is Your Best Tax Advantage
Chapter 3 - Secret #3 - If You Need More Money, DON’T Get a Second Job!
Chapter 4 - Secret #4 - Do What You Love and the Money Will Follow
Chapter 5 - Secret #5 - Control Your Mediums of Exchange
Chapter 6 - Secret #6 - Using the Great Equalizer to Your Advantage
Chapter 7 - Secret #7 - How to Maximize Your Money
Chapter 8 - Secret #8 - Throw Away the Books on How to Write a Business Plan
Chapter 9 - Secret #9 - Three Critical Laws of Success
Chapter 10 - Secret #10 - Understand Your Profit Faucet
Chapter 11 - Secret #11 - If You Can’t Sell, You’d Better Have a Marketing Magnet
Chapter 12 - Secret #12 - Why It’s More Dangerous to be a Kitty than a Tiger
Chapter 13 - Secret #13 - Know How Far in the Desert You Can Travel without Water
Chapter 14 - Secret #14 - How to Turn Mountains Into Molehills
Chapter 15 - Secret #15 - Use the Ultimate Tool to Reach Your Desired Reward
Chapter 16 - Secret #16 - Winning the Business Lottery
Chapter 17 - Secret #17 - The Breakthrough Formula that Works for Everyone
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The ideas this book contains are powerful and have been proven to work. I am confident they will work for you, too. For the best results you need to implement these concepts. Knowledge alone is not enough; there must be some effort on your part.
If, after solidly practicing the ideas in this book, you can demonstrate that they did not contribute to improving your financial prospects, I will be happy to personally refund to you the purchase price of the book. For this and any other queries, please contact me at Cal@6FigureIncomeSecrets.com.
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Your dreams can come true. Do you dream of what it would be like to set your own hours, to have the freedom to do what you want, when you want? Have you imagined what it would be like to say goodbye to alarm clocks, rush hour traffic, and bosses who are overpaid and undereducated? You’re not alone, millions of people dream of becoming rich by being their own boss and having their own business.
Yet for most people this is as far as they will go with their dream. They linger on the visions and then snap back to reality only to trade time for money as an employee where they help accomplish the dreams of the business owner instead of their own.
But a select few – the ones who we call risk takers, entrepreneurs – set out to realize their dreams. Most entrepreneurs are poorly prepared for the journey ahead. They may know their trade, but they realize too late that owning their own business means learning a whole new set of business skills. The skills needed to successfully open, run, and grow a business. Not only do they need to learn the skills but they also need to apply the skills.
Businesses and people are successful because they learn and implement these skills. In most cases it has very little to do with luck, or even with implementing clever financing.
If you’re not yet where you want to be in terms of income and your own personal success, the problem may not be WHAT you are doing so much as HOW you are doing it.
If you want to change your business and your life, you need to learn these secrets on HOW you’re doing WHAT you’re doing.
Getting rich, being a success, and living the life you dream of is not dependent upon your engaging in some particular business, but upon your learning to do that business in a certain way.
There is proof that the key to success is learning the secrets to doing business in a certain way. Everywhere we see successful and unsuccessful people coexisting in the same environment and often in the same business. When two people are in the same locality and in the same business, and one is successful while the other remains unsuccessful, it shows that being successful is not primarily a matter of environment or type of business.
Furthermore, the ability to do business in the certain way is not due solely to the possession of talent, good looks, or advanced degrees. Many people who have great talent, outstanding good looks, or advanced degrees remain unsuccessful, while others who have very little become successful.
If you study the people who have become successful, you will find that they are average in most respects, having no greater talents and abilities than other people. It’s evident that they do not become successful because they possess talents and abilities that others don’t have, THEY BECOME SUCCESSFUL BECAUSE THEY DO BUSINESS IN A CERTAIN WAY.
What I have compiled for you are proven secrets for success. In addition, I have provided worksheets that will help you implement these secrets. Because it’s not just the knowledge that is so powerful, it’s the implementation of this knowledge that’s powerful - you must take action.
In all my work with business owners and entrepreneurs I have found that most of them fail because they either don’t know these secrets, or because they don’t know how to implement them. Often, even after they’ve been exposed to the secrets, most think that there must be more to it. They can’t believe that business success can be so simple.
These secrets are simple and basic. As I’ve shared these secrets with others, I’ve heard the same remark over and over, “I’ve heard this before; there’s nothing new here.” And these people are right - there is nothing new. Successful business owners and entrepreneurs know these secrets and have been implementing them for decades. The question is not, “Do you know these secrets?” but “Do you implement them?”
Knowing how to kick and punch does not make you a champion kick-boxer. When it comes to business, you’re aiming at being a champion. All champions practice the basics over and over again, until they become second nature.
In business, as in most aspects of life, if you learn the basics and practice them until you can do them successfully over and over, even under pressure, success will follow.
The fact that you’re reading this book suggests that perhaps you don’t currently have all the answers or know all the secrets. It may mean that you’re looking for ways to improve. The information in this book will help you succeed and will improve your business. This book will share the secrets that successful people use to make six figure incomes with their businesses.
If you’re not making six figures in your own business right now then you need to keep reading. Keep reading and working on these secrets until they become second nature and when you have mastered them success will follow. When you know these secrets, success is a lot easier. And if you keep learning, success builds on success. With this knowledge you can maximize your opportunity and minimize your mistakes. With this knowledge you can create opportunities you otherwise may not have seen. With this knowledge you can do things you couldn’t do before. It’s that simple.
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The Best Way to Become Rich
Quickly name the top 10 richest people in the world. (Okay, name as many as you can.)
Now, consider your list. How many of them work for someone else? Chances are good that the great majority of the richest people on your list own their own business. Do you think that’s a coincidence? It isn’t. When you own your own business you can leverage your knowledge, your ability, your money, your time and everything that the regular person is just too frightened to do.
Now, your list may contain some rich people who don’t own their own business. See, there are other ways to become rich. In fact, I’ve compiled a list of ways to make money. When all is said and done, the list boils down to only these five ways to make money:
1.Steal it or cheat others out of it – which is risky and undermines your values.
2.Inherit it.
3.Put what you already have into financial investments, which is the solution that most people want to sell you, but when you do this someone else actually has control over your money.
4.Work for it, which is both honest and noble – but won’t make you rich.
5.Go into business – which is how most rich people make their money.
A well-run business can generate staggering profits and out perform any other means of gaining wealth.
So why do most people keep working for someone else? Here are the three main reasons that people continue to work for someone else:
1.They don’t know how to start and run a successful business.
2.They’re comfortable where they are. And,
3.They fear the worst.
Let’s look at reason number one - that most people don’t know how to start up and run a successful business. If you read the statistics on how many businesses fail, the number is staggering. However, it doesn’t have to be this way.
It’s interesting that we have an educational system that teaches us the basics of reading, writing, and arithmetic. We are taught to follow instructions, conform to the desires of others, color inside the lines, and repeat back what that teacher already told you. It doesn’t matter how much schooling you obtain, when you’re done you’re basically cut loose without any skill in securing a job, and with no idea of how to be in business for yourself. See, following the traditional rules, giving people only what they expect, and getting ahead by doing the same thing as everyone else is NOT a recipe for success.
Note:
Studies of individuals who have above-average wealth show no real correlation between levels of formal education and the ability to make money. Formal education may affect how much you make in a salaried job, but it doesn’t affect your chances of real financial independence.
A good formal education can indicate that you’re willing to learn. And those who continually learn are people like you who are reading this book. There are really only two basic ways to gain the knowledge you need to be successful in your own business.
#1 Trial and Error
Banging your head on the wall, trying everything, looking everywhere for answers . . . clawing, scraping, and fighting through all the failures without giving up until you finally get the success you seek (this does eventually work).
#2 Apprentice under a Master
Get a qualified coach or mentor who’s already traveled the road you want to travel and who can teach you. Consider this book your coach or mentor.
The second reason most people continue to work for someone else when they know that the only way they will experience a six-figure income is that they are comfortable where they are. Most of our society gets out of school, whether it’s high school or college, and immediately looks for a job.
Having a good paying job provides security as long as the company doesn’t downsize, right size, or capsize. You have to worry about whether or not your boss likes you, wants to blame you, or just wants to exert some of that newfound authority and make your life miserable. Then there’s the constant threat of other employees blaming you, or not doing their work leaving you to pick up the slack. In other words, security by working for someone else is non-existent. It’s only a fabrication you make up to justify putting up with the abuse.
Let’s face it, trading time for money will not make you rich and that’s exactly what a job is. You know what JOB stands for? Just Over Broke. As long as you work for someone else you will always remain “just over broke.” The paycheck will cover the bills but never catapult you into the financial freedom that you deserve.
Businesses divide their employees into two categories: Hired Hands, and Hired Minds. Hired hands trade their labor and time for a paycheck. Hired minds trade their knowledge and time for a paycheck. Your ability to provide labor and time or knowledge and time are your assets. When you work for someone else you are allowing them to use your assets to create profit and value. It’s through this profit and value that you create for them that the bosses are able to fly around to meetings, stay in luxurious resorts, and be paid outrageous sums of money. (It’s interesting that when a company does poorly it isn’t the big bosses that suffer it’s the worker – the person who thinks he or she has security.)
We are all self-employed, the difference is that some of us don’t share the profits of our labor or knowledge with our boss; we are the boss. If you don’t own your own company, then you are sharing your profits with your boss – and believe me you generate enough profits to cover your salary, pay for the phone system, pay the rent, pay for your boss, pay for your boss’ vacation, pay for your boss to be sick, and still allow your company to pay dividends to shareholders.
The first six figure income secret is to own your own business, be your own boss, and keep the profits you generate for yourself.
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Your Business is Your Best Tax Advantage
I’m going to share something with you that will shock you, surprise you, and most likely make you angry. But you should hear it and know exactly what it means to you and your situation.
The United States has two tax systems. Most people only know about one of them. The rich people know about both of them. The two systems are:
System #1 - set up to tax hard working individuals.
System #2 - set up to tax business owners.
Sounds simple. Sounds logical. You might even think you’ve heard it before. So why do I tell you that this will shock you, surprise you, and most likely make you angry? Because if you aren’t shocked, surprised or angry at hearing this, then you either completely understand this principle and use it to your advantage, or you’re like the good majority of people in the U.S. who don’t fully comprehend what these two systems are all about.
So, let me lay it out for you in simple terms.
If you’re like most people, you participate in Tax System #1 – remember this is for non-business owners. In simple terms here’s how Tax System #1 works.
You earn money
You pay taxes
You spend what’s left
Does that sound like the system you’re living with? Don’t feel bad, that’s how most people operate. But the wealthy, the people who own businesses, don’t use this system. They use Tax System #2, and here’s how it works.
Earn money
Spend money
Pay Taxes on what’s left
Do you see the difference? In Tax System #2 you earn money, spend it and THEN pay taxes on whatever is left over – which often times isn’t much.
Let’s put some numbers to the first tax system.
Using Tax System #1, let’s say that you earn a nice income of $100,000. Now, Uncle Sam is going to take half your earnings in taxes, so let’s subtract out $50,000. That leaves you with $50,000 to live on. It’s this $50,000 you have left that you will use to pay your mortgage, pay for your vehicles, buy your meals, pay for your clothes, pay your children an allowance, pay for the gas in your vehicles, pay for entertainment, pay for your vacations, and pay for any other expenses that you might have.
It’s no wonder that you can’t get ahead. Imagine making $100,000 a year and still scraping by, living paycheck to paycheck.
Now, let’s look at Tax System #2. This system is for people who own their own businesses. Remember the formula:
Earn money
Spend money
Pay Taxes on what’s left
If you’ve ever wondered why the doctor, the dentist, and all the other business owners drive nice cars, live in dream homes, wear the best clothes, travel to exotic locations for their vacations, eat at fancy restaurants, and STILL have LOTS of money left over, the answer is because they’re using Tax System #2.
Their business earns the money. Then their business spends the money before Uncle Sam taxes it. Here’s how:
The business leases the fancy cars – Mercedes, BMW, Cadillac, Lincoln, Lexus, Infiniti, basically whatever the owners want.
The business pays for the vacations – whether it’s to Aspen Colorado for a week of skiing or to Hawaii for a week of rest and relaxation.
The business buys the clothes they wear to work – the IRS calls it a “uniform.”
Oh, and you know that new TV they have? No, not the big screen TV, I’m talking about the HUGE screen TV. The business purchased that for them too.
The business buys the gas they put in their cars.
The business pays for them to eat out at the nicest restaurants – in fact, they could eat EVERY meal at the nicest restaurants, every breakfast, lunch and dinner.
Yes, the business even pays for them to go see sporting events, plays, etc.
I could go on, and on, and on, and on, and on – well you get the picture. When they’re done spending – and by the way, these expenditures are called “business deductions” - then they pay taxes on their profits. And here’s the bonus, because all of these expenses have reduced the profits, the tax bracket is lower and they pay even less in taxes.
So, if you earn $100,000 as an employee and your best friend from high school earns $100,000 but owns his own business. That friend will have more, nicer things than you do, will pay less in taxes, and will have more money left over when all is said and done.
The two tax systems, yes they exist. And if you don’t have a business then you are in Tax System #1 where you earn, you’re taxed and then IF there is any money left over you can try to live on it.
That’s why you should be shocked, surprised and angry. Someone should have told you about these two systems before now. Every American has the opportunity to participate in Tax System #2 where you earn, spend and then pay taxes on whatever’s left over.
Decades ago, a Supreme Court Justice named Learned Hand made the following observation. He said,
“There is nothing sinister in so arranging one’s
affairs as to keep taxes as low as possible.”
It should be plain to you that taking advantage of Tax System #2 could be by far one of the best financial decisions you’ll ever make.
If you don’t own your own business, and are therefore in Tax System #1, you can see that even if you earn a good six-figure income, it can be taxed so much that you have little to show for your hard work.
So what do all the rich people do? They own their own businesses. Switch to Tax System #2 and have the business pay for your expenses and then after you’ve bought everything you want, pay taxes on what’s left.
Now, it’s okay to be shocked, surprised, and even angry if you’re still in Tax System #1, but as the Supreme Court Justice Learned Hand says, there’s nothing wrong with arranging your financial affairs so that you pay as little taxes as possible. And the real question is, “Why wait?”
Get started right now and open up your own business. Don’t pay more taxes than you have to.