How do you spend more time on things that creates value in your career or business? How can you be worth more?
There are certain careers where the multiplication approach is already inherent in that business.
A very good example I can give you is the insurance business or financial planning. If you’re a financial planner or an insurance agent and you sell an insurance policy, you are paid a commission. Now that is what we call active income.
But the next year, your client will have to renew the policy, and when your client renews the policy you get a commission on that renewal. And on the third year, when he renews his policy again, again you get commission on that renewal. And on the fourth year, when he renews again you get a commission on that renewal.
In other words, you sell the policy one time and you get paid again and again and again and again and again. So your value is multiplied. In fact, insurance agents and financial planners, in their fifth year in business, 50% of their income is passive, it is scaled in value. That’s why there are insurance agents who make in excess about half a million dollars to $800,000 a year.
Another good example is the financial planning business, besides being an agent yourself, you start an agency and you recruit people within your agency. Every time that person sells a policy, you’ll get a commission on their commission. So again your value is magnified and multiplied.
Here’s my personal example.
There are many other trainers around in Asia, but one of the reasons why I’m paid more than a lot of the other trainers is because I create more value. A lot of trainers when they go out there and they speak they are just giving information and techniques.
For myself and the rest of our other trainers, we help people by touching them in different ways than just intellectually. We help people transform their own lives and we add a lot of value there
The next thing is scalability. No matter what you do, whether you are a chef, or feng shui master, you can scale your value.
Here’s an examples on fengshui masters. Most feng shui masters are never really wealthy, why? Because most of them only give one-to-one consultations, thus there is no scalability.
But there is a particular fengshui master called Lillian Too. And she is very wealthy. Why? That’s because she is able to magnify herself. She creates so much value for people. She does a lot more than what an average feng shui person would do. She knows where to focus her time where she creates the greatest value through writing books, selling, and providing consultations.
So as you can see through these examples, that only by multiplying and creating more value will one be able to achieve massive success in the particular business that they are in.