There are four main stages of financial success with your network marketing business. True financial success depends on not passing through them. Financial disaster results from getting stuck.
You are probably in a network marketing business or are looking to get involved with one. That’s great! You are taking control of your financial destiny. Many people who are not familiar with monetary success often get stuck in one of the major stages of financial success. Getting stuck in the wrong stage can actually leave you in a worse situation than when you started.
These major stages are Getting Started, Toys, Security and Giving Back. We will explore these stages in turn.
The first stage is Getting Started. This is where you start to when you start making some regular money with your home based business. It is where you start with dissatisfaction with your current position and are motivated enough to do something about it. Your enthusiasm is high but your skills are low.
This is the stage where the most attitudinal changes are made. If you continue to stay with an employee mindset instead of adopting an entrepreneur mindset then you will be stuck at this stage. Being stuck at this stage results in frustration, burn out, and if you stay at it too long then you usually quit or find another opportunity while blaming everything else except yourself.
The entrepreneur mindset includes such beliefs as you get paid on results, not efforts and it doesn’t have to be perfect, just effective. You take your mouth off of mute and talk to people. You develop belief in yourself, your products, your company and your industry.
If you successfully master this stage then you move on to the next stage which is Toys.
The Toy stage is where you are earning a relatively large amount income and you start upgrading your lifestyle with new cars, houses, vacations, etc. The best thing to do at this stage is to pass through it as quickly as possible.
Buy those things that you enjoy most while keeping in mind that as you pass through the next stage, you can revisit this stage without much danger.
What trips many entrepreneurs up at this stage is that they commit themselves to a lifestyle level in anticipation that their income will continue to grow at a large pace. The danger sign is if you are living paycheck to paycheck to support your lifestyle.
They question new entrepreneurs ask is how can you go broke when you earn over $10,000 per month. The answer is by spending $12,000 per month. So, buy a few things and move to the next stage, Security.
The Security stage is where you reinvest you part of your income into expanding your business to make it solid and developing other streams of income. A simple alternate stream of income would be to save enough money so that the interest will pay for you desired lifestyle.This double coverage of your lifestyle gives you the security and the ability to accumulate wealth at an even faster rate.
If you get stuck in this stage, you are thinking only of yourself. The danger is becoming an Ebenezer Scrooge character.
At this point, you can start revisiting the Toys stage without over extending yourself. It also allows you to move on to the next stage which is Giving Back.
The wealth and security accumulated in the previous stage can allow you to do things that previously were unavailable such as setting up trusts for charities, establishing medical facilities in impoverished regions of the world, etc. It’s your chance to direct resources to improve the world.
As you can see, as your business grows, you will grow and pass through four major stages. The trick is to successfully pass through the first three to get to the last.
