Creating Long Term Financial Success
Part 5 – The Power of Geometric Growth
This is actually the final post in a series of 5 blog posts to cover the topic creating long term financial success but with the New Year upon us and with improving ones financial situation being one of the biggest resolutions I think you’ll find this series very timely. In previous posts I explored the question, “Are You Involved in Marketing?” Whether we worked for a Ford assembly plant or were a pharmacist; whether we were a plumber, dentist or lawyer, we’re all in marketing, we sell our time or skill for money.
We began to explore the Network Marketing business and we started our discussion about how powerful passive residual income can be when it comes to long term financial security. Passive residual income is recurring income that continues to come to you long after the work you’ve done to produce it has ended.
We also explored the power of leveraging the efforts of others when it comes to building long term financial security.
Today I want to get into a little more detail about how powerful the three principles of passive residual income, leverage, and geometric growth can be when it comes to long term financial security and talk about the third principle, geometric growth.
GEOMETRIC GROWTH – DUPLICATION – POWER OF ONE:
The best illustration I’ve seen of geometric growth is the penny-a-day example. It’s also frequently used to illustrate the benefits of tax free compound interest and I used this when I was in the financial services industry.
If you start with one penny, and double it every day for 30 days, how much will you have at the end of 30 days?
If you haven’t heard this before or don’t remember, go ahead and take a guess. Day two you’d have 2 cents; day three you’d have 4 cents, then 8, 16, and so on. How much at the end of 30 days?
I’ve never had anyone who hadn’t heard this before come close. So don’t feel bad if you don’t, and I promise not to laugh. Ready? Did you pick a number?
Would you believe over FIVE MILLION DOLLARS?! ($5,368,708 to be exact!)
Most people don’t believe it until they punch it out on a calculator. And even then it’s sometimes hard to fathom. But it’s true. Isn’t that amazing?
That’s a simple illustration of how networking can work.
If I can teach you, I’ve doubled myself. If we each teach someone else, we’ve doubled again. And as this goes on and on it can produce amazing results in a relatively short period of time, just like the penny example.
The easier your program is to do and the lower the cost to get involved, the more people you can appeal to and the more potential for geometric progression to work. A program that is too complicated or expensive for ‘average’ people to do will always hinder your growth.
Great salespeople can succeed at almost anything they apply themselves to. But not many people have the talents, skills, or desire to be great salespeople. IT’S NOT DUPLICATABLE!
The Network Marking business model is about a lot of average people doing a little, not a few talented people doing a lot.
While lower cost of entry can be an advantage, many programs that are ‘free’, don’t offer any real potential for significant income, and often attract people who aren’t willing to work to build their business. So REALISTIC INCOME PRODUCING POWER is an important area to consider.
Joining a ‘down-line club’ or any other program that promises any variation of – “we’ll do everything for you” – will never produce significant LONG TERM passive residual income, because the majority of people who join are looking for a free ride or are too lazy to build anything significant. None of these programs have ever worked long term and none ever will. It’s a simple fact of life successful networkers accept early on.
The penny a day example is a great model for illustration, but in ‘real life’ it never works exactly like that. Some people never recruit anyone, and others find 10 – 20 – 30 or more. It helps to understand human nature. Despite the fact it rarely works in reality like it’s illustrated on paper, the principle of GEOMETRIC GROWTH is still one of the THREE PILLARS TO SUCCESS with the RIGHT Network Marketing Business Opportunity. With the RIGHT business and these POWERFUL PRINCIPLES, even average people who are willing to work and to learn can achieve their dreams. And above average people may exceed their greatest expectations.
If you can UNDERSTAND and BELIEVE IN those three principles, and find the RIGHT company, you will succeed in Network Marketing. If you’re willing to TEACH these THREE principles to a few others, the results might just amaze you!
The beauty of Network Marketing is that you can get started with very little investment of time or money, and no major changes in your present lifestyle. Eventually, passive residual income can give you the FREEDOM to live the lifestyle YOU CHOOSE, and pursue and enjoy your dreams – whatever they are!
I read somewhere that, “according to IRS statistics, in 1984 20% of NEW millionaires came from Network Marketing. By 1994 it was 50%. I don’t know if I really believe those statistics. But no matter what the percentages are, certainly many new millionaires are created every year in the Network Marketing industry.
Many positive CHANGES have been made in the industry, and several simultaneous MEGA-TRENDS help make this the best time ever to get involved (visit A BETTER WAY and watch the video)! The time to start is NOW! But it’s important to pick the RIGHT company and industry!
IF YOU UNDERSTAND:
1) The IMPORTANCE of ‘CONSUMABLE PRODUCTS’
2) The REASONS for the popularity of the Nutritional Supplement Industry
3) The importance of high quality, high demand, value-priced, products… and
4) The principle of a compensation plan designed for fast start income and long term passive income … YOU’RE MUCH MORE LIKELY TO HAVE ABOVE AVERAGE SUCCESS!
Successful Network Marketing offers many benefits: Passive Residual Income – No Boss – No Commute – No Dress Code – Income Tax Reduction – More TIME for kids, family, hobbies, or whatever is important to you – Above Average Income – and much more.
If I had to sum it up in one word it would be FREEDOM! – Freedom to work as much or as little as you want, to come and go as you please, and to spend more time doing whatever is important to you. Once you experience this FREEDOM, you’ll wonder how you ever lived any other way!
There’s no free lunch though. It’s like riding a bike. If I asked, “Would you rather ride a bike uphill or downhill?” most normal people would say, “down.” But in order to coast down the hill, you first have to ride your bike up. Once you start, you may find yourself enjoying the exercise and additional benefits of improving your strength, endurance, and health. The same is true in this business. You have to ‘climb the hill’ (learn the business) before you can ‘coast’. Many people learn to enjoy the process of becoming better people, helping others, and improving much more than just the financial part of their lives.
There are many routes to the top of the hill. Some people choose to take a gradual incline and may take a little longer to get there. Others prefer the direct route, and choose to pedal directly up the steepest side. The beauty is, the choice is yours. We can show you the routes, and you decide what’s best for you. We’ll be there to encourage and guide you every inch of the way.
I mentioned back on the second blog in this series that there were three simple questions to learn to ask to help illustrate these three principles of long term financial success. I covered them during the discussions on the various posts but I am including them on my actual blog site along with this video. If you are watching the video version of this blog on YouTube or some other site then I encourage you to visit my blog http://KeithAbell.info and take a look at the summaries that go along with the video blog.
Best wishes for True Success and a HAPPY, HEALTHY, PRODUCTIVE new year!
Keith Abell, RPh CIP MI
3 Simple Questions to ask that illustrate the three principles of long term financial success:
1) PASSIVE RESIDUAL INCOME: If you had the choice of doing a job earning $500 once, or getting paid $100 per month for the rest of your life, which would you choose.
2) LEVERGE: If you had the choice to receive 100% of your own efforts, or 5% of 100 peoples efforts which would you choose.
3) GEOMETRIC GROWTH: If you start with one penny and doubled it every day for 30 days, how much will you have at the end of 30 days?
If you were ever in doubt about the growth potential of the networking marketing industry consider this. The network marketing growth statistics are downright staggering and if I was looking at a business to invest in for the future….I would stick to where the growth is NOT where the growth has been. The network marketing industry is in hyper growth stage.
Just consider some of these network marketing growth statistics according to the Directs Sellers Association:
- There are over 56 MILLION people in the world doing some type of business in the network marketing industry. That’s almost double the size of the population of Canada
- There was over $100 billion in sales last year which is a staggering amount
- The network marketing industry is doing business in over 100 countries around the world. You can be sure that if there was a problem with the industry at least one of these countries would have figured it out by now and brought the whole thing down
And this is the most staggering…
- The industry has grown by 90% in the last ten years.
Name 5 other industries that have had that type of growth GLOBALLY.
What’s the main reason for this growth?
People are getting tired of “working for the man.” They want time freedom with their families…both Quality AND Quantity. Basically the network marketing industry is an awesome option for people to begin their business career with minimal risk. And here’s the most exciting part of this. It’s only going to get better with these types of network marketing growth statistics.