THE $200,000 A YEAR REALITY CHECK
I have been reading James Arthur Ray’s new book HARMONIC WEALTH.
Hopefully, the following will put a few things into prospective for you, as it did for me.
“Here’s a creative way to gauge how you’re spending your time and money; quite literally. A client named Bob came to me, wanting to catapult his yearly income from $50,000 year to $200,000 a year. After a few initial questions regarding his schedule and daily habits, his main financial obstacle was staring me in the face like a neon sign. The culprit? A nasty five hour a day TV habit. An addiction that Bob vehemently defended in his creative, but pointless ways. ‘Well, my friends and I all watch the same stuff. It bonds us. After a long day at work, that’s how I unwind. Or I learn a lot from TV, it helps me see the world, since I can’t afford to travel. My golfing buddies are all sports freaks. If I don’t know the scores of the latest game, I can’t keep up with the conversation. C’mon, James everyone’s doing it, don’t tell me you don’t watch American Idol?’ On and on and on he blathered. Blah .. blah .. blah .. blah .. blah. I told him, ‘You have exactly as much success as you really want. How you spend your time, tells me everything.’
Bob started to defend his position, until I blew him away with the following exercise. I’m going to show you how we applied it to his yearly goal of earning $200,000, and afterward I’ll urge you to plug in your own numbers.
Bob took out a piece of paper. I had him write down his yearly goal of earning $200K at the top of the page. Then we took out a calendar and calculator, and calculated the following stats beneath this financial goal.
First, I showed him how by subtracting two weeks for vacation from the 365 days in a year Bob was left with 351 days to earn $200K. Next, I knew he didn’t want to work weekends, any longer, so we took Saturdays and Sundays out of Bob’s equation. Bob was surprised to see that keeping his work week to five days would mean that 100 days were suddenly removed from his total. Now we were looking at 251 paid days left from the original 365. Finally, we took his goal of $200K and divided it by the remaining 251 days. Here’s the reality check: In order for Bob to earn $200,000 in 251 days, he would have to earn about $810 a day! That means never getting sick, never taking weekdays off for hooky or unexpected events. He gets two weeks vacation and weekends off, THAT’S IT.
‘Okay Bob’, I asked him. ‘How much does that come to in an hourly rate’? Telling him to account for 8 hour workdays, he was quiet for a minute after working the calculator. ‘Oh my God’, he exclaimed! ‘That’s over $100 an hour!’ ‘Yeah, more than you expected, isn’t it?’ I asked. He nodded.
Now from this perspective can you really afford to watch five hours of TV a day? That’s over $500 you’re spending on your favorite programs every single day. That’s $2,500 every week, not including weekends. Keep in mind, this isn’t even as high as the national average of almost 7 hours a day of television. ‘My God, no James. I never thought of it like that before’, he said. ‘I knew I was wasting some time, but I no idea how much’. I could see something in him click. Just as I had seen it happens for hundreds of clients before him. ‘Five hours of TV time is like throwing $500 out the window’, he said. ‘Exactly’, I responded. ‘how much more productive could you be if you unplugged?’ ‘I get it’, he said shaking his head.
Now, I want you to think about your own life. I don’t know what you want to earn, but a large percentage of the people who attend my seminars have a fantasy income goal of a Million Dollars a year. Well, let me just tell you, that comes to $4,000 a day my friend, or $500 an hour. Are you investing your time, worthy of a person who earns that kind of cash? Even if you just wanted to make $75,000 a year, in a peak year (which is, admirable, by the way). That still comes to $303 a day. Do you currently have the habits of someone who could sustain that day after day after day?
Let’s go back to Bob. He, like many people, maybe even you was losing precious earning time through his time wasting habits, but any free time he had was being eaten up by mindless chores. Bob was a single dad to a teenage daughter, and spent 5 hours a week cleaning, doing laundry, taking care of his yard. I asked him about getting a maid in his house once a week, and a gardener to handle the yard. ‘I can’t afford a maid and a gardener’, he responded. ‘What, do you think I’m made of money’? ‘You never will be with that mindset’, I responded. ‘Your bank account is not who you are. It’s who you were. Let’s look at your goal sheet, Bob. You’re currently making over $200 a day with a goal of making $800 a day. Both now, and in the future, can you really afford not to get at least limited help if you can give them $10 an hour? You see, wealthy people, understand that as a $100 an hour person they absolutely cannot afford NOT to hire a $10 an hour maid, gardener, or assistant. They understand that they will never get wealthy doing all of their own low leverage tasks. There’s only so much time allotted to each of us, and we have to be smart when planning how to make the most of what we’ve got. Think about it. If you’re spending your time on $10 an hour activities, thinking you’re going to make a Million, think again. Financially wealthy people also know their limits and they don’t waste precious time trying to become proficient at something that someone else could do twice as fast and more effectively. Wealthy people have figured out that if they want to have a major impact on their life, and on the world – which everyone, from a school teacher to a world leader can accomplish, they have to ask themselves, ‘how can I invest my time and energies most wisely?’
Many times when I go through this exercise with someone, they say ‘well, it’s easy for you, James, you make a lot of money; a lot more than I do.’ That might be true, but how do you think I got here? I then respond, ‘The reason I do now, is because I put this principle into play when I didn’t. If you wait until you think you can afford it, I promise you, you never will.’ In my first year of business I made almost $200,000. That put me in the $800 a day category. Taking an hour to mow my lawn, at a $100 an hour of my work time, seemed, in the way of my goal to earn a Million dollars a year back then. I could have thought, ‘well, I can’t afford to hire employees yet’. But I sensed that I couldn’t afford NOT TO. So, while a high school kid cut the grass for relative pennies, I was building a foundation for Millions. Remember: discomfort is part of growth, no matter what rung of the ladder you happen be on.”
What are your income goals with XanGo? How are you prepared to devote your time, money, and energy? What obstacles have you placed in the way of success? These are just a few of the questions we must ask ourselves on a daily basis.
TO YOUR MASSIVE SUCCESS!
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