Millionaire Secrets to Keeping Your Money

It is with great pleasure that I have had the opportunity to interview hundreds of multi-millionaires over the past twelve months as I have been preparing a blueprint to colossal success for those who have yet to achieve absolute financial well being in their personal or business lives. Becoming a multi-millionaire is a two step process which involves (1) making millions of dollars and (2) keeping millions of dollars. Today’s post focuses specifically on Step 2. Why? I have helped many business owners, C-Suite executives, and sales people achieve Step 1 – making millions. What has shocked me in my quest to help businesses achieve colossal success is that after years of sacrifice, ambition, and drive, most will eventually achieve their longtime dream of making millions of dollars. Unfortunately, most do not know how to keep it. Their absolute focus for years has been making money and the one skill they forgot to learn was how to keep it. Here are four simple steps to keeping the millions that you make.

1. Limited Access – Have you ever wasted money on something stupid? Of course you have. We’ve all done it. Do you spend $2500 a year on buying coffee at the coffee shop rather than grabbing a cup at home? Do you have enough clothes and shoes to last you a lifetime, but you keep buying more? Do you spend money haphazardly simply because you have it? The number one reason why most people aren’t millionaires is that they waste money. Most of the millionaires I have interviewed have a plan in place for keeping their money. For example, one millionaire I talked to said his secret is that he doesn’t carry an ATM card. He takes out $200 cash every week as spending money. When it’s gone, it’s gone. He said it’s too much of a pain to go into the bank to withdraw money, so he simply doesn’t. Many of the millionaires I spoke to have other ways in which they limit their access to their own money. For example, they have a set budget of money withdrawn from their checking account monthly which goes into a stock investment account which is more difficult to access. This is something I do in my own life ever since I read the book The Automatic Millionaire which teaches the value of limiting access to your money.

2. Future Value – If you were to invest $5 per day at 5% interest for 20 years, you’d have a nest egg worth over $45,000 in 20 years. Millionaires look at money differently than most people. They see that by avoiding their $5 a day coffee habit, they create that $45K nest egg. To them, by ordering their mocha choca latte tall, it’s not costing $5. It’s costing them a wheelbarrow full of future money to buy that coffee.

3. Seeds – Life must be pretty boring for millionaires, right? They make all that money and they can’t spend it! They limit their personal access to their own money. They can’t splurge on little pleasures because they calculate the future value of what they are spending today. How do millionaires have fun? While the average person is spending money on clothing, coffee, eating out, and other non-necessities, millionaires are shopping for ways to plant their money so that it keeps on growing. Instead of buying consumables, they are buying investments like real estate, new businesses, stock, etc. This is where millionaires become multi-millionaires or even billionaires. Instead of allowing money to fly out the window into the hands of others through the purchase of consumables, they plant their money in opportunities that create future snowballs of income.

4. Team – In the hundreds of interviews I’ve done with millionaires, the one piece that is totally apparent; the more money they have, the bigger the team they have to manage it. Millionaires rarely go it alone when it comes to managing their money. They have tax advisers, stock brokers, insurance consultants, real estate professionals, money managers, and other key team players to direct them in their investments. Most millionaires are not in the business of managing money, they are running their primary income producing business. This is why a money team is absolutely crucial for making sure that their nest egg keeps growing, and growing, and growing. That team never makes the final decision on what happens with the money, but rather offers sound advice to the millionaire on where the emerging opportunities may be for growing their seeds in perpetuity.

You are likely doing all the right steps to grow a business or career that will make you millions. This is only half the battle. Equally important to bringing home the bacon is making sure the fat never dries up.

Stacey Alcorn is the author of REACH! and Tuned In. She is a business strategy and sales consultant for large corporations and Global Fortune 100 Firms. She is also a keynote speaker, blogger, trainer, and start-up consultant. Her sales training products have been licensed by hundreds of organizations around the world who use her one-of-a kind sales training materials as the genesis for their own brand growth. Make sure to sign up here for my REACH! Weekly News for awesome interviews with Leaders & Visionaries that I only share with my VIP members.

In Case You Missed It! – Author Interview with Tim Burns

Join me in this 40 minute program with Tim Burns, author of the best-selling book, Stop Selling.  During this fast paced live webinar we will cover….

– How to create better habits and that will drastically impact your sales goals. – Transforming your sales results and your image. – Becoming a consultant, advisor, and trusted friend to your clients by better relating to their deepest desires and goals. – Develop a richer understanding of personality types and communication styles that will help you identify obstacles to your sales success. – Learn why deals stall out and how to get the client back on track. – Discover concepts, ideas, and examples of how to build stronger, long lasting client relationships. – How to embrace change and recognize that it is the root of all decision making.

And much, much more.  I have had the opportunity to watch Tim speak live.  I’ve read his book and I practice the principles he shares in my own businesses.  This 40 minute program will transform your business forever

Stacey Alcorn is the author of REACH! and Tuned In. She is a business strategy and sales consultant for large corporations and Global Fortune 100 Firms. She is also a keynote speaker, blogger, trainer, and start-up consultant. Her sales training products have been licensed by hundreds of organizations around the world who use her one-of-a kind sales training materials as the genesis for their own brand growth. Make sure to sign up here for my REACH! Weekly News for awesome interviews with Leaders & Visionaries that I only share with my VIP members.

Holiday Parties – You Better Come, Damn It!

As a business owner, did you ever stop to consider that your annual Christmas party is Boring with a capital “B.”  Maybe, just maybe, the reason there’s always a segment that cops out of the party is because there are a million better things to do than attend your party?  I was lucky to have worked at a job many years ago where the company put on THE WORST CHRISTMAS PARTIES EVER.  Seriously, as December approached everyone would start dreading the party.  As employees, we were all expected to attend, unless you had a really good excuse like someone died or someone was in the hospital.  Otherwise, you had better be at that party.

Having owned my own businesses now for almost fourteen years I have done my best to make sure my parties are fun, and more importantly, they are the kind of parties that my people would want to attend.  It’s known by all that it’s OK if you don’t want to come and that we put them on for those who want to get together with their peers to celebrate the season.  My partner and I put on great company parties….lots of them since we have many businesses spread across a large region.  Or so I thought…..

Last Thursday evening I had stopped at a local restaurant, Moonstones, with a few friends for a quick drink and to discuss some business.  As we were sitting there thirty or so people dressed in costumes from holiday movies swarmed the bar area.  I saw Yukon Cornelius and the brother-in-law from Christmas Vacation wearing a white bathrobe and sporting a cigar and furry hat.  I saw a woman dressed up like the famous lamp in A Christmas Story.  There was a woman dressed as Rudolph, another as a lit up Christmas tree, a handful of Elves, and of course, Santa Claus.  Turns out, this was a local holiday party for The Durkin Company.  The company totally put their holiday party on steroids.  The owner of the company, Dan Durkin, rented a bus and brought his employees out on a bar hop of the best pubs in town.  Their evening would end at Four Oaks Country Club where each person had to act out a skit for whichever movie they had dressed up as.

Here’s the thing….as a business owner, it’s always important to build a sense of team.  Dan Durkin did that with his holiday party.  Not only that, it’s always a good thing when, as a business owner, you can draw attention to your company in a good way.  Oh….Dan Durkin did that too….with his Christmas party.  At the restaurant we were at all of the spectators were taking out cell phones and snapping photos of the crew.  Lastly, you always want to attract great employees to your firm and I have to say, more than once, I heard people from the restaurant shout out, “Hey….what company are you with?  I want to work there too!”

Thank you to Dan Durkin of The Durkin Company.  I never realized a holiday party could be way more than just a holiday party.  You are an amazing leader who has built an colossal business by thinking outside the box….and your holiday party proves it.

The moral of the story is that it’s OK if sometimes people don’t want to attend a party since a party is not everyone’s cup of tea.  However, it’s equally important to remember that just because you’ve been doing your holiday party the same way for twenty years, doesn’t mean there’s not a better way of doing it.

Stacey Alcorn is the author of REACH! and Tuned In. She is a business strategy and sales consultant for large corporations and Global Fortune 100 Firms. She is also a keynote speaker, blogger, trainer, and start-up consultant. Her sales training products have been licensed by hundreds of organizations around the world who use her one-of-a kind sales training materials as the genesis for their own brand growth. Make sure to sign up here for my REACH! Weekly News for awesome interviews with Leaders & Visionaries that I only share with my VIP members.

Special Invitation to Learn from Expert Tim Burns

 REGISTER HERE

Join me this Friday, December 13th for my live interview with Tim Burns, author or the book Stop Selling.  This 40 minute tele-class is for anyone in sales who has a burning desire to build a better business in 2014.  Here’s what I will cover with Tim….

– How to create better habits and that will drastically impact your sales goals.
– Transforming your sales results and your image.
– Becoming a consultant, advisor, and trusted friend to your clients by better relating to their deepest desires and goals.
– Develop a richer understanding of personality types and communication styles that will help you identify obstacles to your sales success.
– Learn why deals stall out and how to get the client back on track.
– Discover concepts, ideas, and examples of how to build stronger, long lasting client relationships.
– How to embrace change and recognize that it is the root of all decision making.

And much, much more.  I have had the opportunity to watch Tim speak live.  I’ve read his book and I practice the principles he shares in my own businesses.  This 40 minute program will transform your business forever.
Stacey Alcorn is the author of REACH! and Tuned In. She is a business strategy and sales consultant for large corporations and Global Fortune 100 Firms. She is also a keynote speaker, blogger, trainer, and start-up consultant. Her sales training products have been licensed by hundreds of organizations around the world who use her one-of-a kind sales training materials as the genesis for their own brand growth.

Stacey Alcorn is the author of REACH! and Tuned In. She is a business strategy and sales consultant for large corporations and Global Fortune 100 Firms. She is also a keynote speaker, blogger, trainer, and start-up consultant. Her sales training products have been licensed by hundreds of organizations around the world who use her one-of-a kind sales training materials as the genesis for their own brand growth. Make sure to sign up here for my REACH! Weekly News for awesome interviews with Leaders & Visionaries that I only share with my VIP members.

Stunted Business Growth – How to Fix It

By now most of you know that I have built many businesses over the past twenty years. I still own and operate many of the businesses including a real estate firm with 300 plus agents and staff members, a large law practice that focuses on short sales, a fashion start up, and my consulting and training firm. Owning businesses large and small coupled with the fact that I get the opportunity to consult and coach with Global Fortune 500 empires has offered me a unique perspective on how to build big businesses. Today I’m going to share my insight on the number one challenge most business owners have and how to fix it. The problem? Stunted growth.

Every business owner, sales person, and entrepreneur has experienced it at some time. It’s the point of your career where you realize that you have just stopped growing. Your schedule is maxed out. Your budget is too. The ability to grow further seems impossible.

A healthy business is one that grows year over year. You never want to be capped in your profitability, nor should you be. There is no reason why you can’t keep growing and growing and growing.

Are you stuck? Is your business stunted. Are you frustrated to the point that you are forcing yourself to except the fact that last years results will have to work for you because making more money, growing a bigger and better business, is simply impossible?

I’m about to share with you the number one reason why you are stuck. One teeny tiny tweak to this key indicator of your business will create colossal, massive, explosive results in your business, not just next year but every year moving forward. If you can find the guts, determination, and drive to shift this one little puzzle piece in your business then the sky is the limit. Want to grow a massive empire? A Fortune 500 Firm? Here’s the number one key to your future success.

YOU

Head to the closest rest room, look in that thing mounted right above the sink. It’s called a mirror. Look in it. That’s the puzzle piece you need to control if you want to build a better business. You can walk away from that mirror and go back to doing what you were doing 15 minutes ago. That’s fine. I understand and I get it. Change is hard. If you go back to your desk doing what you did 15 minutes ago, good luck, colossal growth will be difficult…no impossible. Want to build something amazing? Here’s how.

Most businesses don’t grow because the owner can’t give up control. It requires a unique individual who can go from doing everything the first day the business opens, from being the number one salesperson to vacuuming the floors at night, to an owner who can step away from every job that is required in order to let the business flourish. As a business owner there are going to be many things you don’t want to give up in your day to day schedule because you enjoy doing them or because you feel you are the only one capable. I have news for you. You cannot grow if you are not willing to give up every single piece of what you consider your job in your business today. Your eventual job will be to oversee the organization, to offer advice, to coach and lead, and to steer the ship.

You can afford help. You cannot afford to do it yourself. Many business owners use money as an excuse to remain in control of certain jobs in their company. When a business owner says they can’t afford to hire someone to help them, what they are not realizing is the price they are currently paying to do the work themselves. There is a HUGE price to pay to doing everything yourself. The price you pay is stunted growth. When you are the chief cook and bottle washer of your firm, washing the bottles is a huge expense to the company because your talent is better spent cooking. The cooking is what attracts other clients so you are digging your own financial grave by spending your time (ie. which also equates to money) doing the work that someone else could do for much less.

To go from a small business owner to a CEO of your own Fortune 500 firm you will need to be an expert at building a team. You will start small with hiring someone to answer your phones, because when someone else is answering phones you can concentrate on sales. You’ll then add a marketing staff member because the marketing person can bring in additional business. You’ll then add additional sales team members to handle the additional over flow business that the marketing team is bringing in.

I don’t think it is a coincidence that most CEOs of Fortune 500 firms also have personal shoppers, drivers, personal trainers, house cleaners, personal hair and make-up teams, and more. The conductor of the orchestra does not also play second fiddle. Bill Belichick does not play lineman. Sir Richard Branson does not answer the phones for Virgin America Enterprises. The President of the United States does not fight wars in the trenches.

Where your business will be in 1 year, 10, and 30 is 100% a product of you. What are you going to do about it?

Stacey Alcorn is the author of REACH! and Tuned In. She is a business strategy and sales consultant for large corporations and Global Fortune 100 Firms. She is also a keynote speaker, blogger, trainer, and start-up consultant. Her sales training products have been licensed by hundreds of organizations around the world who use her one-of-a kind sales training materials as the genesis for their own brand growth. Make sure to sign up here for my REACH! Weekly News for awesome interviews with Leaders & Visionaries that I only share with my VIP members.

I Choose

Today I was extremely hurt when a sales professional that I used to work with, that I used to call a friend, wrote something negative on Facebook about my business. When I read it, tears welled up in my eyes, because it was hurtful. My businesses are my heart and soul. The people that work within them are my lifeblood. I care about people deeply, even the ones that choose to no longer work with me. So, for someone to say something negative about me or one of my businesses, on a social media wall none-the-less, is enough to make me want to stay in bed for the day.

Having spent the evening thinking about the post I decided that there was only one thing I could do, become a better person, and build a better business. Here are five ways to turn negative into positive and to make lemonade out of lemons.

1. Negativity As Gas – When someone says something bad about you or your business you have a choice. You may allow the pain to slow you down as if it were breaks in your car, grinding you to a halt, or at least giving you pause. On the other hand, it is equally possible to allow that hurt to propel you to bigger and better things. I choose to allow the hurt and pain to become gasoline in my engine, to turbo charge me to work harder, smarter, and more thoughtfully as I build my businesses to a whole new level even beyond what I originally thought possible.

2. Focus on the Before – I had spent the evening with my daughter and had been so excited about finding a spot for my daughter’s Elf on the Shelf, Inky. When I read the negative post on Facebook I was floored, sad mostly. It’s easy to let pain consume us in life, but in reality nothing had changed in my life from the point of time before I read the post to the point in time after I read the post. Life was the same. Why should I allow the negativity to bring me down? Not only would it affect me, it would affect my family and my business. I am not suggesting to always wear rose colored glasses, but I am suggesting that only YOU can control how you feel inside and if someone says something negative about you, you are the one responsible for how you feel, not them.

3. Interpretation – The down side to email, social media, and technology is that they all lack inflection. Perhaps I had misinterpreted what this person had said. Perhaps she hadn’t meant to be negative. I choose not to feel pain and tears from someone who doesn’t have a conversation with me. If they can’t pick up the phone and talk to me, certainly they don’t deserve my tears. Heartache and pain just like love, respect, and admiration should be saved for those who are close enough to talk out their feelings and emotions.

4. Mirror – I believe that we project into the world that which we feel inside. If we are happy and content in life, we tend to project that out into the world. If there are issues in life that are bringing us down, then we project that out into the world as well. I believe that when someone releases negativity into the world it is less of a reflection of the person that they are speaking about as it is a reflection of their own inner being. It’s easy for the receiver to take the words personal because they perceive that the negativity is about them, when it really has nothing to do with them at all. I also believe that how we feel inside changes every single day and that one incident and one act of poor judgment is not a reflection of who we are always.

5. REACH! – Last but not least, in the new world of social media, it’s easy to hurt others in a public forum, but it’s the worst thing you could do for your own REACH!. You never know when and if you will have to dig into your network and tap into a relationship from the past for help, guidance, instruction, or advice. Each and every one of us is a product of our network and not only that….we are the product of our network’s network. This means that when you burn your bridge with one person, you potentially burn your bridge with hundreds of others in their network too. Promoting REACH! is about building great relationships and networks, not pulling down those bridges.

There’s enough pain, hurt, and unhappiness in the world. Today I choose to forgive those that try to hurt others. I choose to turn the pain into gas that will power my engine to new and greater heights. I choose to see the sun shining even when there are clouds in the sky. I choose to let my happiness, appreciation, and love shine. I choose to build a better business and reach for awesomeness. Thank you for your support…whether it be positive or negative, you have changed my life for the better.

Stacey Alcorn is the author of REACH! and Tuned In. She is a business strategy and sales consultant for large corporations and Global Fortune 100 Firms. She is also a keynote speaker, blogger, trainer, and start-up consultant. Her sales training products have been licensed by hundreds of organizations around the world who use her one-of-a kind sales training materials as the genesis for their own brand growth. Make sure to sign up here for my REACH! Weekly News for awesome interviews with Leaders & Visionaries that I only share with my VIP members.