Sunday, June 11, 2006

How Millionaires Make More and Work Less

As an entrepreneur, doesn’t it seem as though your to-do list won’t ever get done? If you think you’ve got it rough, consider what it’s like for wealthy people. You might have a small business to run. They’ve got many businesses and investments that they’re constantly juggling.

Yet, here’s the kicker. They probably don’t work any more hours than you. If you have any inclination at all to get out of the rat race and become wealthy yourself, you’ll pay good attention to the next few paragraphs.

Millionaires delegate.

Most people think this is because they have the money to delegate. No, they have the money because they delegate. And, you should too if you ever want to become wealthy.

Maybe you’re afraid of allowing someone else to mess up your good work; or, you think you can’t afford the extra help.

But what if your business doubled as a result? Would it be worth the investment then?

There comes a point with every business where it will stagnate unless the owner delegates.

Millionaires know this very well, and as a result they are skilled at delegating. I know because I’m a wealth coach who specializes in helping people become millionaires.

You see, building wealth is a team effort. No one person can make and manage money on a millionaire level without the help of others. Every millionaire has what we call a wealth team. This includes employees, lawyers, accountants, wealth coaches, mentors, investment experts, graphic designers, writers, and anyone else who works with you, directly or indirectly, to build your wealth.

So with the many tasks on your entrepreneurial plate, how do you know which ones to delegate?

There are two main ways to determine this:

by how much income that specific task directly produces, and
by understanding your strengths and weaknesses.

Some small portion of your daily tasks actually produce revenue. For instance, which of the following tasks will bring in money more quickly? Five hours writing personalized letters to clients? - or - Five hours buying office supplies and then cleaning up your office files? Get the point? Hire someone else to buy your supplies and organize your office.

To delegate wisely, you also need to know which skills you’re good at and which you aren’t. The trick is to delegate the latter ones to those who can do them better than you. If, say, you’re an awful writer, then you might hire a writer to craft those letters. Or, if you’re not a good salesman, you simply hire someone who is.

Please note that there are many instances where delegating is not an option, but a necessity. For instance, lawyers, accountants, investment experts – these specialized professionals will always know more about their particular field than you do, and they’re necessary for any company’s health – and in many cases legal - growth.

Delegating can be scary at first because to do so, you have to let go. You have to trust others, and others can make mistakes that you might not. It also takes some extra time initially to train others about your business and how you like things done. But once you are past that point, you’ll soon you’ll see how, in the long run, delegating is something you actually can’t afford NOT to do.

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