Bruce’s Wealth Blog

I was just about to write a post about the presidential election when I got this email quoted below.  It is a story that is not uncommon and it moved me to change the topic of this post.  Here is the text of the email:

I always felt kinda cheated being from the Phila. area (Ardmore -What they call the Main Line) when ever foreclosure came up it was always about Md.

I was in a coaching program (********* ****** ***** out of Naples Fa.) until I ran out of money.

They had Me sending first a series of 6 Mailings Then 12 Mailings with different messages Each one had a different Ex # to a !-800 #(so I had a 1-800 # with 20 EX) I had a skip tracer they recommended I rented and set up an office the way they told Me to get ready for the on slot I down loaded the list directly from the courthouse every wk.

Started a mail campaign

Used the skip tracer to get their #s

Voice blasted to let them Know an important piece of mail would be arriving And after all that I received 1 phone call to 1 of the educational messages Bruce I still think foreclosures are the greatest I thought Mr Foreclosure Had a great plan(but You are the expert) I have not done a deal of any kind I joined DC Reia for the Education I blew $20k on that coaching program I am broke but willing to work Would You be interested in going into a partnership I (but I don’t know any thing) think in an area like wear I live the average home is 750k to 1mil (I rent on the poor side of town)that the strategies that We heard last Sat. would work Thank You For Your time looking forward to hearing from You

Regards

 

I removed the name of the program because I don’t like to bad mouth my competition and because this story could have come from any one of a number of national speakers and programs that are available today.

Quite honestly before I created the Inner Circle program some of my students probably had similar experiences.  To be truthful, I don’t feel very good about this.  During the time I was teaching high cost boot camps, I was told that if the students didn’t spend the money with me, they would be spending it with someone else.  The sad thing is that it is true. 

I know some people who would go to one conference and spend $20,000.00 there, then go to another one and spend another $35,000.00.  Don’t get me wrong.  Education is important.  But, you need to use the income you get from doing what you are taught in the beginning to fund the rest of your education.

So how do you get ahead?  The first rule is not to go into significant debt learning how to become wealthy.  It makes no sense to me to go broke before you can start building wealth.  I know one speaker who has a two day wealth seminar.  On day one they teach the students how to increase the credit limit on their credit cards.  The second day, they teach the students how to spend that increased limit.  This is just wrong in so many ways.  The fact is that you are starting a new business.  While it is possible to get your first deal done within the first 45 days, it is not the norm.  It takes time to start and grow a business.  It also takes some money.  It doesn’t necessarily take a lot of money but it does take some.  If you spend all of your money learning how to start your business, you then don’t have the money you need to start that business.  As a result, you end up with an expensive education and no place to use it.

The second rule is to start building relationships.  It is through these relationships that you will do the majority of your business. You will need to do some marketing, but the relationships you build will end up being the core of your business.

One of the relationships you will need is a mentor.  You don’t necessarily need one on one mentoring, but you need to plug into someone who is already had success doing what you want to do.  For most people teleclasses, webinars, and forums provide enough personalized education to help them be successful.  While I have done personal one on one mentoring, I think it is more cost effective and just as beneficial for most students to rely on web delivered content, teleclasses, webinars and forums.

Finally, you need to keep focused.  Keep your eye on the ball and never give up.  Most people who try to do something new will quit just before they are about to achieve some success.  Stay focused, be tenacious, don’t listen to anyone who has not achieved the success you want to achieve, put off non-essential purchases, never quit voluntarily, and never spend so much money you have to quit.

You can do it.

Bruce..