Build Your Own Economy to Be a Success
Uncertainty. It’s a word you hear a lot these days.
How do you live with uncertainty? How do you face the great unknown?
Think like an entrepreneur, and build your own economy!
Today we’ll share the three components you need to do just that.
Click the player to listen to this episode of The BIGG Success Show Podcast. Below is a summary of our discussion.
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BIGG success is life on your own terms. You’re the person in charge of your life.
Entrepreneurs know that you can’t predict the future.
So don’t try. Instead, do what they do – create your future.
But not just any future. The future you want.
Build your own economy day by day, moment by moment.
let’s go to the whiteboard for The Professor’s Whiteboard for the three components you’ll need:
Inflows
Think of inflows as income, the money you get from your salary, bonuses, commissions…pretty much any source where you’ve worked or your money has made money for you.
The key thing is not how much you have, but how much do you plan to increase your income next year? The year after?
Build a plan for three to five years. Then ask a very important question:
How will you get from where you are to where you want to be?
Be on the lookout for opportunities that match well with your passions and proficiencies. Then go for the ones that you think are the most profitable.
It’s a powerful combination when your passions and proficiencies meet profits.
Outflows
Outflows are money going out the door – our expenses, mortgage, utilities, food, clothing, cars,etc. If you want to try to improve your personal economy. Start with outflows!
Many people never stop to think about this basic reality:
It’s easier to control your outflows than your inflows.
So while you project your income to grow, be careful about future increases in expenditures.
Sure, some will go up. Inflation will play in. And you probably want to enjoy some of the fruits of your labor now.
But controlling your outflows will give you more options and create a more sustainable personal economy.
Surplus
A surplus is income minus expenses. Or think of it as inflows minus outflows is equal to our surplus or a profit.
You do plan on a surplus, right? No deficit spending here!
With the surplus you generate, you can invest. Then your money starts working for you. It’s a powerful thing.
Because, eventually, your Department of the Treasury will dwarf your Department of Labor.
It’s what you want – the freedom to work when you want, where you want, with who you want.
In summary, to build your own economy, watch the inflows and outflows in your economy. Build a baseline for future flows of money. It leads to BIGG success!
George “The Professor” & Mary-Lynn
Co-Founders, BIGG Success
Direct link to The BIGG Success Show audio file | podcast:
https://traffic.libsyn.com/secure/biggsuccess/01072-082921.mp3
