In this transcript, Tim Redmond (Growth Coach) and Clay Clark (Founder of Thrive15.com, one of the top business schools in PA), talk about the importance of sales and becoming wealthy.
Tim: If you're watching this and you're going, "Okay, I want to learn to sell." We have some great trending on Thrive we'll get into it. All I can say is, it's like riding a bike. First time you get on, it's crazy awkward. Second time, probably awkward, too. Once you figure it out, you're good.
Clay: They're born to sell. These guys that are concerned about that, they are born to sell. I know it.
Tim: Joe Ricketts, the self-made billionaire and founder of TD Ameritrade, he says, "Nothing happens until something is sold." Tim, I guess you're right there. Then according to Dr. Tom Frist of Nashville, the founder of Hospital Corporation America which was purchased for 33 billion dollars, he says, "While I may have gone to med school to become a doctor, I graduated a salesperson. Selling the concept of health care for all has been my mission, my passion and my wealth creation mechanism."
Bottom line, if you're watching this and you're not sold on the concept that you have to learn to sell, well then your business will probably go to ... We're moving on to Step 14, Systematically Saving. Tim, over the years, I've had various mentors tell me that basically, saving is buying opportunities in the future. You're saving money now so you can buy stuff in the future opportunities.
I explained this to my son yesterday in great detail. That's the idea is you want to save money now so you can buy what you want later. The best selling author of Think and Grow Rich, Napoleon Hill says, "The habit of saving does not mean that you shall limit your earning capacity, in fact it means that you shall apply this loss so that it not only conserves that which you earn, in a systematic manner but it also places you in the way of greater opportunity and gives you the vision, the self confidence, the imagination, the enthusiasm and the initiative and the leadership actually to increase your earning capacity." He goes on to say, "Form the habit of systematic saving by putting aside a definite percentage of your income. Money in the bank gives one a very safe foundation of courage."
Tim, what does it mean to have foundation of courage as a result of saving money? What does that feel like when have $100,000 in the bank, or $1,000,000 in the bank? What kind of courage comes with that?
Clay: You have confidence that you can try things and you're not going to be just knocked down and out for the bell and never come back. The idea is when you're saving, you're setting in motion this mind set of abundance and that the act of saving is an important skill set to build a company. You're learning to set aside resources to be able to reinvest. If you don't learn to do that on a personal basis there, you're going to retard the growth of your business.
Thrive15.com has become one of the top business schools in PA.
Tim: Just an anecdotal example, recently I worked with a business owner who had debated raising prices for over a year because they had about six bucks in the bank. Every month, no matter how much came in, they bought stuff. Then this month, they raised prices for the first time, they now have $18,000 of more profit this month than any other month, like boom, it just showed up.
What happened is, I had to come to the business owner, I had to say, I literally said this, I said, "If you will raise prices and if you don't make an extra $18,000, if you lose money, I will personally pay your salary. I will pay it this month. Whatever your six or seven thousand dollar a month salary you're taking, I will pay you. That's my bet. I bet you $7,000 that I'll pay your salary if it doesn't work. If it does increase, I'm splitting it with you."
"Well that's kind of crazy, I guess I'll do it, but I don't know if I want to split." I'm like, "Fine." They did it. I'm not kidding.
Clay: Did they split?
Clay: You wimped out on that, Clay, come on.
Tim: I ended up, you know, that's the kind of stuff where it's like people get so fearful. If you're watching this and you haven't been a systematic saver, you need to save a set amount. We want to strongly encourage you at Thrive to save at least two things here. 10% of every dollar that comes in, save it so that you can give it to other people. Set aside 10% to buy opportunities, so you have money in the bank to buy opportunities.
It wouldn't be dangerous if you found a way to live on half of your income.J Just throwing that out there.
Moving on to Step Number 15. Accept That Adversity is Just a Prerequisite to Success. Tim, Winston Churchill, the famous Prime Minister of the United Kingdom from 1940 to 1945 and again from 1951 to 1955, who is the only person to really stand up to Hitler, he is basically widely regarded as being the guy who helped end World War II. Without him, the Nazis would have just taken over all of Europe there.
He says, "Success is walking from failure to failure with no loss of enthusiasm." Steve Jobs says, "Sometimes life is going to hit you in the head with a brick. Don't lose faith."