Wealth and Wisdom

Several months ago we did some soul searching. We looked at our business activities, the results we were achieving, and what direction we want to move. Most were moving in the right direction needing just a few minor modifications.

Wealth and Wisdom was a different story.

We started Wealth and Wisdom as a site to provide small businesses and micro-entrepreneurs resources. Our plan was to become the place to go if you needed tools, products, or advice. Wanting to stay at the forefront of technology, we investigated RSS feeds and blogs.

And somehow I co-opted the entire enterprise to become my bully pulpit. In the process it became another obligation: I must post every week no matter what. None of this helped us move towards freedom.

So we changed priorities and focused our energy on building our other businesses. We also stopped trying to force Wealth and Wisdom into a cash machine, and kept it dedicated to our journey as entrepreneurs.

And now to the excuses

At the same time, life has gotten complicated. Selling our house, working hard to hit my sales quota (day job), building two side businesses, family, etc….These have all absorbed a ton of time. Things like blogging took a back seat.

Yep, it’s an excuse. These was always an hour each week to post. And now that the pressure is off me to make it profitable, I can write the things I want. I can explore my continuous personal development. I can write about the things I learn while growing our businesses. I can write about my job and not worry that it makes me less of a guru.

Going forward

I still plan on posting regularly. I enjoy writing, and getting it on paper (or the screen) helps me clear my head, organize my thoughts, and work through challenges. I also have enjoyed building my own little corner of cyberspace. I am thankful that you have stuck with me, some of you for over two years!

When we get buried in the day to day, we often forget what we’ve accomplished and learned. It can seem like we are standing still, especially when you haven’t achieved one or more of you major goals. This is one reason why it is so important to do periodic reviews. It’s also one of the magical things about heading into New Years, as this holiday tends to make us think back over our previous year and forward to the next.

Looking back, 2009 has been a roller coaster

• New government which has created a ton of strife. New regulations and laws looming that will change the face of this country (I’ll leave it to you to decide if it’s for better or for worse!)
• The economy degraded even further, and any recovery we’ve seen has been limited at best.
• The budget deficit has exploded as government spending has reached record levels.
• The dollar is plummeting.
• Housing sales are slow, there is a glut of foreclosures in the system, and a new wave of foreclosures is on the horizon.

All of this change will impact our lives. We have a choice on whether we will sit back and let life push us this way and that. This will test us, and while it will be challenging, it will also present some of the best opportunities we’ve seen in decades. It is our choice whether we are full of fear or hope, see crisis or opportunity, excel or drown in the turmoil.

Wealth and Wisdom has had quite a year

OK, maybe not the blog itself, but our life has been pretty full. From vacations to job changes to business launches, we’ve had a full and eventful 2009:

• Wrote a book about hacking your college degree: This alone has been an amazing trip and we’ve learned a lot. Marketing, Adwords, copywriting, writing and editing, web site design, setting price levels, list building….You get the picture!
• My JOB: yep, I still straddle being an employee and an entrepreneur, somewhat because we are not ready to go full time, mostly because I’ve enjoyed what I’m doing. This part of my life has been an event. 2008 I was the number one salesman in my company. 2009 I was number three. Since there are between 300 and 400 salesmen…this is a big accomplishment. But it hasn’t all been positive. My company reorganized and we spent six months wondering about how our jobs would change. I said goodbye to several good friends as they took opportunities with our competition. I’ve dealt with red tape and bureaucracy that drives me crazy.
• We’ve taken three amazing vacations: one a cruise in South America, one a Mediterranean cruise, one a trip to St. Maarten. Wow!
• We’ve found internet based business to be extremely challenging and frustrating. On the surface, it should be easy. We’ve started and run several successful brick and mortar businesses. I’ve run and managed a couple businesses. I’m one of the top salesmen and an acknowledged expert in my industry. But internet marketing requires a different skill set. It’s taken a while, but we’ve pretty much finally figured it out. Now it’s time to apply what we’ve learned.
• Started exploring other business opportunities. I’m a firm believer in having multiple businesses in place, especially if you can automate / outsource them and create passive streams of income. One business didn’t work, but the basic model is fantastic. We just need to find a better product. The other model is being developed and is looking like it could be a blockbuster. Remember how I said we could chose whether to see opportunity or crisis? I chose to find solutions to a major problem and create a business.
• Wealth and Wisdom has been stagnant. Two years ago we had grand plans for Wealth and Wisdom, but we never acted on those plans. Instead it has wandered along and almost become an outlet for my thoughts and a journal of my growth as an entrepreneur.
• My racquetball game has improved and I’m close to leaping to the next level. While I’ve had some ups and downs, much of that is having to internalize strategies and skills, which cause me to think too much and not execute. Perhaps most importantly I’ve discovered that I don’t like playing in extremely competitive venues. Not because I’m not capable, but because I don’t enjoy it. I find it brings out the worst in people and that isn’t why I play.
• Our son turned 16. Need I say more?

Coming up in 2010

2010 should be an eventful and profitable year. As we bring our businesses on line, as we learn and grow, we will share it with you. This includes our view on the changes to our government and economy. Don’t worry, we aren’t going political on you, we’ll be focusing on what to do to protect yourself and find the opportunities.

We’ve also finally defined our customer (Wealth and Wisdom), figured out our niche, and what our focus needs to be. Don’t worry, you’ll still see posts ranging from personal development to education to sales to business to personal finance. Wealth and Wisdom will still be a journal of our journey to entrepreneurship, and how we used our businesses to create freedom, wealth, and life balance. It will just be better defined and on purpose.

People who know me well are familiar with my views on college. I am a huge believer in obtaining your education, and have seen first hand the impact this can have on your career or your business. I’ve earned two bachelors of science degrees working full time with a young family, and my wife has earned her bachelors of science in business while being a full time mother. I’m not bragging, I’m just making it clear how much I believe in college education!

I also am not a big fan of the traditional college experience. When you look at the cost it is hard to justify. This is both for adults going back to school and for our children. If you follow the traditional college path the costs are staggering, and the traditional college lifestyle is not what most of us are looking for. Colleges are infamous for their party lifestyles and for indoctrinating our children in belief systems that often run contrary to ours.

You gain little by going to an elite school

While studies have shown that an ivy league education will result in higher lifetime earnings alternative research disputes these findings.

Researchers Alan Krueger and Stacy Berg Dale questioned whether it was the school or the student that created the improved earnings. What they found was that it was the smarter, harder working, and better motivated students that got accepted to elite schools. When compared to similar students who chose to attend state schools there was minimal difference in earnings.

In other words, that elite education just costs you more with no gain in results (private colleges cost an average of 2.3 times the cost of state colleges).

Why you need a degree

Most of us realize the profound impact education has on our careers. In fact, this is the number one reason adults go back to college. How much of an impact does your education have on your career?

Having a Bachelor’s degree makes you three times more likely to keep your job while earning you 230% more money. Add to this the (often) better working environment and you have a pretty compelling case.

Then reality sets in

Earning your traditional college degree is expensive and hard:

• The average in state (public) degree will set you back $57,332. That comes up to $14,333 per year. Ouch!
• Time requirements: 4-5 hours per week per credit. Even if you go part time it will take up 24-30 hours per week.
• Lack of flexibility: traditional college requires you to go to class at their convenience. If you work full time this can create problems.
• The time it takes to earn your degree: traditional college (part time) will typically take you eight years to earn your degree. At that rate your be retired when…

We needed to find a better way

These were all challenges I faced as I was nearing the end of my military career. I knew I needed to earn my degree, but there was no way I could go the traditional route.

Along the way we ran into a lot of scams. I’m sure you’ve seen them – send us a check and we’ll sell you a diploma. Right…Let me see, you will sell me a PhD based on life experience…

We also ran into a lot of legitimate schools that were not friendly to adult learners. Some required you to spend time on campus (one required three weeks each summer). Others required you to take their classes which were expensive. Others just cost too much money.

It took a lot of research, and I made some mistakes, but I eventually found a way to earn my degree quicker, easier, and for much less money. As I earned a second degree – and helped my wife and friends earn their degrees – we fine tuned our process, tools, and tricks.

It wasn’t until a friend asked “how do you do it…”

Except for helping a few friends and family, we pretty much kept this to ourselves. It wasn’t that we were trying to keep it a secret, it was just that we didn’t think anyone else would be interested.

Then we started our son on our program. He was 15 and wanted to get a jump on his college. His plan was to earn his bachelors in business by the time he was 17, and then go to Texas A&M for his MBA.

Several friends saw what we were doing and started asking question. It quickly became apparent that no one was aware that there were better ways to earn your degree.

We created Education 2.0

For the last few months we’ve been putting all that we knew into a system. After two rounds of beta testing we are finally ready to role out our program.

Our goal was to make it easy to earn a four year degree:

• Accredited: you need a real degree that will be accepted by employers and colleges.
• Fast: you don’t have years to waste.  4+ years is way to long for most adults.
• Flexible: earn your degree on your own schedule working around work, family, and your personal life.
• Affordable: you should be able to earn your degree without taking out a second mortgage!
• Easy: we supply the roadmaps, tools, tricks, and techniques. All you have to do is study and earn your degree.

As a bonus to our Wealth and Wisdom readers, for the next two weeks we are offering 50% discount. Just type “wealthandwisdombonus” (without the parentheses) into the discount box at checkout!

So many of us stumble through life without really taking the time to think. I’m not talking about “should I eat steak or chicken tonight.” I’m talking about looking closely at issues and beliefs, reviewing the facts, possibly using a decision making tool (pro/con list, decision matrix, decision tree, etc), and thinking about all consequences (both good and bad). I’m also talking about events in life. Do you seriously think through the situation or do you just wing it?

In fact, a lot of us live our lives on autopilot. Our beliefs were given to us by parents, teachers, preachers, gurus, etc….How often do we take the time to examine those beliefs.

I’m not saying we throw out our beliefs. Many are good, like coping strategies for dealing with difficult people. Others are limiting or self-destructive.

The problem is that many of those beliefs and responses have never been examined. You see it all the time in politic – on both sides of the issue – where people get worked up into a fervor but can’t truly explain why they feel that way. If you ask a few basic questions their case falls to pieces.

This also happens with religious beliefs. When you try to discuss someones beliefs to better understand them, often they don’t have a reason why. In fact, they often haven’t even completely read the bible.

Key areas to question

• Political: No, I’m not going to tell you that your beliefs are wrong. I’m suggesting that you take a few minutes and truly think out your political beliefs. Look at the opposing view and understand it. Think your views through and try to see the unintended consequences. Then develop your own political belief system.
• Religious: Don’t worry, I’m not trying to convert you. What I want is for you to understand your religion. Read your bible (or other holy book) cover to cover. Learn about other religions. Learn how the religions are different.
• Habits: Why do you do things the way you do? Sometimes it makes sense. For example, I sing (in my head) happy birthday twice when I wash my hands. Why? Because it makes sure I clean them enough to kill any bacteria. Other habits don’t make as much sense (ie…late night binge eating, smoking, etc…). As you find habits that don’t support the life you want to lead examine them, discover the base reason you do it that way, look at the consequences, and develop good habits to replace them.
• Business: Ahh, there are so many things to examine in your business. It doesn’t matter if you are the employee or the employer. Examining your business is always a good idea. One place to start is to look at your daily tasks. How much do they contribute to your results? Who do they benefit? Can they be done more efficiently? Should I eliminate or delegate them? What should I be doing? How do you deal with and treat your coworkers / employees? How do you treat your customers?
• Relationships: Sometimes this can be as simple as asking the questions “am I being a true friend?” Sometimes it can be as painful as “can we make this work?” Look at your family, friends, and acquaintances. How do you interact? What your your beliefs about the person? How do you treat them? How do they treat you? What can you do to better deal with them?

Where do I start

1. Question authority. I’m not talking about revolution. I’m talking about thinking about what you are told to do and ask questions. Ask “why” often and persistently (and politely) expect a real answer. So if a politician says we need to _______, ask them “why” and keep asking until you get a real answer. If your boss asks you to stay late ask “why?” If you spouse wants a new car ask “why?” Notice a trend here?
2. The key questions are usually who, what, when, where, and why!
3. Don’t just automatically do things. Take a moment and say “why do I do this?” Often it makes sense (brushing your teeth is a good example). Other times it doesn’t (reaching for that bowl of ice cream at 10pm).
4. Start learning better thinking skills. This can be as simple as a pro/con list. It can be a book or a class on strategic thinking or game theory. You can watch people who do think and emulate them.
5. Keep thinking, learning, and practicing.

Frustration

It all boiled over. They were not really mad to each other, but one night it all came to a head.

When I talked to Bob the next day he was exhausted. They had talked – and sometimes shouted – into the wee hours of the morning, but it wasn’t tired due to lack of sleep. He was drained emotionally.

Bob and his wife had spent the last two years trying to start an internet business. They spent a couple hours each day on web design, blogging, etc…They read ebooks and watched videos. They bought books and attended seminars. Month after month they poured their heart and soul into their business, but it was for nothing. They had made no money to date and felt lost.

As we talked he revealed how much it had taken out of them, and that they felt lost. They were trying thing after thing, applying the advice from a dozen gurus, and it was pulling them in too many directions.

But they could only see their biggest problem when they looked in the mirror. After quite a bit of soul searching, Bob started to accept that he was the problem. He was sabotaging the business in hundreds of little ways. It was never conscious, and there wasn’t any one thing you could put your finger on.

Image by serhio

A problem facing many entrepreneurs just about everyone

Bob isn’t the only person with this challenge. Heck, it’s been one of my biggest issues. There are many reasons we get in the way of our success, but they can usually be distilled down to three main categories:

• Fear: This is probably the main reason, and often the fear is so subtle that we don’t consciously see it.
  • Failure: this is pretty self explanatory. You put a lot at risk when you try to start a business. This can be everything from your life’s savings to friendships to your professional reputation.
  • Success: why would succeeding be scary? Because we are worried about what others will think. Will my friends no longer want to spend time with me? Will my neighbors think I’m getting pretentious? Will my family start to expect me to support them financially and become their private welfare system or bank?
  • Uncertainty: no one knows what will happen. This uncertainty can be frightening in an of itself. I know I’ve lost sleep stressing over two possible outcomes-and both were good for me!
  • Embarrassment: what will the neighbors think? Will my family ridicule me? Will my friends stop hanging out with me? If I fall flat on my face what will everyone else say?
• DIY syndrome: most fledgling entrepreneurs are good workers. We get to this point in our life by standing on our own. This very trait makes it hard to outsource or delegate. Add to this the fact that we are usually pretty good at (and enjoy) all the minute tasks, and it makes it hard to let someone else take them over. The problem is that we become buried in the minutia instead of focusing on our high value tasks. As a result we never focus on the truly important, we spend all our time on the trivial, and our business flounders.
• Lack of confidence: many of our setbacks in life can trace back to a lack of confidence. If we don’t think we are capable or deserving, it makes us tentative and unwilling to try.

So what can I do?

Over the years I’ve learned a basic five step process to overcome this:

1. Recognize the issue: knowing you have a problem is the first step. Without this you don’t know what needs fixed and what to do next. Just acknowledging your fears and roadblocks is a major part of the solution.
2. Know what you want to accomplish. I’m talking about your major life’s purpose. Not having a purpose is like leaving Atlanta without knowing your destination. You wouldn’t be that stupid, so why do most people run their lives (and businesses) that way? Without a destination you are aimless and drift wherever life blows you.
   • What do you stand for and what do you want out of life?
   • How does your business fit into this?
   • Why are you in business?
   • What do you want your business to look like in the next few years?
3. List all your fears and write down the worst case scenario. It’s amazing what we are afraid of, and how improbable these doomsday visions are. Often you will find that your fears are minor and unlikely. If they are real, then you need to take steps to ensure they won’t happen and to minimize their impact on your life.
4. Write down the main jobs in your business and rank them by their value to your business. Focus 80% of your time on the high value jobs (usually sales, marketing, product development, and leadership). Outsource or delegate the remainder.
5. Work on improving your self confidence. There are a lot of tools out there to help, from books to tape series to seminars. And since confidence is built on our successes, you need to start succeeding. Go ahead and start small. Set a goal to get up at a certain time and do it. Pick up the phone and make that call you’ve been dreading. Take the first item on your task list and make it happen.