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May 9, 2012 by Steve
In this post I’ll share how I made over $100,000 in 2011 and how you can do the same this year.
Last year was the first time I made over 6-Figures in a single year. It was quite an accomplishment considering the global financial meltdown. That being said, you might realize by now that I don’t subscribe to the scarcity vibe. So regardless of what is happening in the economy I can create abundance whenever I like. It’s up to me.
As for earnings, the bulk of my income came from two major sources in 2011:
- Engineering Consulting
There are three important insights I’d like to share with you about these sources of income. Then I’ll dive in and teach you How to Make $100,000 This Year.
First of all, you’ll notice I have two sources of income (not one). Each of these sources actually has “sub-category” sources of income. Some of these sources are streams and others are deep rivers. The point is that I used multiple streams of income to get over the 6-Figure mark and you should too.
You may have heard or even read about Robert G. Allen’s book called Multiple Streams of Income. In this book Robert teaches how to generate multiple streams of income (big shocker). They key - I have found – to creating multiple streams of income is to start with one income and build it up – and only move on to the next source of income once you have established the first one.
Then rinse and repeat.
The second most important insight I gained from my experience is that you don’t want to spread your attention too thin. You want to lazer in and focus on creating one income stream at a time. I explain the importance of focusing your attention in articles and videos throughout my blog. But there is one recording that nails it to a tee in about 3 Minutes and 20 Seconds. You can check it out here: 10 Practical Ways to Stay Focused
The third biggest “aha” I gleaned from the engineering consulting and coaching income is that the money I earned in 2011 was active income. When I say active income, I’m talking about income that you would receive in exchange for services rendered. In other words, an income that you receive in exchange for your time. In my personal experience, earning an active income is one of the fastest ways to get over the 6-Figure mark quickly (and probably one of the most fulfilling).
Not all of my income was active income in 2011. Some of it was passive income. The type of income you want to earn is entirely up to you… I’m just sharing how I did it.
How to Make $100,000
I’m sure I could give you a 100 different strategies to help you earn your first 6-Figure Income this year. But that would be of little value to you because it would be way too complicated to execute. Besides, it would also make for a really long blog post and this one is already 2,000 words as is.
Instead, I’ll give you a shorter list of action items you can execute and starting using right away. Here are the 6 Magic Bullets that helped me soar past the 6-Figure mark this year…
Magic Bullet #1: Clarify Your Direction
It’s seems simple and it is. Focus.
The problem is that you get distracted and off track. You have too many ideas – too many strategies to pursue – always looking for the “next-best-money-maker” instead of acting on the idea sitting right under your nose. Each new idea seems better than the last one, so you jump from one idea to the next and never really starting anything.
Or what’s even worse, you experience information over-load so instead of taking one idea and executing it, you do nothing at all. The overwhelm from too many ideas and too much information brings you to a halt so doing nothing becomes the safest and easiest option available.
I get it. I’ve been there. But I’m telling you that you have to be focused and committed if you want to earn over 6-Figures. Focus comes first. And this sort of focus takes practice:
- It could mean to stick in out in your job right now and be the best employee you can be right now. It could mean to pursue career excellence where you are right now until the ‘better’ opportunity shows itself.
- It could mean going out and starting a part time business. And that part-time business could have one stream of income that you are cultivating and growing while you work in your full time job.
- It could be taking an existing full time business and adding one new income stream this year and putting all of your energy and attention into that one income stream so that it will cultivate and grow.
It doesn’t matter ‘how’ you do it. What matters is that you focus your attention. After all, thoughts are things.
Just keep at it and focus on the activities that will bring you to your end goal. Each day spend more time and energy on what you enjoy and less attention and energy on what you don’t enjoy. They key is to focus your attention. Your attention is one of the most valuable assets you have.. choose wisely.
Magic Bullet #2: Create the Abundance Vibe
This might seem abstract or even silly to some people, but I know the truth. Getting into the abundance vibe is one of the most powerful things you can do to attract money and success. Don’t be mistaken by the simplicity of it. It’s not just getting pumped up and excited some of the time. It’s being on complete fire and in a resourceful state no matter what gets thrown your way.
Whatever it takes, whatever you have to do, find a way to get into the abundant vibe. If you feel like crap, you’ll attract crap opportunities. You know this! It’s like T. Harv Eker has said time and time again, “When you complain you become a living and breathing crap magnet.”
So start feeling really good. If you feel like a raging success, then you’ll start attracting success.
Now, what do I mean by creating the Abundance Vibe?
Creating the abundance vibe means….
- to feel creative and resourceful
- to feel confident and successful
- to feel strong, determined and committed
- to feel that you have more than enough time
- to feel that you have more than enough to contribute and give
- to feel that you have more than enough money - even when you don’t!
- to feel and trust that the Universe will give you anything you want at any time…
And here’s the caveat: creating abundance comes from feeling abundant even when none is in sight. That IS the abundant vibe. That is a resourceful state. That is creative energy at your beck and call.
Get into this vibe and like gets easier. It becomes more fun. I get random checks in the mail all the time using this technique.
Do you understand how easy this is?
Getting into the abundant vibe is fun. You just have to practice. Practice feeling abundant every day for 5 minutes. Do it and your world will never be the same. Start seeding abundance today.
For a live recording on this topic, listen to: How to Attract Money
Magic Bullet #3: Create a Positive Self Esteem
A big obstacle for wealth seekers is a lack of self worth (or self esteem). Unconsciously, you might not think you are worth $100,000. Your self image might not support that income. That’s the case for most people. If at times you…
- Feel doubtful
- Get Panicky
- Worry about what others think or;
- Over-think decisions
Then your self esteem definitely needs a boost.
Raising your self esteem could be the very thing that sets you apart from the crowd. A high self esteem increases your performance, leverages your productivity and gives you the courage to act in spite of fear.
But what does this have to do with money?
When you value your SELF, you begin to believe that you deserve and are WORTH more… and therefore start to seek out and act on higher income earning opportunities.
One of the best things you can do for yourself right now to shift your self esteem is to appreciate your SELF. If you want instructions on how to do that, go here: 3 Techniques for Building Self Esteem.
Magic Bullet #4: Clearing Limiting Beliefs
Here’s an analogy to help you understand how your own limiting beliefs (and money blocks) low-ball your income.
There’s a popular experiment on jumping fleas. I first heard about this experiment from Deepak Chopra.
Here’s the short version.
100 fleas are put into a glass jar. Without a lid, these fleas can easily jump out of the glass jar.
Next the experimenter puts a lid on the glass jar. The fleas continue to jump, but this time hit their little heads on the lid of the glass jar. After some time the fleas figure it out and stop jumping so high. They jump just beneath the lid without bumping their heads.
That seems to satisfy the fleas, but what happens next is amazing.
When the lid of the glass jar is completely removed, the fleas cannot escape the glass jar. In fact, 99.9% of the fleas in the jar never jump out of the glass jar because their body-mind has created a prison. What I like to call the prison of perception.
What has happened is that the flea has created new limitations and limiting beliefs in it’s body-mind due to the changes in it’s environment. Now what human beings do with money is very much the same thing.
We create limitations in the body-mind that prevent us from earning and attracting more money. Most of these limitations come from our environment (parents) when we are very young. In fact, I’ll go as far as to say that your annual income (or lack of income) has more to do with these limiting beliefs than any other magic bullet on this page.
The problem has never been money. It’s your relationship with money. Once you release these limiting beliefs, attracting money becomes much easier and a lot more fun.
You can learn more about releasing limiting beliefs and money blocks here: More Money Formula
Magic Bullet #5: Daily Action Plan
I have a good friend who is a really hard worker, but he doesn’t take action consistently. He’ll work 8 hours one day and really go to town on his money-making projects, but then he’ll take 3 weeks off and do nothing. It’s not because he’s lazy. It’s because he is inconsistent.
A great number of people do this. They work too hard.
Working harder is not the answer. Being consistent is.
You want to keep moving closer to your goal and your goal will keep moving toward you. Start visualizing, using affirmations or sending a quick email to someone or picking up the phone to do some business – do whatever it takes to take action every day.
You might be wondering… how do you act consistently every day? Easy to say, hard to do – right?
Actually, it’s quite simple.
I use positive reinforcement to make this happen. There is a great book on positive reinforcement called Don’t Shoot the Dog by Karen Pryor.
Here’s how this works. After I finish my work out at the gym or just after I go for a run, I reward myself by taking a sauna or grabbing a McDonald’s coffee. I do this with all my activities.
The point is that I reward myself after I take the action (not before). Anytime I take an action towards my goals – even if it’s the tiny-tinniest action… I do something good for myself as a reward. The bigger the action, the bigger the reward.
What this does is teach you how to take action towards something that makes you feel good. Using the reward helps you reinforce the action-habit.
When I earned over 6-Figures last year, my wife and I went to Los Cabos, Mexico for a vacation.
Action …reward… action ..reward…. action = reward… ACTION = REWARD.
Magic Bullet #6: Creating Value & Earning 6-Figures
This is the last magic bullet to help you reach your 6-Figure Fortune: create value.
How do you do that?
You need a strategy or a way to deliver value to the market. There are two basic strategies to help you do that:
- Create Active Income
- Create Passive Income
Again, active income is money that you earn in exchange for services rendered – it is an exchange of your time for money. Consulting, coaching, speaking, writing are all forms of active income. You get paid when you produce.
Passive income is an income that you receive from doing something once, but that keeps paying you over and over again well after you have completed the project. Dividends from company shares or a cashflow from a rental property would be considered passive income.
Regardless if you opt to earn income passively or actively, the choice is yours. And believe it or not, you can earn passive and active income from your job or a business.
As an example you could have a well paying job and have a pension plan with that company. The active income is your daily job and the passive income you receive is from the dividends you receive from that pension plan. Some companies also have shares that you can buy and receive as passive income as well. So yes, earning passive and active income can be from a job.
The second way to earn active and passive income is through your own business. You could be a freelance writer where you get paid for writing articles for blogs or an online newspaper. You could be an IT Consultant working with a corporation to take care of their networking and software needs. Providing this type of value is considered active income.
But you can also earn passive income from your very own business. You could put ads on your own blog and earn affiliate commissions. You could write an ebook or create an information product and sell that on your blog month after month and year after year earning a great passive income. The possibilities are endless.
The most important thing you need to know is that you must create and produce value. You can’t put out garbage and expect a pay check in return (well, not a very big one). What I have discovered from earning 6-Figures is that you get get paid in proportion to the value you create and deliver to the market.
Bigger Value = Bigger Checks
The truth is that the ‘how-to’ part of earning money is fairly simple and straight-forward. Getting good at creating and delivering value to the market is where most people struggle. Maybe you don’t want to make mistakes or appear vulnerable. Maybe you get stuck in your head and overanalyse… and if you really think about it… those issues have nothing to do with money at all. They have to do with you and your pursuit of your own personal growth. So start with the first 5-Magic Bullets and let the strategy reveal itself along the way. You’ll figure it out.
P.S. If you want to learn how to attract more money click here: More Money Now