Monday, May 30, 2016

The Law of Duplication Works in Your Income Too

If you duplicate yourself, you duplicate your income.
It's very simple. 
When you duplicate yourself, you increase the number of people you serve. When you increase the number of people you serve, you increase your income.
If you don't duplicate yourself, your income remains stagnant. 
And even if it does increase, your income only enjoys linear growth. If you duplicate, your income enjoys exponential growth.

Employees Who Duplicate Get Promoted

         Do you want to be promoted in your job?
Duplicate yourself.
As an employee, duplicate your output. Duplicate your production.  Duplicate the great results you're getting.
How? Find a way. Use your ingenuity. Use your creativity.
As a manager, duplicate yourself by training your staff until they can replace you. Believe in them. Raise them up. Develop them. Make them better than yourself.
         Some are afraid to do that. "Bo, if I do that, they won't need me anymore and fire me!”
         But if your boss is intelligent, the opposite will happen. She'll recognize your leadership. Because only leaders can duplicate themselves. And leaders rise to the top.
         I can hear you now. "But Bo, that's the problem. My boss isn't intelligent!”
         Remember what I said before? If your present boss won't recognize you, another person will. Word about your leadership will go around. People will talk about you. And you'll be promoted, perhaps not in your company now, but in another company. Or in your very own company. 

A Second Job

         I'm not a great fan of getting a second job to increase your income, but I need to mention it here. It's also duplication.
         When you go to the States, it's very common to meet Filipinos who hold two jobs. They work 16 hours a day, not counting the travel time to go to work.
         My friend does that. She sleeps three to four hours a day just to be able to hold two fulltime jobs. She drives a brand new BMW. Yes, she earns more because she has duplicated herself by having two jobs. But it's a weak way of duplicating.
Today, that friend of mine is sick. Her body is caving in.
         My advice? This should be a temporary situation.
         Move on to a better way of duplicating yourself...

Two Kinds of Income

         There are basically only two kinds of income in the world:
         Active Income and Passive Income.

1. Active Income

How do I define Active Income?
You exchange your time for money.
A skilled laborer exchanges one day of work for P500.
A manager exchanges one day of work for P5000.
A dentist will pull your tooth for P600.
A heart surgeon will do a bypass for P300,000.
What do they have in common? All of them exchange time for money.  When they stop working, they stop earning.
Let me give you an example.
Remember my story of Ate Guy?
Ate Guy is the terrific masseuse of my wife who offers massage and torture at the same time.
Lucky for her, there are enough deranged people in the world who want that type of massage. Like my wife, for instance.
So Ate Guy is always in demand.
She can massage five clients a day—and she usually does.
Because of this, she earns P50,000 a month.
But let's say she takes a vacation.
Her earnings drop to zero.
And when she gets older, let's say she doesn't want to work this hard anymore. Instead of five clients a day, she wants to massage only two people a day. But if she does that, her income will go down a lot.
Or what if Ate Guy wants to earn P100,000 a month?
She can't massage 10 people a day. Sure, she can raise her prices, but by only so much.
My point? Active income is limited.
The only way to earn more is by switching to passive income. 
And the only way to do that is by duplicating herself.
First, she can train other women the "Ate Guy Torture Therapy” and form an army of Ate Guy-Trained Torture Therapists—and earn a commission from each of them.
Second, she can create the "Ate Guy Healing Oil” in a bottle, ask other masseuses to sell them.
I repeat: Active income has a limit.
But passive income is virtually limitless. 

May your dreams come true,

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