By definition, creating wealth requires a system.
Because the act of creating wealth involves creating more passive income than you have expenses. Passive income is income you don’t have to work for, income that comes in whether you work or not. Therefore, without a system in place, how would that be possible – if you couldn’t be present to ensure that income continues to come in?
Let me give you an example: When we first started our property management business, Katie and I started recording rents manually, as in on a piece of paper in a notebook. That first property had only 15 tenants so not a big deal right? I mean who wants to go to all the hassle of researching and trying out different software programs and shelling out money for something that I could do with a pen and a piece of paper? (That wasn’t actually our thought process at the time, we just thought we’d get to it eventually, that it wasn’t important enough to have in place at the beginning… boy was that a mistake!).
After the first month, pretty straight forward – we were on top of it. We accounted for everyone’s rent, all the expenses, no problem. But, as the months began to pass, and additional projects began to stack one on top of another, it became more and more difficult to go back through the records and try to find who was supposed to pay how much, what their pro-rations were on their second month or what balances they owed if they hadn’t paid in full, when their leases expired… it became a nightmare. Now, we managed to stay on top of it all, but we were stressed out of our minds, spending lots of unnecessary time ensuring our notes were in-sync with our memory…
Had we simply taken the time to setup a property management system like TenantPro or Yardi, we could have simply logged in to the program and it would have told us what management items needed to be taken care, how much a tenant owed or when they were going to pay, what bills were coming up and when they needed to be paid, etc.
One relatively simple system could have made those first few months so much less stressful and more enjoyable, not to mention the additional time we would have had to look at other deals or opportunities for creating wealth…
This is why systems are so important. They can save you time, energy, frustration, money and the LACK of relying on such systems causes you to miss out on opportunities you were either too busy, too distracted, too disorganized or too unprepared to take advantage of (I’m speaking from experience here!).
If you have a desire for creating wealth, having the right system in place is just as important, if not more important, than it is in property management.
Again, creating wealth is all about creating more passive income than you have expenses. That means you need to be setup in such a way that you can automate certain activities in order to get the income coming in without you having to be present to sell something or collect the funds so you can focus on growing your business or accumulating additional assets.
Today, the internet allows for the automation of so many aspects of a business, such as the repetitive tasks that don’t require any new thinking but simply need doing (to complete a sales process from start to finish, for example).
To further illustrate this point, let’s say you were selling widgets online. You would need to communicate the benefits of your widgets to your potential customers so that they could see the VALUE that your widgets provide – the solution to one or many of your potential customers’ problems.
Once these potential customers are ready to buy, you then need the ability to collect their information and payment and then provide them with the widgets they have purchased (and all the steps in between). In the offline world, this could require some amount of time to take place, every single time you moved a product or made a sale. However in the online world – and with the right system in place – this could take NO time, zero minutes, if setup properly.
What does NO time required on your part equate to again? Passive or residual income. With a system like this, you would have a true residual income business.
Now to be clear, I’m not saying that there is ZERO work involved. On the contrary, it can take some time and creative thought to set everything up to be able to operate this way. But once it’s setup, using the right system, you can automate 95% of the business in the beginning, focusing just 5% on tweaking your system and marketing for better and better results, for bigger and bigger profits.
Not only that, but by utilizing a funded proposal type system, you can also multiply and diversify your income, creating wealth via multiple streams of income, using the same process and system to leverage your efforts and increase your results.
Another important factor to consider with a system for creating wealth is training and education.
You want to ensure that you’re kept up to date and trained on the latest marketing methods and skills so that you’re able to begin creating wealth effectively, maximizing the time, energy and whatever other resources you invest into it for maximum results.
The system I use for creating wealth online provides comprehensive training in the back office so that anyone who’s new to the online world or internet marketing can learn the ropes and become a top online marketer, including the ins and outs of social media marketing (like how to use facebook and how to use twitter to attract customers). It also provides you with your own highly-customizable self-branded website with pre-built, ready-to-go templates and built-in features like lead capture and social media buttons (so you can build or expand your clientele list online from visitors to your site and from the search engines automatically).
Frankly, I wouldn’t want to be building a business online without this system for creating wealth due to the huge leverage it gives me, the massive exposure to a world-wide audience, the cutting edge marketing techniques and training it provides, the 100% reliable automation it provides and of course the results it creates among many other things. This is the secret to how creating wealth today is achieved online.
If you’re looking for a system to help you begin creating wealth for whatever business you may be involved in or for those who do not have an existing business, learn more about the system that I use and highly recommend by following this link: Creating Wealth System
Originally posted 2011-06-05 12:03:53.