In the next lesson, I’m going to get more specific about exactly what kind of business we’re going to build, but first we need to get past a fork in the road.
You’ve decided that you really do want to make money on the internet, and now there are two paths set before us…
(Watch this video…)
Main points:
Self employment vs. Business ownership. For many years I didn’t understand the difference. It will be beneficial for you to understand it before embarking on this business venture.
Cashflow Quadrant by Robert Kiyosaki: Employee, Self Employed, Business Owner, Investor
Each of these four quadrants make money in different ways.
Employees… You get paid for your time. You’re trading hours for dollars. You’re working for someone else, and in return they give you a paycheck.
Self employed people work for themselves. Like employees, they often trade their hours for dollars. Or perhaps they work for a fee or a commission. There are many examples of self employment, such as construction contractors, consultants, realtors, and even doctors in many cases. They’re not working for someone else, but their income is primarily dependant on themselves doing the work.
Business owners use leverage to make money. Most commonly, they hire people and leverage other people’s time. That way, the business owner doesn’t have to do the work and they can scale their business larger. The benefits of being a Business Owner rather than self employed are generally more freedom and ultimately more wealth.
Investor’s let their money do the work. They put their money to work making more money.
MYTH: You’re not making enough money. FACT: You need to be a better investor.
the Investor quadrant is for everyone.
If your goal is to never work, then ideally you need to end up in the Business Owner quadrant, not the self employed quadrant.
Virtually any self employment situation can be turned into a business owner situation if you know how.
The business model I’m going to teach you is really a combination of the self employment and business owner quadrants. And it’s going to be up to you if you want to fully leave the self employment quadrant and hire people to do the work that I’m going to be teaching you how to do.
Action steps:
1) If you haven’t read Cashflow Quadrant, read it. You can most likely pick it up at your local library for free, otherwise you can pick up a copy of it here on Amazon.
2) Determine which quadrant(s) you are currently in, and which one(s) you WANT to be in.
There’s no right or wrong answer, because it’s really a matter of personal preference regarding how you want to spend your time and how you want to make money.
As always, you are welcome to post your questions and comments below.
Have a great day!
Can’t I have it all? Probably not and still maintain my sanity. I want to own a business that gives me financial freedom. I want to work, but not for somebody else and not to pay back Visa. To me financial freedom is the ability pay my bills, invest in my future, and do it on my terms. Does that make sense?
Makes sense to me. Those objectives are similar to mine when I was building my online business.
Hello Eric… thanks for this informative overview. I think, I still have to go a long way, to be an investor. But sooner or later my online business will bring me there…:)
All the best,
Arne
I missed lesson 7 can I still get it…
Eric, point me in the right direction. I’m having a company design and build a website as well as a new software product for market early this spring. My question is I need to know (based on your experience) if it’s legal to include public URLs on my website without any legal issues (i.e. intellectual property , copy or trademark ,etc.) ?
It’s my understanding that if the appropreiate disclosure (non- affilate) is displayed thi might mitigate my exposure???
Your thought?
I have been enjoying the valuable information from your site, thank you!
Hi Eric,
Great, great lesson! I am going to read this Cash Flow Quadrant book to learn more about what you have explained.
Thanks again for all you do to make my journey easier towards creating my online biz.
Take care,
Max
Eric, I just wanted to let you know that I have listen and trained with a lot of guru’s in the last 2 years and already have several monetized web sites but, I would like to compliment your knowledge and abilities as an instructor. WOW, You have got it together and I am listing intently with every new training video.
Great Job, hope to meet you some day.
Darrel
http://www.darrelferguson.com
http://www.wealthcreationtool-online.com
hi sir; i have read your letter about self employement and business owner. i would like to become a business owner but i can tell you that i haven’t got skill in both of what you sent me.
so i want you to tell me how can i make a good skill in business training .
so choose one for me and train me as i become a good businessman.
i’m looking fotward to hear from you soon.
Hello Eric
This is the first time to write about what your doing here, and I need to tell you and as many other people as I can how blessed I was to have been guided to this program. I almost was too late because I had started buying stuff that I really thought I needed to make money FAST, that was a mistake. But now I will follow your lessons and learn the step by step lesson opportunity your giving me. I truly mean thank you and God bless you for your honesty to me and others for really wanting to help us succeed. I just want to say thanks again.
David
Glad to hear it, thanks!
I’m not qualified to give legal advice, but from what I understand there are certain situations (ie. editorial) where you can publish any URL.
However if it’s in a for-profit context, you definitely need to be careful about using any trademarks. An appropriate disclosure might work, but you would need to clear that with an attorney.
Hi Eric
that was a very nice explanation of something actually simple the whole thing goes hand in hand.
In no way does that mean an insult to you because it took a while for you to understand, I am pleased to see that you incorperate that into your lesson.
I startet as an employee at age 16 was selfemployed at age 18, did the investor at age 21 and started to grow into a business owner operator/ self employed invester at 23, so that means as far as I am concerned, that everything comes to you at the right timing, and now imagine that was done without internet and PC’s were just started to be used as a busines tool, for example a computer with a 2megabite hard drive was a big machine. any way I liked your lesson it was great. keep up the good work. Now here at this point I like to say that in my case, I lost my busines. I went on some what to fast and there it went, burned the candle on both ends, and it was’nt long that I had enough, and kind off quit, lived on my investment, and when it was gone I started at the top left quadrant. looking forward to get into the other quadrants again.
Hello Eric, over my many years I have discovered that LifeIsWhatUmakeit.com :-), you are correct, if continued investing was not done along the way then your well will be dry. I must now write another Life Chapter, this time about filling the well. So now, I am your student and you are my teacher and now you know why, I need help with the next chapter in my life, chapter 59 -“Filling the Well”
God Bless
Hi Eric,
Great foundational videos. Have only got up to #6 so far. Wish I had known about them whrn first starting out 12 months ago, I might not have spent so much money chasing the next best thing.
Looking to stay the course and follow it right through.
God bless,
Bill
Christchurch
God’s Own NZ
Hi, I haven´t ever though it that way, but when I saw that in video, suddenly it all make sense….
Eric im new to this and i am wodering if you
ever really earn money
I read your lessons daily and hope that my sites are going to pay off soon .Im in Australia and love your straight talking
ok thank you very much for this lesson.
I’m a Chemical Engineer with 20 years working experience with financial institution. Since 2000 into consultancy doing project funding jobs. I’m also into Mfg.of Auto fuel saving devices. Now at 53yrs age plan to relax and work to earn from home. Though computer literate, I have very little knowledge about website & web building. Kindly advise suitably so that I could also join the stream and make money for better living.
hai chipo good name
It sounds like you’ve got a lot of good experience and knowledge that can be of benefit to others. This plays well into building an information marketing business, which is what I’m teaching in these lessons.
Yes!
eric thanks a lot about ur time and ur information
The domain is now parked.
Great stuff Eric.
Look forward to the next lesson.
Wish I had these insights 50 years ago. Maybe I can help my granddaughters while they are in productive years though.
Ruth Miller
Erick you are always great lesson #6 stops while in the four quadrents have replayed six timesa wait on buffering will not go past this point can you resend the video
ALWAYS THE BEST
I can see the value in reading that book Eric!
Sometimes I so busy doing the smaller tasks, the bigger picture gets forgotten!
I have already attended Robert Kiyosaki’s three-day class. Thank you so much for reminding me.
Please try these solutions:
Great Stuff I can hardly wait to see what”s Next.
Hi eric,
this is my first time to comment,
and i think your tips is great,I can’t wait to see your next tips and action advice.may be you can add what kind of product that you already have, and what your point about it.
thanks a lot.
MR.Adhy
is the 20 ready made businesses a scam?
If you’re referring to this one, no its not a scam. If you’re familar with the website “template” concept, this basically takes it the next step and gives you totally preconfigured pages with monetization. It’s not meant to be a “complete” business or a total solution by itself, but it can be a good shortcut for getting some monetized sites online.
Eric, the site link you mention above, is this one website-fits-all type of a business? Meaning, does everyone get the same website with the same products?
Great Stuff Eric thanks.
Basically yes, and my understanding is that it can be customized.
This is incredible , i seen that u just have enough time to replied to all comments ! REAL THIENG ! I KEEP MY DAILY COURSE …
Hi Eric i am following your lesson is interesting,lets go on BUSINESS OWNER quadrant.Thanks for every beat of your effort on this lesson.
Hi Eric, I am obsorbing the material, I am in the Self-Employment/Busines Ownership/Investor Group! I do all 3. I look forward to all your program. Thank You!
Great lesson Eric! Someone mentioned a DVD set of all your lessons. I would definitely buy it as well as recommend it. While looking around your site I see you mentioned PayDotCom as one of the sites to start making money. I am a member right now but feel apprehensive about their motives to help get me set up to make money. You have reassured me with you mentioning PayDoCom. Keep up the great work! Now it’s time for lesson seven!
Regards,
Claude Belanger
Timmins, Ontario Canada
PayDotCom is basically a 3rd party affiliate program provider. I personally prefer to use ClickBank for most of the digital products I sell, but I’ve found PDC to be useful in some instances and I do still use them.
Dear Eric
I want to become a businessowner quadrant, cannot wait for the next day to listen to your knowledge, and everyday I am understanding more.
Thank you so much.
Leticia M
Hi Eric
Have been trying to put the horse before the cart.
Gave my self an uppercut.
Have stopped every thing and gone back to lesson 1
Have been jumping all over the place.
Really appreciate your emails. THank you
Have learnt a lot and am a lot wiser, What a learning curve and loving it.
Now down to some serious work
Thank you for clarifying the distinction between the 4 groups in the quadrant. I will most likely have a mix of the 3 groups(minus the employee group). I look forward to lesson #7.
Hello Eric,
I really appreciate what you are doing. I find your lessons informative. I am really happy I found you.
Thanks for the “Stop Buying Stuff” info. You see, I am trying to build an online business; but with a great disadvantage. I am legally blind and physiclly disabled, with no money. I am now in a state of anxiety and uncertainty. I have bought to many stuff that arn’t working for me. I am very hopeful you will have the answer I am looking for.
I hope my blindness will not be an hinderance to your helping me. I do not allow difficulty to stop me from doing what I want and need to do. I have my limitation,and I know what they are, but I try to work with or around them. I am hoping you are the person that will be willing to give me the help and support I need.
I am saying this, because many persons have backed out from helping me on different occasions. Either because they think teaching would be too challenging, or would take too much of their time.
I would like you to know, I am a quick learner, and will give whatever it takes, to get me where I want to be.
Eric, please let me know that you are up to the challenge, I really need “YOUR” help. I want to be, your “BEST” testimonial.
Thanking you!
Robert Evans
Hi Robert, I’m not offering any 1-on-1 help at this time. But I have had other blind marketers follow my lessons. Some of the later lessons might be a little tough due to the visual nature of what I’m showing on the screen, but overall they should still be helpful. Best regards, Eric
I have Cashflow Quadrant on my blog too. I have bought and I have read all Robert Kiyosaki’s books. Great lessons from a great teacher. See my blog for other great teachers for entrepreneurs on this planet: http://bit.ly/Business-Books