Rich Schefren on: Time

These are distinctions from Rich Schefren's brilliant seminar. I hope you can use them too:

1. If you want to build your online business, concentrate on the 'What' not on the 'How'!

2. If your business depends on you and you have no plans on cahnging that ... You don't own a business (you own a job).

3. Why you need to build an Internet business: The Interrnet is still in the wild west days --- but just like every other industry and media channel sooner or later businesses will smother the self-employed.

4. All time has value - there is no such thing as 'free' time, there is only leisure time. They way you think about time and think about yourself will affect everything that happens to you the rest of your life. Do you know the value of your time and how to increase it?

5. Calculating your magic number:
- What is your goal? e.g. $ 1,000,000
- How much did you make in the last 3 months? e.g. $ 40,000
- Current Reality = $ 40,000 * 4 = $ 160,000 for this year

- Your Goal $ 1,000,000 - $ 160,000 = $ 840,000 (your magic number)
- How do you get from where you are today to your Goal?
10% of $ 840,000 = $ 84,000
- Your next step gets calculatd this way: Current income $ 160,000 + $ 84,000 = $ 244,000
That is what you should be thinking about achieving.

- Designing the steps to get there:
How much do you want to earn in the next 12 months? e.g. $ 244,000
How many days/week do you work? e.g. 6 !
How many hours a day do you work? e.g. 10 !
How many productive hrs per day to you work? (productive time is time directly related to making an income, not for example reading an e-book) e.g. 4 (to be optimistic)

Calculate 4 hrs * 6 days = 24 hrs / week; 24 * 50 weeks = 1,200 hrs p.a.
$ 244,000 / 1,200 = $ 203 / hrs
-> That's what you need to make per hour to get to your next step towards your goal.
(Your minute rate: $ 203 / 60 = ca. $ 3.40)

Ask yourself:
- "Is what I am doing worth my hourly rate?"
- "Can I pay s.o. significantly less than my hourly rate to do this for me?
-> If you think of your time as actually being worth what you just calculated, don't be too surprised if before long you are making this kind of money.