I sheepishly admit to failing one module at Uni-Economics 101! That’s pretty embarrassing, because Economics 101 is really just a module on common sense!
Re visiting the topic of my angst, it occurred to me that basic economics is simply the study of how economies operate. Ultimately successful economies are built on debt. Hence the success of lending institutions. Debt creates an outlet for entrepreneurial initiative. Businesses are created, people are employed, and products are manufactured, transported and ultimately sold.
So what you ask? Well within this economic activity you and I need to find our place. Depending on where we situate ourselves in this complex machine will determine our financial destiny, job satisfaction, security and life balance.
If you want to be the conductor of your own life and aspire to uncommon goals and successes, you will need to be very careful how you position yourself.
Ideally you need to find a position within this economic machinery where you can impart the most leverage.
This is absolutely imperative. It is almost impossible to set and achieve ever-bigger goals if you are on a fixed salary. $50k per year or even $150k per year is a label that defines the ceiling and limit to which you may reach.
The miracle word in economics is ‘compound’
Earn $100k per year and pay your taxes, interest and your loans and spend the rest, and that equates to your lifestyle. The day your income stops is the day your lifestyle falls apart.
Imagine for a minute the following.
If I give you a dollar and I ask you to invest your efforts in finding a way to doubling its value every month, do you think you could turn a dollar in to 2 dollars in a month? Almost certainly.
If you could maintain this ratio of compounding return you’ll find the figures become pretty crazy. After 6 months you are earning just $64. Not enough I’m guessing to inspire you to bother ‘wasting’ your time.
However if you can maintain this result for just 18 months your original dollar is now accumulating at the rate of $262,144 per month!
The maths doesn’t lie. The part of the equation therefore is the return on investment puzzle. How do you create a return of investment of 100% per month?
Once you get your head around the figures and adapt your mindset. The natural instinct is to shout out loud ‘that’s nonsense, in the real world that will never work” Maybe you're right, maybe not but the principle remains. Just adjust the figures to your business.
This brings me belatedly to the point of this article.
Change the above example to Online Page Views for your Blog, Website or You Tube video. Is it now perhaps a little more digestible?
With respect to Susan Doyle whom I’m guessing you’ve heard of, a rather unglamorous middle aged contestant in UK Idol, who didn’t even win, went from virtual non entity to You tube phenomenon in a matter of weeks. A video of her performance on the TV show was uploaded to You Tube and subsequently went on to be downloaded over a 100 million times within 3 months! Now that’s what I call viral!
This is more profound than you might imagine. If you are, again with respect, a non-entity offline, bear with me here. You have no online connections. You have no business. No social networks. No web building skills. Perhaps the only thing you have going for you is a fire in your belly. Then I have news for you. You have the ability to transform your whole world in a matter of literally months.
Find away to tap into this viral phenomenon and marvel at the results.
I wish you well - Kiaran