SpeedWealth is a phenomenal little book that I enjoyed reading on the plane on the way to New Jersey for the Tony Robbins Unleash The Power Within event last weekend. I got the book while I was at the Millionaire Mind Intensive a few weeks ago, as it's written by T. Harv Eker, also the author of Secrets of the Millionaire Mind.
The headline of the book SpeedWealth is “How To Make A Million In Your Own Business In 3 Years Or Less”, and it covers a lot of specific strategies and the proper philosophy on how to do exactly that.
In the book, T. Harv Eker outlines 8 essential principles of SpeedWealth. They are:
1. Develop a SpeedWealth Mindset
It's important to understand that success is a learnable skill. You can always be more, have more and do more because you can always learn more.
2. Deliver Massive Value
T. Harv Eker defines money as a convenient symbol that represents and measures the value of goods and services exchanged between people. He describes the “Law of Income”, which is: You will be paid in direct proportion to the value you deliver according to the marketplace.
If you don't deliver a lot, you don't get paid a lot. Simple.
3. Timing: Choose the Right Business at the Right Time
Timing is everything in business. Choosing the right vehicle at the right time is a rarely and highly profitable skill that can be learned. You have to learn how to gauge and time the market – you have to know when to get in and when to get out.
It's also important to make sure that you model success, instead of trying to reinvent the wheel.
4. Systemize
This is an important concept for every business, which is also talked about extensively in Michael Gerber's book, The E-Myth. In SpeedWealth, Harv talks about how a business system is a repeatable process that produces a profit. The key philosophy in SpeedWealth and also in The E-Myth is to work ON the business, not IN the business.
The system is what gives you freedom. And once you've developed the system, and it works, you keep doing it again and again. Once you've systemized your business and it produces a steady cashflow of passive income, you simply duplicate it.
5. Duplicate
As mentioned, once you have a system that works, you then concentrate on duplicating it. You essentially learn how to leverage your business and scale it up to add value to more people.
But again, the system has to come first.
6. Leverage
The key here is to work smarter, not harder. One of T. Harv Eker's business motto's in SpeedWealth is: “If you're not using leverage, you're working too hard, and earning too little!”
You need to focus on replacing yourself in the business, whether that's with technology, systems, employees, or even virtual assistants. You want to leverage yourself so that you can add value to others and make money while you're SLEEPING.
He talks about examples of leveraging yourself, such as creating products or even licensing your product.
7. Cashing Out
A SpeedWealth entrepreneur starts with the end in mind. Harv talks about how once you've set up your systems and everything the right way, you either then have the option to keep it as a passive income stream or sell the business. But, no one will buy your business if it depends on you – that's why you need to set up the systems so your business can run without you.
It's important to start a business with the intention of “cashing out”, as you then are developing a systemized business process that is worth more as an asset. T. Harv Eker talks about his business FitnessLand that he sold for over a million dollars to Heinz (the Ketchup people), because of this process.
8. Do It Now!
Life is short. Whatever you want to do, do it now. Nothing is possible without taking massive action.
Harv says that the best three words of advice he's ever heard about money is, “Get it handled!”
Money is an important TOOL. Money is like lubricant, going through life without it is very, very, rough. Money may not be able to buy happiness, but it can buy you FREEDOM.
If you're someone who's been putting off starting a business or a project, do it NOW!
Whatever you want to do, do it now – now is the only time we have.
SpeedWealth is a great book that simplifies some important business principles, I highly recommend it. Also, I recommend checking out T. Harv Eker's #1 best seller Secrets of the Millionaire Mind, and also check out my Millionaire Mind Intensive Review – the seminar is definitely worth attending!