Network marketing can be an amazing way to create cash flow! So why are network marketers still in the rat race?
If you’re a network marketer, what can you do to be financially free, regardless of what your company does? Join Cash Flow Expert, Chris Miles, as he offers advice, and a word of warning, for network marketing leaders, or those aspiring to become one, and how to be financially free REGARDLESS of the commissions they earn. Tune in to find out how!
Chris Miles Bio:
Chris Miles, the “Cash Flow Expert,” is a leading authority on how to quickly free up and create cash flow for thousands of his clients, entrepreneurs, and others internationally! He’s an author, speaker, and radio host that has been featured in US News, CNN Money, Bankrate, Entrepreneur on Fire, and has spoken to thousands getting them fast financial results.
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Why Aren’t Network Marketers Financially Free?
I love having you on. I love that you’re following and sharing this. Thank you so much for being a part of this show and being a part of spreading this word and creating this ripple effect that we’re trying to create. As a quick reminder, be sure to check out our website MoneyRipples.com. Also, a word from our sponsor, American Homeowner Preservation. If you guys are looking for creative ways to start generating passive income and getting good returns while doing a good deed, this is what American Homeowner Preservation does.
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I want to talk about a particular segment and group that I’ve worked a lot with in the past and in the present too. They are the people that I’ve known for a while. Their whole message is about financial freedom and creating freedom, and I love it. This is with network marketing, multilevel marketing, network marketers, and direct sales. A lot of you out there are part of this program. I want to specifically address this segment of you, but also those of you that maybe are doing it on the side as a side business, and those of you that maybe are considering doing it.
This is a great lesson for anyone, no matter what your business is. This is huge because this applies to all business owners as well, but I want to specifically address network marketers because there is a lot of potentials there. Here’s the thing, I’m a huge fan of network marketing. Not that I subscribe to any one company, particularly, although I buy a lot of products from different companies. I’m a big fan of that model. I’m a big fan of someone who starts up a business from very little, much like a franchise, and be able to build it up and create cashflow that’s well beyond what most people can do in other types of businesses.
The problem is that many people don’t work it like a business, but I’m addressing those that are specifically the leaders, the growers, the builders, and those that are starting to make a good living, and maybe this is their full-time thing. Maybe you’re working to get it to that point because you want to start making multiple 6 or 7 figures in network marketing.
I want to address something that is a danger, even those that I’ve worked with that are making multiple six figures a year in network marketing. The thing is that network marketers are not financially free. They’re not at all in almost every case. Now, there’s an exception to this rule, but in the vast majority of cases, even the top builders that I’ve known, and this is over many years.
I used to work on the corporate side of a network marketing company at one point several years ago. I’ve also been involved with different companies over time. I’ve known a lot of the leaders that are great friends of mine, but there’s one thing missing in network marketing and it’s a pain in the butt. Those who have been in network marketing for a long time know this and understand it. If you have a leader, go talk to them because if they’ve been in the business long enough, they can see this reality. They are not financially free.
Here’s the thing. They make a great income. The cashflow is awesome. Amazing cashflow is coming in. The problem is that if that money stops coming in or the company shuts down and shut down their compensation plan, they’re broke. Anybody who has been in network marketing long enough has been a part of a company that probably has done this before.
You might be totally sold out for the company you are in and think they’re going to be around forever. That may be true, but you do not want to bank your life on that. I’ve seen too many leaders and too many guys that are making 6 and 7 figures in their companies all of a sudden have to start over from scratch. Granted they might have some influence and ability to be able to start that up again, even if they have a non-compete or whatever it might be, they still have to rebuild again.
Here’s what I recommend you do. If you’re in network marketing, you want to be in network marketing, or you’re a network marketing leader and making multiple six figures or more, you need to create other streams of income. You cannot rely on that company. The best thing you can possibly do is be financially free regardless of that.
Money is just a magnifier of the soul. It makes you more of who you already are. Click To TweetGuess what power is behind that? One, if the company shuts down, you’re fine. Two, when you’re talking to your team and prospects, you don’t need the money. You don’t need them to produce. You don’t need to put pressure on them. Many times that happens or from time to time when you’re trying to push for a new rank or whatever it is. By the way, I hate the word push. That’s a forced method. It’s a forced thing, not a natural power thing. Rather than inviting them and asking them to come along for the journey, instead of pushing. Just a little side note there.
You got to create other streams of income. I worked with a lot of network marketing leaders. They’ve got the resources to create financial freedom aside from the business, but they got to do it right. They can’t gamble it away because many times, money is a magnifier of the soul. It only makes you more of who you already are.
If you’re already a big spender, you’re going to be a bigger spender when you have lots of money in network marketing. If you’re a hoarder, you’ll be a bigger hoarder and you’re going to start hoarding your money. You have more money than you can deal with, and that happens a lot of times in network marketing. People started being like, “I don’t know what else to do. I can’t keep putting more money in my business because there’s not much else I can think of.”
You should be putting it somewhere where it’s safe. Sometimes they’ll go overly safe or they’ll gamble it away in some crazy schemes or in the stock market or whatever it might be. Don’t do that. You do need education, but there are ways to do that. You can generate additional streams of income very easily. I talk about real estate investing on the show before. I mentioned FundingAHP.com, which is an option, but there are some great safe options that you can do as well on top of that.
There are things to do with real estate investing like turnkey real estate, where you don’t have to be the one managing the property. You can have those properties paying you. You can do different things. You can create additional streams of income or business streams of income outside of your business too. Things that could even complement your business. I’ve had people do this before. A lot of times they start going into coaching roles. Not just coaching people in their team, although that’s part of it, but even outside of that. They start helping other people too.
Granted you don’t want to be the person that’s like, “I’m going to coach people, but I can’t do it myself.” You do want to be someone who can help guide people and direct them. Using your gifts and your talents, much like when I teach about monetizing your divine genius. I had that show and things like that that I’ve taught. Those are the things you want to take advantage of.
The key here is to generate additional streams of income, not ones that distract you from your business. You don’t want something that’s going to take your time away from your business and take your focus. I’m watching some people that the networking company they’re doing direct sales with decided to shut it down and make just direct referrals. Pretty much, you’re getting paid off of your own referrals and only two generations. That’s it.
It upset them a little bit. They’re like, “We lost our huge amount of income.” They went running to the next opportunity which is just as bad. That’s what happens when your mindset hasn’t changed or shifted. You end up running to the same company the next time or you run into a company because out of fear. You want to avoid something, but you end up running to the same company because that’s the thing you’re fearing and focusing on.
They’ve run to the same thing. I’m like, “You guys ran to the same crap and that thing’s going to get shut down easily. Those kinds of companies do not last in network marketing.” That’s what I told some of them. They didn’t like it. They’re like, “I’m getting paid checks now.” That’s very short-sighted. Long-term, it won’t happen. They’re like, “Shortsighted, if I can do it then great. I’ll make my money now.” It’s a wrong attitude to have.
You got to be thinking not just short-term, but also long-term. Think about your reputation that gets destroyed when you do that. Think what happens when you started joining companies just to make a quick buck. You destroy your reputation. Pretty soon people stop following you. They’re like, “You’re just an ambulance chaser. You’re chasing another ambulance here to the next great opportunity. I’m not falling for that. I’m not chasing after you and losing money in the process.” That’s what’s important.
Keep your reputation intact. A great way is to generate additional streams of income that do not distract you from your current business model. Keep building your business, but do other things to create passive streams of income. That’s my advice to you. Those who are joining network marketing, already in it or leaders, you got to create passive streams of income. There are great easy ways to do it that are not hard. Even if you have $100,000 that you’ve saved up, you can seriously start generating at least an extra $10,000 to $20,000 a year of passive income doing that very thing.
Seriously, consider that. If you’ve got more, you could do more. That’s just right now and that could keep building and growing over time in the next 5 to 10 years when you do not need your company more. You come from a place of power where now when you speak, you’re like, “I don’t need your money. I don’t need you as a customer or a team member. I can create this for you. I’m already doing it myself. I’m free. This is what I choose to do because I love it, not because I need the money,” that is power. That’s my invitation to you. Consider that. Create passive streams of income. You guys have a wonderful and prosperous week. We’ll talk to you later.