Shut Up and Listen!
Issue #2175
- WEALTHY: Why you should be happy you don’t live in Hong Kong or Portugal (Suzanne Richardson)
- HEALTHY: A fall flavor full of antioxidants (Kelley Herring)
- WISE: Albert Einstein on keeping your mouth shut
ALSO IN THIS ISSUE:
- The PTLF principle of selling (Bob Bly)
- How do you know when you’re working too hard? (Michael Masterson)
- It’s Good to Know… about using your cellphone anonymously
- Add "panache" to your vocabulary
The Billionaire Way
I would recommend "The Billionaire Way" program to anyone who is contemplating a new enterprise or business start-up, or is already in business for themselves. It enabled me to look at my life, attributes, and habits in a refreshing new way. I was delighted to discover that I too have a number of the traits and qualities that many who are successful in business possess, which I hadn’t realized. I am very excited to apply the principles that were presented in the program to my new business ventures.
A tremendous benefit was to be able to talk with the author of the program, Bob Cox, about my own business strategies and ideas. Bob spent an hour on the phone with me after I finished the program, and his personal insights and suggestions were very helpful and inspiring.
I know that I will often refer back to the information provided in "The Billionaire Way" to enhance my chances for success!
- Catherine McNeil, Monte Vista, Colorado
3 Proven Ways to Ramp Up Your Income
A six- or seven-figure income has big benefits. Better vacations, a more comfortable house, a college education for your kids at any school they want to attend… and lots of extras.
If you’re not making that kind of money, you’re not alone. According to the U.S. Department of Labor’s "A Chartbook of International Labor Comparisons," the average American makes about $23.65 an hour (just under $43,000 a year).
But compare that to the average worker in Portugal, who earns $7.33 an hour, or in Hong Kong, who earns $5.65 an hour.
Fact is, when you look at the wages in most other countries, Americans don’t have much to complain about. Because unlike the majority of people in the world, you don’t have to work your fingers to the bone to pull in a decent income. Plus, you can make a LOT more money by taking advantage of smart ways to grow the income you already have.
Here are three of Michael Masterson’s favorite income generators:
You can make money - even in a down market - by buying properties that (a) are selling for well below their market value and (b) are in up-and-coming areas that have been untouched by the real estate "bubble." And real estate is a very passive form of income. After you’ve done the initial legwork of finding properties and lenders, you can sit back and let your properties appreciate in value, and collect monthly rents, without lifting a finger.
2. Get a raise.
No matter how low you are on your company’s food chain, you can get above-average raises just by inserting yourself into your company’s profit stream. Contribute to your company’s profits by becoming skilled in selling, marketing, product development, or profit management.
This is possibly THE BEST way to supercharge your income. Create an Internet-driven business based on something you’re interested in and/or already know something about, and you could wind up making six (or even seven) figures in a few short years. Plus, once your business is up and running and you’ve worked out most of the kinks, it can operate with very little work on your part.
Get involved in any of these ventures, and your income is sure to skyrocket.
[Ed. Note: Over the past year, we at ETR have developed a practically fail-proof program for taking an online business from concept to execution... and beyond. If you're interested in profiting from all the benefits of starting an online business, click here to join our priority notification list.]
"If A equals success, then the formula is A equals X plus Y and Z, with X being work, Y play, and Z keeping your mouth shut."
Albert Einstein
Shut Up and Listen!
Do you talk too much?
A study conducted at the University of Rochester’s School of Medicine found that - to forge closer relationships with the people they treat - some physicians reveal personal information to their patients. Stuff like details about their health, family members, travel, politics, hobbies, and other interests.
You’d think this would help establish a bond between them. But guess what? According to an article in Rochester Review, the study showed that these disclosures "have few demonstrable benefits." In fact, doctors chatting up the people they’re treating may even "disrupt the flow of important patient information."
The lesson?
Other people care more about themselves - their worries, their concerns, their fears, their hopes, their dreams, even what movie they saw last weekend or where they went for dinner last night - than they do about you. Therefore, if you want people to like you, you have to stop talking… and start listening.
I am introverted and not social. But people who meet me at business and social functions often report a positive experience.
The reason is simple: I ask them questions and listen to their answers. I don’t interrupt them, but let them talk as long as they want. When they are done, I don’t switch the topic to me. Instead, I keep the conversation focused on them - by asking another question.
When do you stop catering to the other person… and start talking about yourself? Well, if you’re a businessperson trying to make a sale, the answer is never.
Perhaps you have heard the saying, "You have two ears but only one mouth - so you should listen twice as much as you talk." That ratio is tilted in the right direction, only not far enough. One of my mentors, the late Howard Shenson, once told me that, to be successful in business, you should listen 80 percent of the time and talk only 20 percent of the time.
A common misconception many salespeople share is the compulsion to - at some point in the conversation - get their prospect to stop talking long enough so they can finally make their "presentation." Their mistaken belief is that the presentation - an orderly recitation of the features and benefits of their product - is necessary to make the sale.
In fact, if you listen, your prospects will tell you exactly what you have to do - and say - to get them to buy. Just follow their lead… and forget about your "presentation"… and you’ll close more and bigger deals, more often.
The more the prospect talks, the better it usually is for the salesperson.
People are happiest when they can talk to someone who is paying attention to what they are saying. On the other hand, if you launch into a "presentation," they may become bored and lose interest.
I once watched a graphic designer sitting in a marketing director’s office talking about designing a brochure. The marketing director was interested and ready to sign on the dotted line. But instead of letting her do so, the graphic designer said, "Let me show you some of the other things we’ve done" - and began unzipping one of those big simulated leather portfolio cases.
"That’s not necessary," said the marketing director, clearly pressed for time and ready to issue a PO.
"But I want you to see our latest work," the designer insisted.
Before the marketing director could protest further, the graphics person opened the portfolio and began flipping pages.
The marketing director was clearly bored - and in a hurry. She tried to end the dog-and-pony show, but the designer was oblivious, droning on about minute details of this catalog layout or that printing challenge.
Finally, the artist got the message. But it was too late. When the marketing director saw me observing the scene through the door, she shook her head, as if to say, "What a blockhead!" And I later found out that the project was awarded to another firm.
Yes, by talking too much, you can actually talk yourself out of a sale.
A good rule for selling: Say only as much as you have to. The more you talk, the greater your chances of saying something that the prospect will find objectionable or disagreeable. Result: sale gone.
The same "put the listener first" principle works not just in selling, but in virtually every interpersonal situation - from an employee persuading his boss to tackle a task in a certain way to two spouses debating what color tile to use in the new bathroom.
[Ed. Note: Master copywriter and best-selling author Bob Bly is the editor of ETR's Direct Marketing Masters Edition a program to help you start your own successful direct-mail business. Sign up for Bob's free monthly e-zine, The Direct Response Letter, and get more than $100 in free bonuses.]
How a Soldier’s Widow Tapped Today’s Real Estate Market for More Than $1.2 Million
When her husband was killed in Iraq, she had no income, a 3-year old, and two 1-year-old twins to feed.
Today, she’s splitting a positive cash flow of $6,200 a month with the partner who put up all the money. They’ll soon refinance and get a bonus payoff of $620,000. But that’s just the profits from her first deal!
Her second deal, financed with no money down, was for a 144-unit complex that brings her and her partner $9,000 positive cash flow per month. In 6 months, they’ll be able to refinance and pull $1.2 million out of it!
What’s her secret? A profit-packed “value play” technique she learned from “Apartment House King” Dave Lindahl.
Click here for more on how you can learn this and many other profitable investing strategies, absolutely free.
Dear Michael Masterson: "How do you know when you are working too hard?"
"I have always enjoyed reading the ETR e-letter. Recently, you wrote an article I just have to comment on: ‘Working While You Go to School.‘
"While I must admit I prefer the idea of working smarter to working harder, I have never been afraid of working hard. The problem is, I have a health problem - an ulcer on my ankle - that deteriorates whenever I work too hard. In fact, I’m just recovering from two weeks of near bed rest brought on by straining myself a bit too much.
"So my question is, how do you know when you are working too hard? By the way, I’m looking for a job while starting a business, or I should say two. Hopefully in the next few months I should be finished from university to concentrate on my businesses."
- Tim Idah
Leeds, UK
Dear Tim,
Health is your top priority… or should be. Start by devoting 80 percent of your spare time to getting healthy. Once you’ve fixed that ulcer, you can focus on work.
- Michael Masterson
[Ed. Note: Get Michael Masterson's insights into becoming successful in your business and personal life, achieving financial independence, and accomplishing all your goals on his brand-new website. You'll find updates on all of Michael's books, news on upcoming ETR events, Michael's blog, and room to send in your comments and questions. Check it out today.]
Have a question for Michael? Write to him at AskMichael@ETRfeedback.com.]
Correction
Jeff Adams’ article in last week’s ETR - "Where to Find the Best Pre-Foreclosure Deals" - was supposed to be an updated version of an earlier article of his. Unfortunately, the non-updated version slipped through, and included some information that is no longer correct.
The correct passage should read:
"(c) I will purchase the house for $85,000 and get a first mortgage for $60,000. The seller carries back a second mortgage in the amount of $25,000 at six percent interest for 15 years.
"Your first mortgage in this case will likely have to come from a private money lender. Most banks no longer allow the CLTV (combined loan to value) to total 100 percent on investor properties. However, some mortgage brokers can put together 100 percent CLTV deals through their lender network. Some hard-money and equity lenders will allow second mortgages as well. And if you’re in control of getting your own private lenders, that’s ideal - because, if you present it to your lenders correctly and are buying at a big discount to market value, they shouldn’t mind the existence of a second mortgage… since your investors get paid first, before the second mortgagee (the seller) sees a dollar of his money. "
You can read the entire updated article here in the ETR Archives.]
Add Some Zing to Your Diet
Ginger, a member of the Zingiberacae family, is prized for flavoring the sweet treats of the holiday season. But new research shows we should be enjoying this spice all year long.
A worldwide study of more than 120 plants that was published in the Journal of Nutrition ranked ginger among the five richest food sources of antioxidants, along with berries, walnuts, sunflower seeds, and pomegranates. Researchers found that ginger (both powdered and fresh) suppresses the production of free radicals and enhances the body’s own production of antioxidants.
So grate fresh ginger onto a baked sweet potato, add slices to your favorite tea, or mix slivers into a pot of roasted butternut squash soup to boost your antioxidant levels… deliciously.
[Ed. Note: Kelley Herring is the founder and CEO of Healing Gourmet (www.healinggourmet.com), a multimedia company that educates the public on how foods promote health and protect against disease, and is editor-in-chief of the Healing Gourmet book series, including Eat to Fight Cancer. You can learn more about how simple lifestyle choices can improve your health by reading ETR's free natural health e-letter.]
It’s Good to Know: Using Your Cellphone Anonymously
When you make a call with your cellphone, your number usually shows up on the recipient’s Caller ID. In some cases, however - if you are making a complaint to a business, for example - you want to remain anonymous. You could call your provider to permanently block Caller ID on your outgoing calls - but there is a way to do it on a case-by-case basis. Simply dial *67 before you enter the phone number and the recipient will not know who’s calling.
(Source: the How to Do Things website)
Confidential Report: Disillusioned Trader Opens "Money-Floodgates" to YOU…
Rob Banks Legally… With an Inside Job!
Are You Ready for a "Smash and Grab" on the World’s "Hidden" Money-Mountain?
Great! The getaway car’s leaving…
Word to the Wise: Panache
"Panache" (puh-NASH) - a French word from the Latin for "feather" - is a grand or flamboyant manner. It is related to the word "pen," which was originally a feather used as a writing instrument.
Example (as used by Ben Macintyre in a New York Times review of Indian Summer by Alex von Tunzelmann): "This is history as multiple, interconnected biography, and what it lacks in depth is more than made up for in panache."
[Ed. Note: Become a more persuasive writer and speaker ... build your self-confidence and intellect ... increase your attractiveness to others ... just by spending 10 VERY enjoyable minutes a day with ETR's new Words to the Wise CD Library.]
Michael Masterson
Copyright ETR, LLC, 2007
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