I watched an Olivier Roland’s video and I learned good stuff.
If you don’t have read Part 1, click here .
5 actions to be effective
Optimize your working time
Use Pareto’s Law by focusing on the 20% of your actions that contribute 80% of your results and using Parkinson’s Law to determine how long to complete a task.
Here are other actions to put in place to optimize your time :
Don’t disperse yourself
Stop multitasking – This has been scientifically proven to be a waste of time and productivity. Read this scientific study .
Stop interruptions – Things like smartphone notifications, emails or messages.
Remove unnecessary tasks – To find out if you’re doing a useless task, ask yourself this question from Peter Drucker : « Why am I doing this ? Is it necessary ? » With this question, you can easily delete unnecessary tasks. Exceptionally, you can use a notification on your smartphone that displays this question every 30 minutes. It’s a type of reminder all day long.
Identify the 20% of things and people that cause 80% of your problems and delete them. If it’s someone in your family, talk to that person 2-3 times a week instead of every day.
Automate everything you can
Many tasks can be automated in companies. For example to send messages on social media (I use Buffer ). It’s possible to automate a sale on internet, it’s the customer who does everything. The customer looks for a product, uses his/her credit card by filing out the payment form of the website, and the bill created automatically based on the information provided by the customer, etc.
It’s also possible to automate a company, this is the case of Drop Shipping. Drop Shipping is when you sell products that you don’t have in stock and that are sent directly from the supplier to the customers. Amazon offers this type of service too, you can put in their catalogs products that you sell and entrust to Amazon for the stock’s management, sending and returns of products. I wrote an article on Amazon’s drop shipping, here.
There is also the case of muses that explains Tim Ferriss in his book « 4 hours workweek ».
Focus on your strengths and delegate the rest. Create a list of tasks that you want to delegate with instructions. Then gives these tasks to a team by assigning each type of task to a specialist.
There is no point in reinventing the wheel. You can duplicate the recipes of your mentors success and use that in your own company.
A job that you did can be reused in a different form. For example, articles from a blog can be used to make a book, a podcast or a video.
4 actions to earn more
Determine your goal and strategy
Determine your goal, your process to reach it and the strategy to put in place. Here are some examples of strategies for developing your wealth :
Replace your salary with real estate income and start your own company.
Keep your work as employee and invest a maximum on stock market to create passive income.
Create a company to have a complementary income like a blog, a podcast or a Youtube channel.
Buy a piece of land and build several apartments (condos).
Optimize your management to spend less money
Analyse the things you have to pay to eliminate waste : unnecessary subscription, insurance too expensive, etc.
Print your bank statement and analyze it
Seeking a way to achieve the same result by spending less : compare, buy cheaper, negotiate to save money for the things you really need.
Optimize your taxation by reducing your taxes.
Recycle your skills and your work
You can work on something once and get paid several times. You can create a seminar, keep 3 children instead of 1, you walk 5 dogs instead of 1, etc.
You can also use a job you have already done to create complementary income. Foe example, if you like to take picture, you can put them in stock photos on internet.
Duplicate the processes known to create wealth
Pay yourself first
Make money work for you by saving at least 10% of your income to invest them.
Invest in yourself with training to learn new skills
Here are the options you can use to create a company that serves your life (and not your life serving your company). With internet it’s easier to use these levers with a blog, podcast or a Youtube channel by creating content.
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