Wealth Creation Formula

In December of 2000, I produced my first information product to sell online. It was called Marketing with Postcards, and I was selling it for $247. The ecosystem that I was in back then, the early days of the internet, was the time when people were selling $20 e-books, all digital, and my product was physical. I decided to create a secondary offer when I realized that the profit margin on the physical course was not in line with the industry. So, inside the sleeve of the 3-ring binder which housed the Marketing with Postcards course, was a card offering two 30-minute post-course consultations. I answered any questions that my clients had about the course and then I offered a $5,000, 90-day coaching program, which became my primary offer. All of this was made possible by the Wealth Creation Formula, the formula I used to generate my then annual income, monthly. What is the Wealth Creation Formula? It’s a 4-part system outlining the steps to take when scaling your business. As my business grew, I did not change my Intention or Purpose, I changed my Strategy and how I Executed that strategy. In today’s episode, I’ll take you through the Wealth Creation formula and how to use it to grow and scale your business. I’ll also explore the three key insights related to the Wealth Creation Formula: What is the Wealth Creation Formula How I converted my annual income in 2001 into a monthly income in 2003 Why revising two of the four-step Wealth Creation Formula is necessary for business growth Are you ready to take your business to the next level and become a highly skilled ethical influencer? Don’t miss this inspiring episode documenting what it takes to convert your annual income into your monthly income. In This Episode: [3:40] - We learn about today’s three key insights, which focus on the Wealth Creation Formula and its steps. [5:04] - Alex shares a story about creating his first information product for sale online — Marketing with Postcards. [7:30] - We hear about Alex’s process for creating tiered services and driving prospects toward his primary offer. [9:58] - Alex delves into the 4-part Wealth Formula he used to convert his annual income into his monthly income. Intention - what do you want? Purpose - why do you want it? Strategy - how are you going to get there? Execution - who is going to do it, and by when? [12:15] - You need a different strategy once you leapfrog different stages of growth. [13:15] - Alex discusses his intention when he started as an information marketer in 2001. [15:10] - His intention was founded from the teachings of Bob Ross, who asked, “What if you could turn your annual income into your monthly income?” — and how he did it in 23 months. [16:04] - We delve into Alex’s purpose, and what was pushing him to achieve his income goals. [16:34] - Never change your purpose or intention, change your strategy and execution as you reach new levels of growth. [17:20] - Alex discusses his strategy within the Wealth Formula — consulting. [18:04] - His execution was handled by him initially, but he had an assistant to help him schedule his appointments. [18:56] - Alex gives you the key to the Wealth Formula — Tracking units rather than dollars. [20:22] - Create a vision board to track your magic number. [22:13] - When you hit the glass ceiling, revise your formula, keep your Intention and Purpose intact and update your Strategy and Execution. [25:09] - Alex talks about creating his ascension model which occurred when he scaled his consulting business. Phase 1 - Consulting Phase 2 - Certification Phase 3 - Become a Partner [26:44] - This episode’s Alexism is this: “Actions are better than words. Well done is better than well said.” [17:21] - Alex recaps the main points of the episode including the 4-part Wealth Creation Formula, using vision boards to maintain a clear vision of your goals, and when to change your strategy and execution. [29:09] - If you’ve already given Alex a review, write down your biggest takeaway from this episode on an index card. If you haven’t, though, please use that Aha! moment as your review for the show at this link! [30:50] - In honor of this episode, Alex gives listeners a final gift. You can get a completely free copy of his book Alexisms by going to this link! You will also get free access to his $497 VBT e-Course! Links and Resources: Alex Mandossian Alex Mandossian Fan on Facebook Alex’s Friday Live events MarketingOnline.com Marketing Online 4-Part Video Training Series Alex Mandossian on YouTube Alexisms by Alex Mandossian All Selling Aside on iTunes Alex Mandossian’s free live Friday show Ryan Deiss of Digital Marketer Warren Buffett Infusionsoft TED Talks Massage Envy Bob Proctor - The Secret to Think and Grow Rich Calendly AppointmentCore Harv Eker, “The Magic Number” Dan Sullivan 7-Habits of Highly Successful People by Stephen R. Covey