Top 3 Factors to Determine if you Have a Millionaire Income?

By: LeeMen Cheong

Have you ever wondered why millionaires make more money than you while they also have 24 hours per day as everyone? Have you ever wondered why even when your co-workers have the same position as you, they make much more money than you. Why...

I learn this income formula from a young millionaire, Adam Khoo. He said his income formula derives from "Income = Time x Value x Scalability", which means that one's income is actually determined by three factors--- time, value and scalability.

Let us examine the time and value factors here. First ask yourself how much of your 24 hours in a day are spent on high value activities. What do we mean by high value activities? These are activities that create high value or income to you and others.

For example, do sales and marketing, follow up with your customers, actively generate leads, writing and publishing etc. Do you spend most of your hours chatting, checking emails, and watching TV etc? If this is the case, perhaps you wouldn't be a millionaire unless these activities can make you great money.

So, if you want to be rich, ASK.... How Much Time Are Am I Willing To Spend On High Value Activities? That's the rule of thumb!

Then the 2nd factor is The Amount Of VALUE You Create--- do you help your clients or company to reach their goals faster and easier OR do you help them to solve their problems faster and easier? The more value you create, the higher your income would be.

The third factor for the millionaire income formula is on how many people you can bring impact to? If you are good at public speaking and sales, then when you combine these two, your income will be multiplied.

For example, if the product you sell is $100, and you only do individual sales rather than group sales, assuming you approach 4 people in 2 hours and close 1 sale with 25% conversion rate. You make $100 in 2 hours.

On the other hand, a person good at public speaking and sales would speak for 2 hours to a group of 500 people. With the same 25% conversion rate, the latter make $12,500 in the same 2 hours! Now, between $100 and $12,500, which income would you prefer?

I once attended a 3-day workshop by a billionaire in Asia with his excellent public speaking and sales skills. He kept up selling his product and services, which ranged from $50 --$18,000 throughout the 3 days. It was estimated that he made at least six-figure income from the up selling activities alone!

So do you see the power of scalability here? It's the number of people you can impact that matters the most apart from the time and value factors. So besides public speaking, start to write, publish and training, leverage on books, video, movie, CDs, TV programs and seminars to get the scalability that you need to make big bucks!

Now, after learning the millionaire income formula---"Income = Time x Value x Scalability", it is time to examine your own income formula, check if your income maximize all these 3 factors! Do It Now! Perhaps you find that there is still a lot of room for improvement in your income.

Money Management
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