Enter A Formula That Is Greater Than Or Equal To How to Create Wealth: Formula for Generating $10,000 Monthly

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How to Create Wealth: Formula for Generating $10,000 Monthly

I thought I learned how to create wealth on $10,000 a month. And then I just listened to a webinar that actually spells out a formula that makes sense…

How to Create Wealth The First Step: Getting Clear Intention…

You need to have a clear intention of how much you want to create. For the purpose of demonstrating this formula, I am using a figure of $10,000 per month. It’s important to use daily visualization by imagining yourself at a future date, but thinking of it as the present, be sure to pay attention to the feeling you have when you actually see this much income continuously flowing into your bank account.

How to Create Wealth Step Two: Determine Your Results…

If you don’t know what your income goal is, there is no way to achieve it. You cannot blindly move into your business and “hope for the best”. You must have a plan – a strategy that will move you closer to your goal as you progress. And remember, it’s not necessarily the result that makes the difference… it’s the journey…

“The main reason for setting a goal is that what it makes you accomplish it. What it makes you will be of much greater value than what you get.”

– Jim Rohan: American entrepreneur, author and motivational speaker

How to Create Wealth Step Three: Determining the Number of Sales You Need…

Take your desired monthly figure and divide it by 31 to get your expected daily wealth creation. In this example, $10,000 divided by 31 = $322.58 daily goal (we can round it up to $325).

Take this figure and work backwards to determine how to generate wealth in your business. For example, in my business, I know that statistics show that one out of every 40 people who watch a sales video will make a purchase decision on the spot.

Now, I also need to do a little research on my own business to find out my own upselling statistics. Why? Because it will give me solid data to go on. While the average person who decides to buy will generate me a $25 commission, I know that one out of every three of these people will upgrade to the $100 monthly program, giving me a $125 monthly commission. One in five of them will choose the $500 product, and one in ten will buy the $997 product.

So to find average commissions, let’s work backwards from the 30-sale point. Thirty sales = ($25 x 30) + ($100 x 10) + ($500 x 6) + ($997 x 3), or $750 + $1000 + $3000 + $2991, or $7741 for 30 sales, divided by 30 = $258.03 each. Let’s round it to an average price of $258 commission for each sale.

Based on this scenario, I would need 38.76 sales a month (or 1.25 sales daily) to equal a monthly income of $10,000, or a daily income of $325.

How to Create Wealth Step Four: Determining How to Get Sales…

Based on my own statistics, I know that one out of every forty people who watch my video will decide to make a purchase on the spot. So, to get 40 sales a month, I need to find a way to get 1600 people a month (52 people a day) to watch my sales video. And how do I do it? Well, that brings us to the five steps to creating wealth…

How to Create Wealth Step Five: Determining the Potential…

The easiest way, of course, is to simply buy leads. However, this is not always very cost effective, especially starting out. Some people pay as little as $5 a lead depending on their marketing strategy, and it would cost $260 a day to get 52 leads!

While many people choose paid marketing strategies, I choose to use free marketing – blogging, article marketing and videos – to bring in my leads. Assuming you want to go this route, let’s determine how to get those 520 people daily to read your blog posts and articles and watch your videos. (520 visitors to generate 52 leads based on my own 10% opt in percentage for my content.)

How to Create Wealth Step Six: Determining Lead Flow…

Here comes keyword research. You don’t want to waste your time blogging about content no one wants to read! You can determine potential visitors to your site by accessing the free external Google Keyword Tool at ‘Google.AdWords.com’ and clicking on the “Keyword Research Tool” link.

Determine the number of people searching for your “keyword phrase” that you will use throughout your content. For example, I know that the keyword phrase “how to create wealth” gets about 590 exact match searches monthly, or 19 searches a day. This knowledge tells me that if I can promote this content to rank on the first page of Google, I can expect about half (10) of those people to watch my video or reach my article or post, and 10% (1 ) to become a possibility.

So in this scenario, this particular piece of content should give me one lead daily for the keyword phrase how to create wealth. How can I get 52 leads daily? Just put more content for other keyword phrases – 52 pieces of content that generate one lead each day will give me 52 leads, which will generate 40 sales a month which equates to an average of $10,000 a month. Your future for wealth creation is now in your hands!

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