Legacy Wealth Holdings

2 Things I Did to 3x My Income in 10 Months

I was thinking about some of my biggest takeaways from the first mastermind I ever attended, which was in February of 2015, and one of those was focusing on revenue generating activities.

What I’d like to do is go through a quick exercise that I used back in 2015 to completely transform what I spent my time on versus the things that I was just kind of… filling up a schedule with.

TIME AUDIT EXERCISE

So there’s a difference between being active and being productive. You want to focus on productive activities.

How do you figure out what those are, though? Here’s an exercise that I did. 

First I created an Excel spreadsheet. I just did this at a third grade level because I like to keep things super simple. 

In that Excel spreadsheet, I created this: 

SUNMONTUESWEDTHURSFRISAT
6:00 AM
6:15 AM
6:30 AM
6:45 AM

 

Days of the week are on the top row and a space every 15 minutes from the time I woke up at 6:00 a.m. all the way down to the time I went to bed at 10 p.m. is on the side. In the example above, I only listed a few times, but if you create your own, you’ll want to go all the way to the time you go to sleep at night.

In each space, I went through and I cataloged what I did with my time every 15 minutes. So I woke up, ate breakfast. That was half an hour. And then I walked the dog, half an hour, worked out, half an hour.

I set a timer, and when it was up I had to stop what I was doing. I wrote down what I did for the 15 minutes prior, for the entire day, all the way down until the end of the day, when I set my head back on a pillow.

I did this for all seven days of a normal week. Not a travel week, not an event week. Nothing along those lines. I just wanted to focus on what I actually spent my time on.

Here’s what this does. It gives you awareness, right? Where are you spending your time on a day-to-day basis? There were times where I was like, “Holy shit, I’ve been on social media for the past hour and a half in the middle of the day,” or I drove 30 minutes to some appointment to wait 15 minutes to meet with someone for 45 minutes who was a total tire kicker because, you know, I had to be cordial. Even though I knew early on in the meeting that I didn’t have to waste any extra time with them, I drove 30 minutes back and I was like, “Holy shit, what am I spending my time on?” It was an hour, two and a half hours of my day on something that was completely worthless.

So it creates awareness of where you are spending your time throughout the day

Here’s the key for becoming more productive and being happier with what you do. 

I went through each one of these activities every single 15 minutes and everything got one of two icons next to it. 

If something made me money, I’d draw a dollar sign next to it.

If it did not make me any money, I’d draw a zero next to it.

Is it a revenue-generating activity or not?

So that created clarity on the things that actually make me money on a day-to-day basis versus the things that I’m just wasting my time on. 

After that, I added another icon: either a smiley face or a frowny face. 

Do I like doing it or do I not like doing it? And I think for me, from a quality of life standpoint, that’s an important piece of the puzzle.

There were some things that were zeros, but guess what?

They also got a smile because I like walking my dog, even though it doesn’t make me any money. I like working out, even though it doesn’t make me any money.

And you can stretch it and be like, “Well, you know, you work out, you’re more productive, you have more energy throughout the day. So it does make you money.” That’s not what I mean. I mean, directly correlated to making money.

Taking a check to the bank is actually one of those activities. Depositing money or sharing your wire instructions or making a phone call or prospecting to raise private money or to make an offer on a deal. Actual, billable hours in your day. Those are revenue-generating activities.

And then there’s the things that might be revenue-generating, but you don’t like doing them. You know, maybe it’s going to the bank and depositing checks. I don’t really like to go there and stand in line. I feel like my time could be spent somewhere else. So it might be a money generator, but it’s kind of a frowny face for me personally.

So I went through every single line item for seven days in a row of where I spent my time. Did it make money? Did it not make money? And do I like doing it or do I not like doing it?

Initially, I hung onto everything that made money and everything that was a smiley face. Everything that had a zero and a frowny face was definitely put onto a list. And a lot of the things with a dollar sign and a frowny face got put onto a secondary list. 

What that list became was the job description for my first assistant.

There are things that need to be done in your business, but not necessarily done by you. I remember thinking early on when I didn’t have anybody on my team, I didn’t even know how to hire somebody, right? I see these people, these big businesses with all these employees. How do they manage them? How did they train them? How do the employees know what to do?  And I learned that process as I went along.

So when I got back from that mastermind, I did this activity. With the frowny face dollar sign list, I ran an ad for an executive. I really just asked around and somebody was referred to me, a guy named Marty.

Marty and I sat down in the middle of February of 2015, and he came on board March 1st. This was a big deal because 2014 was the first year I ever made six figures. I made about $130,000. 

2 THINGS THAT TRIPLED MY INCOME

When I went out to this mastermind, they told me I needed to do two things.

First I needed to join the mastermind, which was $30,000 a year. And then I needed to hire somebody as an executive assistant and take the non-revenue-generating activities off my plate, which would cost about $35,000 a year.

That all sounded good. The issue with it was I made $130,000 the year before and they just took $65,000 out of my pocket.

At this point I’m thinking I’m never going to an event again because they just took half my money for the entire year.

Here’s the difference.

You’re not spending $35,000 on an assistant. You’re spending $3,000 a month on an assistant. If you don’t like how that’s shaking out over the course of 60 days, you’re not risking $36,000, you’re risking $6,000.

And I could afford to risk $6,000. That pivot in my mindset opened me up to understanding that I could take this (perceived) risk.

So I hired Marty, and his job description became the zeros and the frowny face items. I said, “Hey, man, you can follow me around, listen to how I talk, watch how I interact and you’ll learn some of this stuff. Because I don’t really know how to train you. Just bring questions to me and we’ll troubleshoot them together, but this is what your roles and responsibilities are.”

And he went and took all those non-revenue-generating activities off my plate. I, as the business owner, could then focus on the revenue-generating activities. 

You know what happened in the next ten months from March 1st to December 31st? I tripled my income from the previous year.

I thought my income was going to drop because I saw joining a mastermind as an expense and I saw having an employee as an expense.

But both of those things are investments, and you always get a return on your investment in the next ten months after joining a mastermind. From those two things – the resources, the connections, the relationship capital that was built from that mastermind and then having an assistant – I made $400,000 in a ten month period.

I correlate all of that income to doing those two things. So if you do not have a team, even if you do have a team, you should do this activity. 

Marty actually ended up becoming one of our asset managers. He’s a rock star now.

So if you have not done this, I’m telling you it is a powerful, powerful exercise that you can go through. It’s going to give you so much awareness of what you are spending your time on, what you shouldn’t be spending your time on, what you should be spending more of your time on, and really what you enjoy doing.

Because if you were focused on the activities that you really enjoy, then guess what? You become better at those activities. And if you’re really good at raising money and you get better and better at raising money, you like it more. And then this compound effect sets in and you’re able to achieve that much more when you’re raising capital or when you’re out sourcing deals or when you’re building out your team.

So go do this activity, and let me know how it goes.

We made a video on this! Watch it on the Legacy Wealth YouTube channel here: https://www.youtube.com/watch?v=3l2Hgs4Ueg4