Multiple ways of getting paid. Do you know you can get paid in 7 different ways?
Today, I am gonna teach you seven ways that you are paid in life.
95% of the population are dead, or dead broke by the age of 65. Only 5% succeed financially.
The 5% and the 95%, the way that they are paid in life are very different.
Out of these ways 5 ways are best. Continue reading to know more.
7 Ways to Get Paid in Life – Which one is Best?
#1 Paid per Hour
Paid per Hour is a popular way of getting paid. Most of the laborers are getting paid per hour.
Paid per hour means you are getting x-amount of rupees for every hour that you work, for every hour that you contribute your time.
For example, you’re working at a fast food place per hour. You are lifting boxes, they’re paying you what? Per hour.
Usually, people that get paid per hour are lower-income earners.
# Paid per Month
The second way you get paid is paid per week, paid by weekly, or paid per month.
We call that a what? A salary, right?
Every single week, or every two weeks, every month you get a paycheck.
That is a salary.
So you get paid per month. What’s the problem with the first two ways?
You see, in the school system, they only teach you how to earn and how to make money in the first two ways.
Pay per hour, pay per week or pay per month.
They never teach you the other five ways to make money which I’m gonna teach you today. All other 5 ways are the best ways to make money.
See, rich people, don’t get paid per hour.
They don’t get paid per month.
They get paid in these five other ways.
#3 Pay per Project
The third way you get paid is pay per project.
For example, as a consultant. If you are charging your clients, let’s say a two-month term, a three-month term, or a certain milestone, a certain outcome.
But by completing the project, you get paid per project.
For x-amount of rupees. So as a self-employed, as a service professional you can get paid that way.
That’s way number three.
#4 Pay by Recurring
The fourth way that you get paid in life, it’s pay by recurring.
I love the recurring model.
All my students and followers know that I’m more about recurring.
What can we do to generate more recurring revenue within the company?
So you think about some examples in life.
An example could be a subscription model.
Amazon Prime, it’s a paid-by-recurring model.
You’re paying a monthly fee to have access to movies from the comfort of your own home.
Jio Fiber, your cable, your internet, it’s a recurring model, right?
They charge a monthly fee.
A data plan, to use your cellphone, to watch TV, is a recurring model.
Now, why is recurring so powerful?
Because the most expensive sale you’ll ever make is to first sell and acquire the customers.
Once you acquire the customer, every single time they use the service or they don’t use the service, you will be getting paid.
It’s a very powerful concept.
Paid my recurring.
I have a friend of mine who runs a gym membership, and he would tell me he would oversell the capacity.
So example, let’s say this gym could only handle 150 people. He would see the membership to 400+ people recurring.
Why?
Because he knows most people, who buy the membership, don’t go there every day.
Only a small percentage of people go to the gym at any given time, right?
And some people might sign a one-year contract or a two-year contract.
They go there, you know the beginning of the year generates.
They go there for a few months, but life gets in the way, they get busy, and they don’t go anymore.
But the gym owner is still getting paid, recurring every single month.
So pay by recurring.
#5 Pay by Royalties
The fifth way that you’re paid in life is pay by royalties.
Pay by royalties.
Now, what do I mean by that?
Pay by royalties example, as an author, you write a book.
You sell your book on Amazon. You have books on Audible.com.
Every single time someone, maybe your fan goes there and buys a book.
You will get little royalty every single month from Audible, from Amazon.
That’s pay by royalties.
Songwriters, get paid by royalties.
Movie makers, singers, sometimes directors, sometimes movie stars, actors, and actresses.
They get a piece of the action, they are also paid by royalties.
So, think about what are some of the ways, ’cause when you are getting paid by royalties.
Think of this. I am making this content/post right now. Once this content is live I will get advertisement income. I’m getting paid even when I’m sleeping.
I’m getting paid 24/7. So pay by royalties.
#6 Pay by Transactions
Way number six, and that is pay by transactions.
Pay by a transaction.
- I want you to think about Ebay.
- I want you to think about PayPal.
- I want you to think about Amazon.
Every single time there’s a transaction that took place they get paid a little bit of money.
Visa, Mastercard, every time you use or swipe that credit card, every time you use it.
They’re not actually providing any service except convenience.
But every single time you use that card they get paid a little bit of that transaction fee and that’s how they make billions of dollars.
#7 Pay by Results
The last way is way number seven.
You get paid by results. Get paid by results.
As an entrepreneur, we get paid by results.
Even though we have an idea, we spend months and years working on and until we can produce results in the marketplace, we take it to the marketplace and see that the marketplace likes it and responds and buys, we won’t know until we do it.
That’s getting paid based on results.
For example, let’s say I’m working with an entrepreneur with a company.
For example, let’s say they are doing 10 million a year and I wanna help them grow to 20 million a year.
Well, if you can help them do that, I will negotiate a deal from 10 million if I can take it to 20 million, I generate an extra million rupees in sales for you with what I do, with what I know, I will get a piece of the action.
Let’s say I get 5% of the deal. 500K that I make.
That’s get paid based on results.
You see, rich people, the 5%, get paid based on the last five ways, not the first two.
The 95%, get paid the first two ways.
Why?
Because it’s not taught in school. In school, they don’t teach you how to generate recurring income.
They don’t teach you how to generate income based on royalties.
So transaction on results.
It is designed to keep you a slave, it’s designed to teach you how to get that pay per hour or per month.
Get paid on results, what does that mean?
I don’t produce results it means I don’t get paid? That’s correct, that’s correct.
All these five other ways, royalties, I will not get their royalties if I don’t spend months working on articles/posts.
It’s delayed gratification.
I would say pay per royalties is the best way to get paid.
The transaction is the same thing. If I don’t have the skill to facilitate a transaction.
For example, let’s say I’m a salesperson. I’m closing sales.
If I cannot close, I don’t get paid a transaction.
I don’t get paid a commission fee.
I need that skill to do that.
Royalties, transaction.
All these different things, different ways to make money to get paid, you won’t develop, you won’t be able to do that if you don’t have the skills, and these skills are not taught in school.
If you don’t want to get paid like the 95% and you wanna get paid like the top 5%.
How do you get paid based on results, how do you get paid based on the transaction?
So there’s no ceiling to your income.
So you can make as much money as you want.
Before you go, I wanna leave you with one thought and that is this.
Rich people, get paid before we do the work.
Poor people, get paid after they do the work.
For more information get in touch with me at sk@moneyexcel.com.
