The Formula

This week, as I have continued to read The Ministry of Business and watch the videos and other readings, I have learned of "The Formula".  I have also learned that I have been doing it all wrong. Well maybe not all wrong, but wrong half of the time.  Let me tell you The Formula and then I will tell you why I have been doing it wrong half of the time.

The Formula by James Ritchie

1. Get Up Early
2. Work Hard
3. Get Your Education
4. Find Your Oil
5. Make Your Mark
6. Get Prepared To Be Of Service

So if we breakdown the steps of the formula, starting with step 1 - Get Up Early, I do get up early when I go to my current job.  I get up about 4:45 a.m. and get to work by 5:45 a.m. Monday, Tuesday and Wednesday.  However, on non-work days, I usually don't get up until 8 or 9.  I know going in to work so early, I get so much done in those first 3 hours of work before everyone else gets there.  On non-work days, I usually stay up late at night and don't want to get up early.  However, I know if I would, I could make a good breakfast for my husband and son (they typically do it themselves right now).  Then I could get right to my school work or whatever else might need to be done.  Regardless of what time I get up, usually 1 p.m. is about my limit and my mind and body want to be done working for the day. However, if I have gotten to work by at least 6 that is already a 7 hour day, so it would be no big deal.  If I wait to get up until 9, I don't usually get going on school work until 10 and by 1 p.m. that is only 3 hours of work.  Obviously, I need to work on that.

Step 2 - Work Hard.  I think when I am at work and most of the time when I am doing my school work I work hard.  I need to work harder when it comes to housework and more importantly yard work.  I hate working in the yard, I live in Florida for crying out loud and it is HOT and humid most of the year.  To work in the yard between April and October is draining.  But if I could get my mind wrapped around it that if I would spend just one hour working in the flower beds each week I could keep better control of it, than spending 4 hours once every month.  Things get overrun so quickly and the task always seems overwhelming.  I need to work hard and work on it a little at a time consistently, not sporadically.

Step 3 - Get Your Education.  I am currently going to school at BYU-Idaho through the online program for Business Management - Entrepreneurship.  I also like reading books about real estate and other business opportunities.  In addition, based on the experiences that we have had over the last couple of weeks, my husband and I have decided to start taking the DIY classes at Home Depot and Lowe's.  We also want to work with friends that can teach us how to do some projects.

Step 4 - Find Your Oil.  I know we have already found our oil in the Rental Property Business.  I believe I explained in a previous post that my husband and I have always wanted to be in real estate.  We currently have two rental properties, a single family home and a duplex.  We want to continue to grow our business.  I also believe that I can use my scrapbooking hobby to create a digital invitation business on Etsy.  At this time I don't want to open the business because I know if I have too many irons in the fire, I will get burned.  I don't handle stress well so I have to manage what I know I can handle and not try to take on too much.

Step 5 - Make Your Mark.  I think that down the road we could become a great Rental Property Business.  I know we can use this to also complete step 6 also.  I want to be the landlord that people say when they move out, "Hey, you should rent my place.  It is nice and the owners are really great people. And the price is really good."

Step 6 - Get Prepared To Be Of Service.  With our original property, I have always felt that it is a property that we were supposed to use to help people out.  We have had people who are good and want to pay the rent but have just had bad luck.  We have been able to have the rent much below market value to help them.  We have been able to work with them to make their payments when they lost their job.  I know that as we are able to do this, we will be rewarded, maybe not in this life and definitely not monetarily through this property, but we know we are doing the right thing and helping someone in need and that makes us happy.

These were the greatest things I learned this week.  I saw many other videos and readings that were really good and I hope to instill those in my life and entrepreneurial career also.