Notes on Million-Dollar Coaching Secrets

Introduction

• Transition from $100,000 problems to million-dollar problems is significant.
• Million-dollar problems are exponentially more challenging.

Secret #1: Mindset of a Million-Dollar Coach

• Being a million-dollar coach is a mindset rather than a goal to achieve.
• Start showing up as a million-dollar coach now.
• Personal anecdote: A mentor of millionaires highlighted the need to embody the role of a million-dollar coach.

Secret #2: Challenges are a Feature, Not a Bug

• Expect challenges on the journey towards making a million dollars.
• Million-dollar problems are tougher than $30,000 problems.
• Example shared: A $300,000 tax bill led to a realization about the complexity of financial management at higher income levels.

Secret #3: Revenue vs. Profit

• Revenue is Vanity, Profit is Sanity, Cash Flow is King.
  • Revenue does not equate to profitability.
  • Example of a business venture that generated $1 million in revenue but only $10,000 in take-home pay, leading to business closure.
  • Importance of focusing on profit and accessible cash flow instead of revenue figures.

Secret #4: Extend Your Time Frame

• Consider a longer time frame (e.g., 25 years) for achieving financial goals.
• Checking progress quarterly makes it easier to track without pressure.
• Reduces stress and promotes better decision-making over time.

Secret #5: Money vs. Fulfillment

• Prioritize fulfillment over merely making money.
  • Better to earn $200,000 and be fulfilled than $1 million while burnt out.
  • Importance of maintaining a balance between financial success and personal happiness.

Conclusion

• Reflection on the five secrets to becoming a successful million-dollar coach.
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