The Seven Habits To Net Over $1 Million A Year

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John shares his seven key habits to making over $1 million dollars in a year. These steps involve time management and taking time for yourself. From being highly organized, to educating yourself about your finances, there are some very important patterns you can apply to take your cash flow to the next level!

 The Seven Key Habits:

  1. Organization
  2. Focus only on what moves the needle
  3. Deep thinking twice a week
  4. Personal growth
  5. Marketing Co-pilot
  6. Consistent culture building
  7.  Financial control of your business

About the Hosts:

John Mitchell

John’s story is pretty amazing. After spending 20 years as an entrepreneur, John was 50 years old but wasn’t as successful as he thought he should be. To rectify that, he decided to find the “top book in the world” on SUCCESS and apply that book literally Word for Word to his life. That Book is Think & Grow Rich. The book says there’s a SECRET for success, but the author only gives you half the secret. John figured out the full secret and a 12 minute a day technique to apply it.

When John applied his 12 minute a day technique to his life, he saw his yearly income go to over $5 million a year, after 20 years of $200k – 300k per year. The 25 times increase happened because John LEVERAGED himself by applying science to his life.

His daily technique works because it focuses you ONLY on what moves the needle, triples your discipline, and consistently generates new business ideas every week. This happens because of 3 key aspects of the leveraging process.

John’s technique was profiled on the cover of Time Magazine. He teaches it at the University of Texas’ McCombs School of Business, which is one the TOP 5 business schools in the country. He is also the “mental coach” for the head athletic coaches at the University of Texas as well.

Reach out to John at john@thinkitbeit.com

LinkedIn: https://www.linkedin.com/in/john-mitchell-76483654/

Kelly Hatfield

Kelly Hatfield is an entrepreneur at heart. She believes wholeheartedly in the power of the ripple effect and has built several successful companies aimed at helping others make a greater impact in their businesses and lives.

She has been in the recruiting, HR, and leadership development space for over 25 years and loves serving others. Kelly, along with her amazing business partners and teams, has built four successful businesses aimed at matching exceptional talent with top organizations and developing their leadership. Her work coaching and consulting with companies to develop their leadership teams, design recruiting and retention strategies, AND her work as host of Absolute Advantage podcast (where she talks with successful entrepreneurs, executives, and thought leaders across a variety of industries), give her a unique perspective covering the hiring experience and leadership from all angles.

As a Partner in her most recent venture, Think It Be It, Kelly has made the natural transition into the success and human achievement field, helping entrepreneurs break through to the next level in their businesses. Further expanding the impact she’s making in this world. Truly living into the power of the ripple effect.

Reach out to Kelly at kelly@thinkitbeit.com

LinkedIn: https://www.linkedin.com/in/kelly-hatfield-2a2610a/

Learn more about Think It Be It at https://thinkitbeit.com/

LinkedIn: https://www.linkedin.com/company/think-it-be-it-llc

Facebook: https://www.facebook.com/thinkitbeitcompany

 

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Transcript
Kelly Hatfield:

How do driven entrepreneurs like you and me who want to play the game of life at our full potential actually do that? So that we met seven figures a year and experience the overall exceptional life? It's all about leveraging our most valuable asset, our brain. But how do we train our brain to actually rewire our autopilot so that all of the right actions and focus happens automatically without thinking as we create the exceptional life in business health, and our significant other relationships? These are the questions and this is the podcast that answers them. This is where your net seven figures a year freedom begins.

Kelly Hatfield:

Welcome. I'm Kelly Hatfield. Hey.

John Mitchell:

And I'm John Michell.

Kelly Hatfield:

Well,thank you so much for joining us today. We are really excited about today's topic, which is seven habits to net over a million dollars a year. So let's just dive in. John, why don't you kick us off and get us started? Here?

John Mitchell:

Okay. Okay. Well, you know, I tell you, you know, when you you hear about people learning more from their mistakes than from their successes, right?

Kelly Hatfield:

Absolutely. You know,

John Mitchell:

I tell you, I'm the opposite. I really, really am, I have learned more from my successes than I have from my, my failures. So you know, all my failures taught me was how not to do it. And, and I see that once, I crossed over to netting seven figures a year. Whoa, what, uh, what did I learn, I mean, I learned a lot of stuff that I didn't know when I was, you know, for 20 years, earning six figures a year. And I basically saw that there were seven key habits that were critical to netting seven figures a year. And so I'm excited to share what those habits are today. And so the first one is being organized. And surprisingly, most people are not very organized. I mean, we see this all the time with our clients that probably one of the first things we ask them is on a scale of one to 10, how organized Are you? And in the vast majority of cases, they're a six on a scale of one to 10, sometimes a five or a four? And, you know, my my thought on that always is, how the heck do you think you can add a million dollars a year, if you're a five or six on an organization, I mean, it not gonna happen. So So you know, this is sort of the foundational thing that we fix and, and being organized is really, really simple. It's, it's comes down to three things, in my opinion, it's planning your day, your day, the night before, time blocking your day, and highlighting your top three priorities each day. And we have a very simple system. It's a manual, pen and paper system. But that that concept of planning your day, the night before and time, block it and identify your top three priorities is so simple, but so often people, you know, aren't doing that, and, and it's all new to them. What do you think about organizations? What's your take on it? Well, I

Kelly Hatfield:

100%, we're on the same page, obviously, as far as organizational skills being crucial to being able to net over a million dollars a year. And here's where the disconnect is, and kind of where this methodology comes in. Right? We all have the best intentions, and we get our new planner, we are all set to plan our day the night before and to time block and and how long does that last for a week, if we're lucky to you know what I mean? Before something derails you something comes up a fire has to be put out and you stop doing it. That's exactly what we're talking about with this with the methodology in this 12 minutes a day, is you are retraining your brain to add these organizational skills into your new wiring into your new that reprogramming of your autopilot, because it's so much of what we're talking about is simple, right? But it's not easy. Easy when you learn how to leverage your your brain so that you can implement these organizational habits. This isn't rocket science, you know, but it takes the consistency of doing it. And that's what we all have problems with is being consistent with the things we know we need to be doing.

John Mitchell:

You know, that's a great point. I'm glad you brought that up. Because, you know, you talk we're talking about you know, The false beliefs that that we had prior to learning this, that we control our, our daily actions. Now, our autopilot controls our daily actions and once you wire your your autopilot for this organization, then it does happen automatically without thinking again. And, you know, that's such a good point critical to being successful is being being organized. I mean, he's just got so many hours in the day, and clearly you got to get the most out of those hours and, and boy, most people are, are controlled by their schedule rather than them controlling their schedule. So critical thing. So the second one, the second key habit to net over a million dollars a year is to focus on what moves the needle, you want to share your thoughts on that one.

Kelly Hatfield:

This is so critical. And it also goes back to being organized. So these two really go hand in hand with one another. Right, but that focus on what moves the needle. First of all, it is one of the things that I think we've, our clients have the greatest challenge with. And for me even, you know, understanding this, at the beginning of working through this is what does move the needle in my business and getting a lot of clarity around that. Because depending on the nature of your business, it could be like there are some definitely key things that are really important for every business, like marketing and Right, no, but you as the business owner, you know, what is it? What are the things that move the needle in terms of your activity, you know, what you're responsible and accountable for that was where, you know, I knew at 30,000 foot the important components that were, you know, for moving the needle in a business, but for me specifically in my activity, you know, it wasn't until I really understood what actually moved the needle in terms of what my zone of genius was, and what I brought to the table that like that things caught fire, you know, and so, you know, I'll let you kind of build on that from there, John, but focusing on what moves the needle was a game changer. And then just really quick piggybacking that into organization, when you're planning your day, the night before, and you know what moves the needle, and you're looking at your activities that need to be done, and you are laser focused, and you've got your reticular activating system. This is, you know, zoned in on the thing that moves the needle look out.

John Mitchell:

You know, that is a great point. And, you know, I tell you one thing that I learned, and this hit me in my 50s. And again, probably when when I was netting seven figures a year that I didn't get when I was getting six was I remember one day, just looking around and you know, ultimately I had 175 employees, and we're doing 250 or $25 million, and sales, netting, netting 5 million. And I'm like, you know, I want to do everything really well. But at the end of the day, only two or three things really move the needle. And And why am I stressing about all the other things? You know, if we do, I'm just average is not going to impact the bottom line. And you know, once I got that sorted through my thick head, what a game changer. I mean, just my pride wanted to do everything. Excellent. But, you know, that was so helpful. And so and also see that with moving, figuring out what moves the needle, oftentimes, you need a little help from the outside to figure it out. Boy, we see this all the time with our clients. And and I don't know, if it's because we're more experienced, oftentimes, you know, then our clients, or if it is, if candidly, it's just were a third party, you know, and asking that question and making them go deep, but so often, what they think moves the needle is not what moves the needle, and it takes that having that conversation about it. So well. And then the third thing is, yeah, the third habit is you got to set aside time to think two times a week to deep thing. Now, this is a habit, the top entrepreneurs in the world do people like Elon Musk and Bill Gates, and I know this has been transformative for you. Why don't you take this one? Yeah,

Kelly Hatfield:

this was big for me. Um, so, you know, like, like the, you know, like you the listener? You know, I, I'm thinking all the time. So when John first introduced this thing and thinking twice a week, I'm like, what, you know, I'm thinking nonstop, my brain never shuts off. So again, I want to emphasize deep thinking, you know, and what this did for me, I, you know, like, obviously like you who are listening, you're listening to podcasts, you're looking to grow your I was doing the same thing, I'd get these great ideas like you might be getting right now. And, you know, I'd be like, Oh, that's a great idea, I need to do that while it's running in the back of my head back here, and never makes its way out. But it's taking up space and bandwidth and energy. And I've got all these half formed ideas that haven't formed themselves, which is, you know, when we go back to, you know, what we've talked about in prior episodes, and what we'll talk more about the future, your brain thrives on order. Well, my brain was chaos. And so one of the ways to to help with that was these deep thinking sessions, where, for example, you know, I hear a great idea about how a book club and introducing that to the culture of your organization, there was a speaker that I heard that talked about it, and I thought, Oh, that was a great idea. Well, I did one of my thinking sessions on that thought deeply about it followed, there is a technique around it, which we'll talk more about in future episodes. But I took it from a half warmed up to a full thought to an action and execute a plan to execute to delegating, getting that up off the ground. And my as far as how that's impacted my business with culture, level of engagement, retention, and a way that is attract, you know, that attracts people to our culture, who are growth minded, and, like, it really supports, again, our culture and our values, I can't even put a value on that. It's brought so many good ideas from our team. And so just from that, one idea that had I not done that? Well, as a matter of fact, let me just stop right there. I thought about that idea, off and on for probably, you know, two years and didn't do anything about it. But it still was taking up all of his energy. So this has been a game changer. For me the setting aside time to think deeply, two times a week. And I've it's been so powerful, I do it more than that, because it's just part of my daily process. Now, because of all of the input that I'm getting.

John Mitchell:

Yeah, it's really a stress reliever that take those half form thoughts and make them fully formed. You know, I tell you, I remember doing this and again, it's your, you're setting aside time, two times a week to just think the deep thing. And I remember doing this early in the process of in that being in the reverse mortgage business. And the idea comes to me to how to be in the title business, because every reverse mortgage needs a title policy. And that one idea that came from one thinking session, ended up netting probably $6 million dollars. And it's just the power of it. And and again, I you know, to to the point you made about organization, the methodology sort of reinforces this to happen and in ways that maybe you couldn't before, because now it sort of happens automatically without thinking. So well, let's move to the fourth habit that's growing. And, you know, I'd say, Yeah, I think back on this when I turned 50, and Wednesday, as successful as I thought I should be. And, and I'm evaluating my life, I'm like, wow, you know, I'm too busy for personal growth. And I'm like, right there. That's the problem right there. And, you know, so I ended up creating a system for personal growth, that that was both consistent and strategic relative to what I wanted to accomplish. A lot of people think they're growing, but it's not really strategic relative to what they want to accomplish. And, you know, I've gotten to the point lately, where, if you have a problem, you can't solve it yourself. Because Because if you could, you would have already solved it. So the solution has to come from somebody else. And I remember when I had my, my team at, they'd go, boy, you got a new idea weak? Well, they weren't my ideas. They were the ideas of true experts and things like sales and marketing and time efficiency. And, and I just learned, you got to, you got to be growing, it's got to be specific to what you want to accomplish. And you got to have a system if you don't have a system is going to be hit or miss. Any anything you want to add to that.

Kelly Hatfield:

No, I mean, I think just I want to emphasize how important it is that it is strategic. You know, so for example, if you know that maybe you're one of the things that told you In your company back from maybe from a leadership standpoint, where you are taking in things that are that are related to leadership, you know, and improving your leadership skills or communication or so that it's very specific to the areas that you need that are going to fill in the gaps for you to kind of get to the next level, I think, a lot of the time, it's this shotgun approach, and you're just taking in all of this information from different, you know, the more focused you can get. And so maybe it's like you're drilling down for the quarter, and you're just gonna focus on this particular skill set, whether it's marketing, or maybe it's leadership, or whatever the case may be, you know, whether you're immersing into your profession, and whatever the case may be, but there's a lot to be said about immersion, and about and learning very strategically and specific to the areas you want to grow in.

John Mitchell:were I would understand that:Kelly Hatfield:

No, I mean, again, I just think it's it's a critical, it's the lifeblood of your business people understanding who you are and what you do. And so having a strategic partnership, where you really are collaborating with them, you know, you it's where you turn to things blindly over to someone that things, you get into trouble. And unfortunately, I've learned that lesson the hard way, multiple times. I didn't learn the first time around.

John Mitchell:

But you got it now

Kelly Hatfield:

I got it. Now. I do I do. So yeah. So the

John Mitchell:

end, the next habit, this is the sixth habit to net, over a million dollars a year is pertains to culture. And this one's pretty simple. You know, you got to define what your top three values are, and what your simple mission statement is. And that that mission statement has got to be really simple. So that everybody can can remember it. Too often, you look at people's mission statements. And even the owner can't remember it. Because it's so long, you know, like life for us. We help driven smart people open the door to the Exceptional Life By leveraging them through science, short and sweet. You know, and it's got to be about that and short. And then then your top three values, and you need to have clarity about that. But if you feed that yourself every day, and you articulate that at your, your weekly meeting and more, it's powerful. Anything to add on that one?

Kelly Hatfield:

No, I think it's just really important that like your culture, those core values, that mission statement that is the leader of your organization, you feel that in your bones, and you do that through this, you know, through the methodology so it stays top of mind because like we're talking about let's let's just use Enron as an example. You at the point walked into their lobby, they had this beautiful mission statement and values, like what the hell this doesn't mean anything to you guys, obviously, right? So like this is something that you embody as a leader that you're you know, it runs through the fabric of your entire organization, and that you walk this walk, because that's the other thing we can get it we'll get into this up the road but like you have to be in 100% alignment and acting in congruence with these to create the kind of culture that you want to create in your organization. You know, but too often we say this is who we are. are, but we're not looking at that every day and reminding ourselves, this is how we show up in this company. And that's what this methodology in the 12 minutes a day does.

John Mitchell:

Right? Right. And so the last habit to net over a million dollars a year is you have to have financial control over your business. Now, this one has been surprising to me. You know, I'm a CPA by background a long time ago, but I still am a CPA. And, and it's second nature to me, but I see that so few entrepreneurs have financial control of their business, and the only reason they get their monthly financials is so they can do their taxes at the end of the year. And I'm like, no, no, no, you've got to end it when we make it simple. Because it all it takes once you sort of get clear about this and how to look at your financial statements, which we obviously teach people but takes 15 minutes a month and at all times, you know, where you are year to date, in terms of your gross and your net, what you've made what you've netted the last two or three months. And so it's just foundational to know where you are financially and, and so you know, it's just a powerful habit so, so that that concludes the seven habits to net over a million dollars a year and so let's wrap this up. And if you want to learn more, go to think a bit.com or send to Kelly or me an email at John@thinkitbeit.com or Kelly@thinkitbeit.com