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Shark Tank’s Mr. Wonderful: ‘Always Talk Salary With Your Co-Workers’

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It’s not necessarily best practice to talk about how much you make. Especially in the workplace. But if you ask Shark Tank’s “Mr. Wonderful” Kevin O’Leary, you absolutely should.

“Here’s why,” O’Leary told CNBC Make It, pointing out that similar jobs make very different livings. “And you need to know that. Because there’s different firms all doing the same thing, and by knowing what [multiple] people are making, you can find out your market value.”

“Most people will share it with you because they also want to know the same thing: Where do I fit in the whole picture of things in terms of salary?” O’Leary says. “That’s why communications matter.”

According to experts, pay equity improves when people share their incomes. But a 2018 Bankrate survey found that less than 25% of people share salary with a co-worker. However 33% of millennials have shared their salary with a co-worker and 58% have talked about it with a friend.

“People are often worried that talking about money may be construed negatively by their bosses. That’s ridiculous,” O’Leary says. “Employers — and I’m one — know that my staff are going to talk about their salaries. It’s not a secret.”

But talking about money isn’t just professional benefit, according to the Shark Tank star.

“If you want to really bond with somebody, share your ideas about money,” O’Leary says. “Everybody is concerned about it, everybody’s thinking about it, everybody has to have it. It’s a great topic to discuss. Why? You might learn something. You may see how other people work with money and maybe, that’s a good thing.”

Business

(WTF?!) Is The MBA Dead?

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Well, well, well, what do we have here.

So according to a (totally non-biased) press release from the Graduate Management Admission Council (GMAC) earlier this year, MBA grads are making more money than ever.

(Just for clarity, the GMAC is a “global association of leading graduate business schools.”)

Apparently, US employers plan to offer new MBA hires a starting salary of $115,000, the highest ever recorded in the US when adjusted for inflation.

Key words: PLAN. TO.

In spite of these lofty, non-scientific projections, the number of MBA applications—as a whole—is on the downslide. Here’s a chart from the otherwise very optimistic GMAC.

(Yes, the entire WealthLAB crew is MBAs, too. Jury’s still out whether that makes us marks or smart. 🙄)

And according to Forbes, this makes it the best time ever to pursue an Ivy League MBA.

So what does this all mean? Let’s unpack it for a second.

Top 10 programs are letting everyone in…

According to the various reports, some programs across the country have seen double-digit drops, with the top 10 business schools seeing serious declines. 

At the highly selective Yale University, the acceptance rate jumped by nearly 44%. Dartmouth College’s Tuck School of Business, another Top 10 program, admitted more than one in three of its applicants, a 48% increase in a single year.

Meanwhile its applications dropped by 22.5%.

“The joke among deans is that ‘flat is the new up,'” Andrew Ainslie, the dean of the University of Rochester’s Simon School of Business. “If we can just hold our numbers, that is an incredible achievement.”

Other Ivy League schools have dropped also, with Harvard measuring a fall of 4.5%. Meanwhile, big names like Stanford saw a bit more at 4.6% and UC-Berkeley Haas at a shaking 7.5%.

And outside the Top 10?

When these numbers are narrowed down to individual schools, like University of Michigan Ross School of Business, the picture gets worse. This university saw the biggest reduction, noting an 8.5% decline with just over 3,000 candidates applying. 

There are only a few reported exceptions to this overall decline, but the biggest business schools in the nation agree that there is a serious reduction in MBA interest. 

Ainslie says up to 20% of the top 100 MBA programs in the country are likely to close in the next few years. 

But why?

Uncertainty over work visas for international students, the strong US economy with decreasing job loss, and the rising costs of degrees are all noted as potential causes. 

The positive side to the story, as Ainslie pointed out, is that it’s going to spark new development in the design of existing MBA programs. One particular program has been built around entrepreneurship.

In addition, the prestigious post-MBA job paths—think investment banking and management consulting—have been replaced by jobs in the tech world and Silicon Valley.

Is entrepreneurship the new MBA?

“Tech has displaced consulting and finance as the preferred career path for top-tier college students,” says David Minnick, founder and CEO of Camino Data, and former president of beverage company, Purity Organic.

“When I started Princeton in 2003, it was still a big deal to get a MBA or JD/MBA after college,” he tells Forbes. “That was the thing to do.

“Four years later, when I graduated, we wanted to be more entrepreneurial. We saw people who had started successful tech businesses. We saw there were low barriers to entry, and that it was okay to fail.”

Image: Dunk The sum total of all human knowledge via @James_Kpatrick/ Flickr

Student debt vs. MVP?

There’s also the whole cost thing. Business school can run you $200,000, making it a cringe option for 20-somethings already riddled with debt. For founders, this is money better spent building an MVP.

(No, not Most Valuable Player. Minimum Viable Product.)

Not to mention the experience it brings.

“When I interviewed people with an MBA, or experience at a big beverage company like Coke or Pepsi,” says Minnick, :I was concerned that their personality type wouldn’t be the right fit for a young and growing company like ours.”

In his view, hustle, skills and culture fit are far better predictors of performance than a degree.

Ivy League MBA fire sale…🗑

Apparently this all means that IF you are one who’s always dreamed of an MBA from a prestigious school, there’s no better time than now.

“With an unprecedented decline in MBA application volume at many business schools – including iconic, top-tier programs – there’s definitely a ‘perfect storm’ happening for prospective applicants,” Alex Min, CEO of The MBA Exchange, a top admissions consulting firm, says.

“Deans and admissions committees are feeling strong pressure to fill available seats with qualified candidates, even if some of these individuals might not have been admitted in previous years when application volume was growing.”

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Wealth Hacks

[PREMIUM] Why Copywriting Is The #1 Business Skill In This Digital World…

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Let me prove it to you…

Let’s say if you want to sell any product or service on the internet and there are no written words on the landing page that can tell about your product or services…

Now, Do you expect someone to buy your product or services?

The answer is no: why?

Because there is no communication between you and the customer…

and It’s similar to a Salesman who has a product but he is not communicating with his prospect…

Guess What? You can’t sell anything this way…

As a Salesman you need to Communicate with your prospect and you need to tell everything about your product, and how your product can help them and can make their life easier…Right?

And the same rule applies on the Internet…

On the Internet, the only possible way to do a Communication is Copywriting…

Whether it’s a Video Copywriting Script, written or anything else…Everything needs copy!

So You need to Master the Art of Communication if you want to sell anything Online…

 

The Importance of Copywriting

Think about a Salesman, a salesman can have an average product but if he knows how to sell something and how to Communicate with others…he can sell anything

But if he doesn’t know how to communicate and how to sell,  then It doesn’t matter how good his product is…he can’t sell.

Right?

So this is Exactly why you need a good copy to sell your products or services.

So Basically Copywriting is Nothing but the Art of Communication Through your Written words…

Here are a few bullet points that define Copywriting

  • The Written words that draw people In…
  • It opens up their imagination…
  • It brings out emotion…
  • It makes it possible for the consumer to relate to the salesperson…

And that’s what is all about – Relating

And every marketer must need to know at least the basics of Copywriting…even if you are outsourcing.

 

Where we use the Copywriting?

The Answer is everywhere you need to communicate with your customers…

For Example

  1. The written Sales Letter
  2. The Video Sales Letter
  3. The Webinar
  4. Email
  5. Ads Copy

You see, Copy is everywhere, the website, the product description, Book Titles, etc

And You Must need to know that Copywriting is NOT the same thing as writing content.

They Both are Different

Copywriting Vs Content Writing

When writing Content, the goal is to teach, educate and give People Information.

This is Not the goal when writing copy

When writing copy, the goal is to build the relationship, trust, to pump them up, get them excited and convince them they need to click.

Copywriting Vs Content Writing

Our Responsibility to keep their attention Vs their Responsibility to keep their attention

Convincing/Influencing Vs Teaching

Now Let’s look at this 5 – Step Copywriting System

The 5 Step Copywriting Formula

This is the proven Formula that Every Good Copywriter uses to write a good copy

And anyone who follows this will be able to write great copy every time.

1 – Introduction 

2 – The Story

3 – The Content

4 – The Transition

5 – The Pitch

Now Let’s Master These Step by Step

Ready?

Perfect! Here we go…

 

Step 1. Introduction

The Introduction is the #1 Important part of your copy… 

Yes, you’ve heard it correctly…It’s the #1 Important part of your copy.

Why?

Because the Introduction is the First Line that your Reader sees, and you need to write something that draws their attention and attracts them to read your full copy. If it fails to do this, everything else is useless…because the reader can Instantly click on the back button and go out.

So Let’s Clear the Purpose of Copywriting again – The Purpose of Introduction is to tell them why they should read your copy…

The goal is to capture their attention and here are a few points to do that…

  • Tell them ‘What’ NOT the ‘How’
  • While writing the Headline keep this in mind to tell the what, what’s in it for them, what the product or offer can do for them.
  • Give them a Convincing enough “what” and they will want to know the “How” enough to Buy.

For Example – How to Ditch your Boring 9 to 5 Job and Earn 7 Figure Income using just your Laptop.

Now this headline gets the attention of those who want to quit their job…

So they will definitely go read to find out ‘How’

Right?

And once they are hooked by the headline, tell them a Story…

 

Step 2. The Story 

Storytelling is one of the greatest marketing strategies ever to sell something and to build a connection and trust. Because everyone can understand the story and can relate to a story.

But You need to present a story in such a way so that your readers or prospect can connect with you…

Here’s something that you need to keep in mind…

  • People don’t buy products. People buy the story… people buy what is behind that product – The Brand or the Person.
  • The Purpose of the story is to Connect with People and to build trust.
  • To Bring out their emotions, because people make buying decisions based on emotions. 

So You need to present a story in such a way that people can relate to you. And you need to bring out their emotions.

Once the story is over, The Next Step is…

 

Step 3: The Content

At this point, your customers want to know more…

They want to know if your product is a good fit for them or not and whether you are the right person to sell the product or not!

So the Goal of the content is to prove that there is no other option than this product!

And To Accomplish This, the content must provide value and to make them feel that they need this product to change their life…

In the Content, we need to show the statistics, facts that can blow their mind.

For Example; Again the same headline

 – How to Ditch your 9 to 5 Boring Job and Earn 7 Figure Income Just Using your Laptop…

So In content, you need to prove to them;  Why Job is Bad for them, and Why Job Economy is dying and some more statistics…and the Solution

and if you can do that…and can convince them, they are sold…

Now let’s look at the next step…

 

Step 4. The Transition

At this point of time, you need to give them a simple and logical reason why you are asking for money…

Because In the last 3 steps, you have provided so much free value…and you have built a relationship with them.

So now you need to give them a simple reason…why Money!

You simply can’t say that Buy this product because I am selling…No!

You need to give them a logical reason, that this is your mission, you are building your legacy and this product is a part of it. Or whatever the reason that you have!

Then Move on to the Final Step

 

Step 5; The Pitch

The Purpose of the Pitch is not to sell, selling is already done in content, this is where you confirm the sale…

And How to Confirm the sale?

Showing them that the Provided Value is greater than the price.

You need to show them everything that you are giving in exchange of money…

Give them a completely irresistible offer and that’s it.

For Example – If your Product Cost $1, then show them that they are getting the value of $10 or more. 

Finally, I congratulate you for Going through the 5 step Process of Copywriting!

Now, Start Implementing these steps to Boost  your Conversion!

But Wait, aren’t you curious to know about me?

 

Hi, I am Durvesh Yadav,

also known as (@10xmentor) 20 year Kid, Social Media Influencer And Digital Entrepreneur, I help Digital Coaches To Scale their Online Business Using My Copywriting and Marketing Skills.

Thank for Reading this, I hope it will help you to make more money online.

🙂

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Personal Finance

The Main Benefits of Being Financially Independent

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Being financially independent means different things to different people.

To some, it means retiring and traveling the world, relaxing at home, or doing whatever you love.

For others, it means having the financial stability to have at your back, while you continue your career or business.

In general, financial independence is defined as when your passive income is higher than your living expenses. Here’s the issue though…

It can be a moving target.

You need different levels of income at different points in your life. Let me explain

How Much Money Do I Need?

If you are 18 years old and have no debts, are healthy, and can get by with little, the amount of income you actually need to get by is very low.

Eventually, you might get married, have a family, a dog, etc. So, the income you need to sustain this is a lot higher.

Then, the kids move out and you downsize. You need a lot less again.

Then you start to get older and you find your health failing you. Your costs will go up once again.

So, at a minimum, I’ve already outlined 4 different points in your life where your “financial independence number” will go up or down.

Regardless of the difficulty in calculating exactly how much you’ll need, there still are a lot of benefits to strive for financial independence. Let’s take a look at those.

Freedom of Choice

I already alluded to it a bit, but the biggest benefit to financial independence is freedom.

As soon as your passive income is higher than your wages, you’ll find that you don’t need that job. You can continue to work, but you don’t have to. So, all the stress is gone.

Same goes if you’re a business owner. You can continue to grow your business if you want, but you don’t need to.

You could opt to walk away from it and do something else entirely. It allows you could leave the high paying job and find a job that is more rewarding.

Whatever you choose to do, it’s because you’ve achieved Financial Independence.

You’ll Be Able to Make More Money

You can never unlock your true potential as long as you are a slave to your job or business. It’s hard to pursue other opportunities when you can’t afford to leave your job.

As an employee, you can earn money by working more, getting a raise, or getting better positions. But, you are actually very limited because most of your time is dedicated to the job.

And that brings us to the heart of financial independence – time. The most valuable commodity is time, and if your time is spent working for someone else, it isn’t spent finding new opportunities for growth.

By growing your passive income to the point where you don’t have to work anymore, you can unlock that time and harness all of your intelligence and creative power to pursue more valuable endeavors.

You’ll Actually Get to Retire

If you haven’t realized it yet, Social Security is going to go broke, pensions can disappear overnight, and even state or municipal government benefits can be slashed to pennies on the dollar.

While some people will be able to retire with these, we should not depend on them entirely. Doing so will make it far less likely that you’ll have the security you need or want in retirement.

But, retirement isn’t something many of us worry about until it’s far too late. We don’t save or prepare, then find ourselves unable to retire.

So many people work until they are no longer able to work and they are forced to retire. By then, they have no way to actually enjoy any of their ‘retirement.’

If you are financially independent at a young age, you are kind of already retired. Additionally, you can continue to work and just save everything to get to a point where you are truly prepared for retirement.

You might even be able to afford to retire early and enjoy your later years to their full potential.

Passive Income is Like Unemployment Insurance

Unemployment insurance covers only a portion of your lost wages. But, if your passive income is already at or above your wages, then it’s like a really good insurance policy.

The fact is that many industries are changing and advancing, which is leaving its older workers behind. Having financial independence means that you’ve got something to fall back on and can take your time to find new work without worrying.

You Can Plan

A lot of people never plan ahead. While they might plan their next vacation, wedding, or Black Friday shopping spree, most people aren’t planning for their finances next month let alone 20 years from now.

A lot of that comes from the belief that it’s impossible to get ahead, be successful, wealthy, and secure. Planning ahead would just be depressing.

But, if you work to attain financial independence, planning for the future becomes fun. Who doesn’t want to think about the future when the world is your oyster?

You’ll Be Less Stressed

Money is one of the leading causes of worry and stress in our society and in most households.

Having more passive income can help with your finances, allowing you to enjoy the company of your spouse and children. It can allow your family to actually enjoy each other rather than always being stressed over paying bills.

Why Aren’t You Chasing F.I.?

What is holding you back from pursuing financial independence? Comment below.

This article originally appeared on IdealREI.  Follow them on Facebook, Instagram and Twitter.

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