Steve Thompson with a hugely successful entrepreneur and a pleasure to say is a personal friend of mine. Steve hits many topics that all are crucial to the listeners of this show. He talks about the importance of planning for retirement, financial backbone or plans, side or multiple streams of income, where to put your focus. Steve also discusses how to achieve the mindset for both a satisfying and happy life as well as making additional income including home based business. This is a must listen episode.
More about the Steve:
Steve put himself through college working in an auto parts store and selling motorcycle parts out of his garage. He learned at a very early age that in order to retire comfortably, he would need multiple streams of income. He started to invest in Real Estate, built his Insurance Agency and Network Marketing.
Even though successful by most measures, Steve weighs his options:
He advanced quickly in an insurance career but realized that while he would make significant income, there were definite limits for growth. Steve made the decision to seek additional income and investment opportunities. He strongly believes in multiple streams of income. When his income from other sources become considerable, he made the bold choice to leave the insurance company despite make multiple hundreds of thousands of dollars.
Now, Steve still gets 20% residual from the insurance company, but his time was much better spent, i.e. more profitable, to spend it on his new company. He also reached a financial position that it was time to take more time for himself. So, it was the first of many life lessons that retirement would not be comfortable unless he made additional income. Working until 65 at one company would not provide that comfort.
Steve realized early that jobs were not necessarily secure:
Steve feels that people need to learn to not be “stuck” in a job where people are undervalued with no job stability.
He talks about how several of his former colleagues in their 50’s are finding themselves unable to retire. The information to avoid this is out there for everyone, everyone can have side income, but you have to be willing to make changes along the way.
Steve points out the importance of getting out of your comfort zone (See Episode 15, Comfort Zone, what you thought you knew) and learning and failing:
Steve considers himself one of the biggest failures you’ll ever meet. Failures or mistakes are one of the critical keys to his success. As he puts it, he’s made “Numerous mistakes and failures all the way to the top. You cannot succeed your way to success, you must fail yourself to success. Life lessons make you more successful.”
Also, focus on what you CAN control, never on what you can’t.
Steve explains a clear perspective on life’s goals:
How to pay for the 3 critical things in life: your past, your present and your future.
He gave specific numbers on how you should break down your income to benefit your present and future while taking care of your past. Your past is the debt you brought to the present.
Steve stresses the need and benefits for additional streams of income to invest for retirement
Importance of stepping out of your comfort zone to find your skillset for earning more money
How an extra few dollars not spent will compound annually.
As final, thoughtful pieces of advice, Steve suggests:
- you gain mentorship from those who have what you want.
- Read books by authors who are financially stable the way you want to be;
- listen to speakers who have done the hard work and have succeeded.
- Follow the people whose style you are modeling (See Episode 07 The Easiest Path to Success…).
Steve’s favorite motivational thought he uses frequently and emphasizes to others:
“Get excited, stay focused and never quit.” – You have to be excited about your life and future; if you’re not, something is not right. All the daily issues are speed bumps. You slow down, but you never pull over. Stay focused on the prize and where you’re going. By never quit, he does not mean not to quit a business that is not good. He has a great explanation in this episode. He means never quit trying to reach further, step higher, go faster, you should constantly work to make life better for you. The way you do that is by making life better for everyone you contact.
Although never having met him, Steve considered his biggest mentor as Zig Ziglar through the readings of his works. He is a voracious reader and thinks of many people mentors through their writings.
Steve’s Suggested reading: