Now money vs. FUTURE money.

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Written by Ben Alexander

When you trade dollars for hours you are working NOW for income NOW.

You are limited to 24 hours per day, so your income is limited as well in this scenario.

If you build a business you will not be paid hourly, and you may not see a profit or payback for weeks or even months…. but IF you design your business the right way it will create income for you far into the future.

As long as your business uses a TEAM you are building FUTURE money that will be generated when you are asleep, out of the country, drunk, or on a date with your spouse.

( Or any of those four combined !)

Of course, if you spend all your time on FUTURE money you may not have enough to pay your bills today, so there has to be a smart balance.

When you are young and broke you need to spend enough time on NOW money to meet your basic needs, but should also spend some time on FUTURE money that will pay off down the line. IF you earn more than you spend you can invest the extra and turn NOW money into FUTURE money.

If you take on debt you are deducting funds from your FUTURE money.

Getting a decent college education is all about FUTURE money, dropping out of high school at 15 years old to work at Taco Bell is all about NOW money.

Poor folks work for NOW money, usually because that is what they have learned from the other poor people they have lived and interacted with over the years. 

When I started Balloon Distractions in 2003 I needed to earn at least $300 a week in tips, so I went out to restaurants in Tampa and filled gigs a couple of nights per week. During the day I would sell new clients and train new balloon artists. Within a year the tips became a much smaller percentage of my overall income.

If you spend time to train someone in your business you are creating Future money, if you do the job yourself because “no one can do it better than me” you are working for NOW money.

At Balloon Distractions we’ve designed an online training interface so that our team can learn how to grow the company without my presence.  If I go into a coma today my company has the systems in place so that when I wake up in 2020 it will be larger by a magnitude of 4 or 5.

At this point in my life all my expenses are covered and I spend almost 99% of my work time on building FUTURE money.

Mainly this involves working to recruit new Regional Partners in order to place Balloon Distractions crews in every city in North America with over 100,000 people.

277 cities in the USA meet this criteria…. and we only do business in less than 35 of those. 

Even taking time to write this essay may result in FUTURE money because someone online  might read it, get interested in my business, and decide to join my team, you never know! 

My personal goal is to be worth $10 million by my 50th birthday….. and I’ll only reach that by focusing like a laser beam on FUTURE money.

Even if I don’t get to 10, I might get to 6 or 7 million, and that would not be too bad.

Which type of money are you focusing on today, this week, right now?

 

WhiteWater!

There is a great business book out there called “Predictable Success” that talks about the various stages that businesses go through as they scale from start-ups to fully mature companies.    

One of the stages of development is described as “Whitewater”. At this stage many companies flounder around  and struggle a bit as they put together needed systems in order to grow to the next level. The last 2 years have been a little turbulent as we sorted out BD’s finances and figured out that we were better off just focusing on what we are really good at: sending entertainers into restaurants, and booking parties and events.

In 2010 we were NOT running at full efficiency. Since then we’ve made dozens of small changes, like paying our people via direct deposit, and major changes as well, like a total rewrite of our compensation plan.       

Three years ago Balloon Distractions was a little bit like an old rickety car going 90mph, we could do that speed for a while but it was pretty shaky; the engine was knocking, there was smoke coming out of the tailpipe, the wheels were about to fall off, etc.

8 engine, not only can we scale up to 100 mph and run at that pace all day, but we can also put our foot on the gas and speed up to 150 mph with steady confidence.    

To run a national company you need experienced admin staff, strong training programs, tightly managed and measured financials, a decent website,  robust IT, call checkers to maintain our quality control, and a compensation plan that can be scaled up as the company grows.

All of these tools cost money and time to create and maintain, just our IT and remote server costs us $12K a year, but our online scheduler is crucial to the day-to-day operation of a company with hundreds of entertainers working across 34 regions in 4 time zones.

With the structure we have in place right now we can triple the size of our gross revenue with no further structural changes or invested capital. The entire framework is there and ready to go.

If you know of someone who lives anywhere in the USA, and they want to work part time and develop an extra $3-5K per month in income please ask them to reach out to me. We are recruiting Regional Partners in cities all over the United States, we will train and mentor them to success, all they need is a great work ethic and a positive attitude to match!