Profits v. Wages and the Part-Time Work Path to Your Fortune

Written by William Pauwels on June 4, 2013

MH900402251Over the decades of my life, I’ve listened to thousands of hours of educational and motivational tapes while commuting, jogging, walking, dressing, etc. When cassettes were new and expensive, I joined the Tape Rental Library to facilitate this use of otherwise unproductive time.

Following are notes from a one hour talk by Jim Rohn entitled “The Magic of Part-Time.” He was apparently talking to an audience of graduating students on the merits of direct marketing. Many of his principles and ideas apply to other fields of endeavor. You can listen to it on your iPhone by accessing the link provided below. In any case, here’s a quick summary of my notes:

1.      Your personal philosophy determines your future.
2.      Try to discover a unique product or service.
3.      Profits are better than wages.
4.      Being poor is when there is too much month at the end of the money.
5.      Capitalism is better than Communism, which failed everywhere.
6.      You can start your business working part-time. Work full-time at your job to make a living – work part-time to create your fortune, which results from profit.  Start with 10 to 15 hours a week.
7.      Set a goal to make twice as much working part-time for your fortune as working full-time for a living. Then give up your full-time job.
8.      The magic of part-time – $1500 per month – will change your lifestyle – which will change your life for the better.
9.      It’s not what happens that determines your future – it’s what you do with what happens.
10.   Correcting errors of the past is a key to success. It will change your future as you form new and better habits.
11.   Problems and difficulties should be welcomed. They spawn new opportunities and ideas.
12.   Don’t wish for less challenges – wish for more wisdom.
13.   Humans can do the most remarkable things.
14.   Understand the law of averages. – If you do something often enough a ratio will appear that defines success. Do 10 – get one. You don’t have to bat 1000%. One out of 10 is okay. Two out of 10 is good. Three out of 10 is excellent.
15.   You can learn more by losing if you analyze and take corrective action.
16.   When you’re new – make up in numbers what you lack in skill.
17.   Learn from the Biblical parable of Sowing and Reaping.
18.   Learn new skills: getting  customers – sharing your experience – salesmanship – recruiting – following up with and nurturing new customers.
19.   The great secret of acquiring wealth: serving the many – If you help enough people get what they want, you can have everything you want.
20.   Organizing – getting people to work together – let-us-go-do-it versus you-go-do-it!! 
21.   Learn how to promote, reward, recognize. Sharing testimonials is powerful.

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William Pauwels
William A. Pauwels, Sr. was born in Jackson Michigan to a Belgian, immigrant, entrepreneurial family. Bill is a graduate of the University of Notre Dame and served in executive and/or leadership positions at Thomson Industries, Inc., Dow Corning, Loctite and Sherwin-Williams. He is currently CIO of Pauwels Private Investment Practice. He's been commenting on matters political/economic/philosophical since 1980.