Today’s Show Recap
Thanks for listening to Makin’ It. On this week’s episode, on Show Buzz, Tommy, Todd and Brittany take a look at “How I Made My Millions.” On The Fix, they discuss solutions for getting out of debt. Also this week, Makin’ It features a new segment called The Doubt Whisperer. Finally, on Makin’ It or Breakin’ it, the gang discusses whether you should hire directly or outsource jobs. Let us know what you think of the show in the comments section at the bottom of the page!
Let’s get inspired and start the show!
Show Buzz:
Tommy, Todd and Brittany start the show with Show Buzz, and this week they take a look at the show “How I Made My Millions,” which airs on CNBC. The show takes a look at entrepreneurs and the steps they took to get their success. While the show stays away from the raw emotion behind business, it does offer an inspirational perspective and reminds viewers they can achieve the same success even if they have no idea what they are doing when they get started.
Another interesting feature of the show is that it provides the story behind the owners of the company, owners who often remain invisible if they are not the face of the company. If social media isn’t a part of a company’s brand, many times, customers merely purchase products online or in stores and never identify with how the product they are buying came to exist.
“How I Made My Millions” confirms that the American dream is alive and well and puts a face on successful entrepreneurship. What do you think of “How I Made My Millions?” Let us know in the comments section.
OMG Fact of the Week:
The human body produces enough saliva in a lifetime to fill two swimming pools.
The Fix:
In the next edition of The Fix, Tommy, Todd and Brittany discuss the core problem of debt and what to do when you have a lot. There are many factors that can cause a person to have debt: divorce, poor money management, loss of work, gambling and medical expenses to name a few. Compounding things, people are not saving as much as they used to because they do not have any extra funds to put away. Additionally, when people live outside of their means, they choose not to reduce expenses if their incomes reduce, racking up debt fast. Many people today have a sort of financial illiteracy and don’t understand money or how to keep it.
The average American has $3,600 in credit card debt at all times, and the main reason people get into debt is wrapped up in the American dream of owning a home. Many Americans overspend on their homes, creating an overwhelming mortgage debt. With the median home loan balance at $103,000, if one earner in the household loses his job, the mortgage might not get paid.
For most people, being in debt is an emotional experience packed with fear. People automatically go to the idea that they will be humiliated, all their belongings will be taken and they will starve and die on the street. Many people fall into depression, and their first reaction is to avoid the problem.
The best thing to do when deep in debt is to not run from the problem and confront it head-on. Answer the collection agency calls and tell them what’s going on, and the stress will drop. Next, list all the debts and eliminate the biggest debt first. Most people think getting rid of the smallest debts first will help them get out of debt, but this is a fallacy. The largest debt tends to be the most stressful and, once taken care of, the rest will fall in line. Look for the debts with the largest interest rates and eliminate them as well. Next, methodically climb out of debt using payment plans and debt consolidation.
Too many people turn to bankruptcy first as a means toward getting out of debt; however, this is ill advised. Because bankruptcy can only be filed within eight-year intervals, saving this option for massive debt is the best choice. Confronting all debt and facing it head-on is the best way to take care of the situation. What do you think is the best way to get out of debt? What methods have you used? Let us know in the comments section.
The Doubt Whisperer:
This is Tommy ̶ The Doubt Whisperer. Did you know that people who suffer from self-doubt are at increased risk for anxiety, depression, emotional instability, divorce, procrastination, under-achievement, lack of motivation, even suicide? Wow, that’s scary! So what are we to do if we suffer from self-doubt and low self-esteem? Oftentimes this is an issue rooted deep in your childhood psyche.
Solutions? Well, of course there’s always psychotherapy or cognitive behavioral therapy or years on the psychiatrist’s couch trying to figure it all out. But here’s a simple and inexpensive strategy for those who suffer from self-doubt: Start focusing on the present moment rather than past failures. Focus on positive thoughts and affirmations and spend time with people who are positive and supportive. Change your behavior, and you change your outcomes. For more great content on overcoming doubt and winning in life, insights, inspiration and products, go to tommyrunfola.com
Makin’ It or Breakin’ It:
Finally, Tommy, Todd and Brittany end the show with the Makin’ It or Breakin’ It segment. This week they discuss whether it is better to outsource or hire directly. Hiring is a complicated process, and people should do anything they can to prevent a bad hire. However, many companies need to fill a vacancy in a hurry and don’t consider other options. Outsourcing can be a way to vet potential employees by hiring them for specific projects to see how they handle the work. It is not encouraged to steal employees away from outsourcing companies, but if treated like a long interview process, great hires can be made.
Additionally, people can take advice from the military and Hollywood for how to make a great hire. Both institutions put plenty of time and thought into who should have what position because they are aware that a bad hire can be a costly mistake.
Moreover, if a company is a start-up, and practices are being instituted but still not firm, it is best to have an in-house hire rather and outsource. However, once those practices are in place, outsourcing can be a great way to ensure the best hires. What do you think of outsourcing? Have you ever used it successfully? Let us know in the comments section.
Thanks for tuning in to Makin’ It. Let us know what you think of the show and if you have questions about your business, send us an email at info@makinitnow.com or leave us a comment below. We love to hear from our listeners and we read comments on the air. We just might choose yours for next week’s show (so don’t forget to tune in!).
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Additional Resources for Entrepreneurs:
Order Tommy’s new book, The Way of the Rich at amazon.com, barnesandnoble.com, booksamillion.com and buybooksontheweb.com.
For more information on “How I Made My Millions,” click here.
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