Everything has an ROI. EVERYTHING. If you are investing time, energy, or money into a thing, it needs to be producing a benefit to you that is greater than what you’re investing in it. If that’s NOT the case, then you are bleeding and need to bring it to a halt immediately. On this episode of Freedom Fast Lane, Ryan walks through the 5 financial investments that he believes have the greatest ROI for any entrepreneur. He also gives you 4 “honorable mention” categories of investment that he loves for their own unique reasons. It’s short. It’s sweet. And it’s powerful. You’ll want to hear this one.
Are you getting the best ROI from your skillset?
Many entrepreneurs don’t realize that their skill set is one of the most highly leverageable resources they have to increase ROI. It’s the one thing that you are ENTIRELY in control of and can increase immediately through learning, work ethic, and repetition, among other things. On this episode of Freedom Fast Lane, Ryan has a new way for you to think about your skill set that can help you increase the ROI of your business by investing in the most important commodity you have – yourself.
Do you think about your network as an area where you can increase your ROI?
Every one of us has a network of people who either support or detract from the goals we are shooting for. It’s not a realm where you normally think of ROI, but it should be. The people you surround yourself with will directly impact the return you get on the time you invest in achieving your personal and business goals. And the time, effort, and money you spend investing in your network will pay off in massive ways if you take advantage of the opportunities that those investments afford you. On this episode, Ryan tells how he’s learning that his network is in a very real way, his net worth. Listen to learn how to expand and maximize your connections.
If you can’t impact a business’s direction, you’re wasting your ROI.
Over the years Ryan has invested in business opportunities where he had little ability to impact the direction and outcomes of the business. What he discovered was that those opportunities didn’t amount to as much as the things he was directly involved in and thus, his ROI was much lower. The lesson he learned? If you can’t directly impact the direction and outcomes of a business, you’re not going to get the ROI you’re hoping for. It might be better if you steer clear altogether. Find out how to avoid putting yourself in those shoes, on this episode of Freedom Fast Lane.
If you know how to build your audience you will always be able to increase your ROI.
One of the hurdles every entrepreneur eventually faces is the challenge of building their following. You can have the greatest insights, products, or services in the world but if you’re unable to get the people who need it to be interested in it, you will never get the return on the investments you’ve made in your business. That’s why Ryan recommends you begin learning how to build your audience immediately and continue working on your ability to do so as your business grows. When you are able to consistently grow your following you’ll have a captive audience that eagerly receives every new product, service, or opportunity that you develop – and that will increase your ROI every time. Find out more on this episode.
Outline Of This Great Episode
- [0:02] Ryan’s introduction to this episode about highest ROI investments, including the things you invest in your business.
- [1:15] Why Ryan believes that everything has an ROI to it.
- [3:59] The importance of getting the best ROI from your skillset.
- [6:44] Do you think about your network as a realm to increase your ROI?
- [8:48] When you can impact the course of a business, you have a great opportunity to increase ROI.
- [10:40] Building your team is a powerful way to increase your ROI.
- [11:43] If you know how to build your audience you increase your ROI.
- [15:28] BONUS: Good debt is a great way to increase your ROI.
- [18:05] BONUS: How real estate can be leveraged to a great ROI.
- [18:48] BONUS: Dividend-paying stocks as a source of greater ROI.
- [19:28] BONUS: Anything that reduces your tax burden will increase your ROI.
Action Steps From This Episode
FOR GETTING STARTED: Understand that everything you have and everything you do has an ROI to it. From health, to your skills, to your business – everything can be tweaked to improve your ROI.
FOR GREATER SUCCESS: Start building an audience right away. Everything else is easier when you have the audience to support the things you build over time. When you know how to build an audience you know how to leverage everything else to greater success.
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