Your network really is your net worth….part 254

A lot of people already know that. But what they may not know is why the whole deal went through so seamlessly.

Your net worth encompasses your wealth. Your net worth is calculated by your: Cash + Assets + Liabilities — Outstanding Debts = Net Worth

Your wealth would include the plus portion of the equation, anything that you own that has value.

Cash: Anything from loose change in your car to your checking and savings accounts. That’s money you can spend right now at this moment.

Assets: Anything that makes you money, businesses, stocks, bonds, collectibles, investment properties, etc…

Liabilties: Anything you own that cost you money to maintain, classic example would be your residential property (house you live in), and your car(s).

While liabilities have value and can be sold or repurposed to make you money, you aren’t using them for at the moment for the purpose of making money so they do not count as assets. Some liabilities may become assets, likewise some assets may become liabilities.

Debts: Money you owe that you’re obligated to pay off. Student Loans, Credit Card Debt, Business Loans, Home Mortgage, Car Note, etc…

Never confuse your income or salary for your net worth, your income is just money coming in or at least the expected money coming in as you can lose your job tomorrow.

There are plenty of people who have high income salaries like Doctors and Lawyers, but because many of them owe so much in student loans, they are not only broke, but by technicality poorer than most professionals as you can see many of them with net worths as low as negative a few hundred thousand to a few million dollars.

This recent Wall Street Journal article explains how one Dentist tacked up over $1,000,000 in student loans.

untry or in the world. But, because they have so much debt they are by TECHNICALITY poorer than impoverished people in Africa and South America.

Debts: Money you owe that you’re obligated to pay off. Student Loans, Credit Card Debt, Business Loans, Home Mortgage, Car Note, etc…

The No. 1 predictor of career success is the size and openness of your network, or what Teshima likes to call “the strength of weak ties.” That means that it's not enough to simply network within the bubble of your industry or profession -- you have to branch out.

Meet with people outside of your immediate sphere of influence, and get comfortable forming those weak ties.This will pay off in spades in the long run.

Also don't expect to build up a network for the moment when you need to make a lot of sales. No one wants to meet with someone who reeks of desperation. Instead, build up your network before you need it – because people will smell the fact that you’re reaching out only to get something.

Networking isn’t about selling a specific product or service.

No surprise: most people suck at selling. And that fact directly correlates to another fact which is that most people deliberately network only to sell a specific product or service.

So, you can’t just focus on selling, even if that is your goal; that’s tacky. Instead, approach networking as a way to practice relationship-building. Your networking efforts should largely be product- and service-agnostic.

The best salespeople today believe that the best part of their business are the relationships that they build

Successful relationships are built on mutual trust.

If you want people to work with you, they need to trust you first. You have to be able to truly offer something of value and expect something in return.`You have to invest in relationships . . . and keep in mind that each person and each relationship is different.”

Here is how, he says, you can offer something of value if you don’t know a person:

The best type of activity you can do as a relationship-seller is connect your buyer with someone else. If you do that, you give them access to somebody that can add value to them (which is precisely why LinkedIn is so popular).

Further, when you introduce a new connection to someone he or she really needs to know, three great things happen:

The new connection is genuinely grateful.

The person you introduced your contact to is flattered that you thought of him or her.

Both parties remember you as the connector.

Disclaimer: The information on this POST is not intended or implied to be a substitute for professional advice. The opinions expressed within this article are the personal opinions of the author. All content, including text, graphics, images and information, contained on or available through this article is for general information purposes / educational purposes only, and to ensure discussion or debate. 

Thank you …Personalize your approach for everyone.

The important thing to understand is that when you’re trying to get a person to trust you, you can’t be a one-trick pony.

You have to work for that trust, because he or she is under no obligation to trust you. Saying nice things, especially general ones, is insufficient.

You need to form a connection  just as you would do with marketing.

The best-case scenario is an introduction to someo ne because of a strong, shared relationship. If you don’t have that, then you need to be strategic there’s a personalization hierarchy.

First, focus on shared interests and passions, on the personal stuff. Then look at that person’s company and what they’re doing there.

Finreachinhing out regularly to everyone in your network. Ally,look at their work history.other great way to develop trusting relationships is by simply.

Thank those people for what they did for you in the past, see how they're doing and make sure they haven’t forgotten you.

Want to add word or two?

Your network exists outside of work too.

Let’s not forget that your extended network goes far beyond your work relationships. The best relationships you have in business are probably not from your current job or any job at all.” In other words, when networking, think about all of your relationships.

Bottom-line:

You should always be developing your network., even if you happen to be at a job you don’t like or care about.

You never know whom you’ll meet, where you’ll meet him or her or where you’ll be in another year or two. Unlike any single job or company, your network stays with you forever.

Your comment ….? 

Life -- and work -- is all about relationships.

Why go through the grueling effort of pulling together a team, scrapping for funding and building a startup from scratch.

I think if you were to ask any successful startup person, they would say the best part of building a billion-dollar company is working with the team you get and the customers you get .It’s all about the relationships you build on the journey, even if you fail

 Your network is your net worth.Then start small and simple. Try "nudging" at least one person a day, whether that’s someone you’ve fallen out of touch with or someone you’ve been meaning to get in touch with.

Then watch as, over time, good things happen.

Certainly, one should never accept unnecessary or too high costs and costs should always be kept under control. But entrepreneurs who focus on costs are in real trouble. Costs are not bad — they are means toward an end. Costs should always be justified because they are, ultimately, chosen.

Costs are a choice , but every cost that burdens a business is a choice. The reason you have osts is that you have decided to offer a product or service — and you concluded it requires assuming those costs.

Costs are necessary to produce value, which means value creation justifies cost.

In other words, costs are indirectly chosen by deciding on what you want to produce. And they are directly chosen when considering the alternatives you have when putting together production.

Buy a property or rent?

Employ personnel or use a staffing firm or outsource the function?

Costs are never fixed or mandatory.

They are choices.