Nothing is free. The only question is, “Who pays?”
It is odd how we think we can have free things. Sometimes we need things at no cost to us and should have those. If the cost is spread around enough, no one notices anything missing.
Great wealth is had a penny at a time too.
You do not need giant margins on what you provide to others, if there are many customers. Apple expects to sell seventy-five million iPhones in the first quarter of 2016. They sold nearly 250 million of them in 2015. Suppose you had an iPhone on a 24 month contract and were willing to pay Steve Jobs’ estate $0.25 per month for his contribution to making your life better. $6.00 per phone. That is more than $700 million per year for Steve’s heirs.
The key to great wealth for you is to provide a benefit that people appreciate and are willing to pay to have. Just a little; many times.
When organizing your big idea try to avoid the big win trap. Instead pay attention to the number of customers and the number of repetitions.
Customer count and repeat sales depend on the value those customers receive.
It is much the same with retirement planning. Save a little every month beats saving a big chunk some other day in the future and is especially better than the one big profit.
Lotteries and big win stock schemes fail to work for most people.
Don Shaughnessy is a retired partner in an international public accounting firm and is now with The Protectors Group, a large personal insurance, employee benefits and investment agency in Peterborough Ontario.
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