Success Rituals Of Top Producers Part 3: Investing In Yourself by Joseph J. Lukacs Professional Business Coach If you were running another type of business and you had a system that was 95% responsible for your profits, how much would you invest to keep that system running efficiently and effectively? How much would you invest to update and improve this system to keep it on the cutting edge? In the financial service industry, you are the system. What do you do to keep yourself running at a high level? Investing time and money in personal and professional development every year is important. Below are some general guidelines I recommend. The 5% Rule: Allocate 5% of your net income to invest in yourself. I call this your Personal Development or "P.D." budget. By using a percent versus a dollar amount, you can start investing in yourself today. Also, it will allow you to do fun and unique things as your income grows (Ex. Going on retreat with Anthony Robbins to his compound in Fiji. Investment $15k-$20k). Use this budget for seminars, books, tapes, or my number-one recommendation: Retain a personal business coach to work with you. The 30-Minute Rule: Each day allocate 30 minutes to read a motivational book or listen to a tape or CD. Also, you may find it valuable to keep a journal where you write your daily thoughts. If you drive to your office, make use of your commute. Turn your car into your "learning library." Also, I have a number of clients who exercise while listening to a tape program or reading a book. This is a great mind-body multitask! The Seminar Rule: At least twice a year invest in getting away from your business and attend personal and professional development workshops and seminars. I believe you must totally immerse yourself on a regular basis to grow to the next level. Also, I recommend going back and re-attending some programs you have already been to. Most seminars that I have attended or spoken at contain so much information that it is almost impossible to retain and implement all the ideas you discover. The Mastermind Alliance Rule: Most successful people that I know have either an official or unofficial mastermind alliance. If you were operating as a typical business, you would have a board of directors to report to and work with. In the financial services profession, I also believe it is important to create your own personal board of directors or, in other words, your mastermind alliance. The goal is to select three to five like-minded individuals and meet on a regular basis (Ex. Monthly for breakfast or dinner) and brainstorm ideas on success. The Skill Set Rule: Make a list of all the areas in your life and in your business where you want to improve certain skills. For example, are you mired in reading material with not enough time to get through it all? Then invest in taking a speed-reading course and imagine blowing through all the reports and research on your desk. Review your list and prioritize which skill, when improved, will give you the largest return in time saved or economic return. Over the past eight years I've had the privilege of meeting and coaching financial advisors who have all the technical ability and credentials anyone would ever want. Yet they have never reached the level of success both economically and professionally that they want and deserve. It is important to realize the combination of technical ability along with investing in yourself is the only way to guarantee success as a financial advisor. Joseph J. Lukacs, Business Coach, is the founder of International Performance Group LLC., a professional business coaching company delivering customized coaching and training, by telephone, to financial and insurance professionals. International Performance Group LLC. is based in Bridgewater, New Jersey. Joseph can be reached at 908-526-8877, by e-mail to joe@ipg-coaching.com, or visit our Web site: http://www.ipg-coaching.com