Jeff Lerner: Build Assets, Exit Rich

Jeff Lerner is the co-founder and CEO of Prolific Interactive, a company he started with his brother David in 1992. He led sales from $100k to $500 million, sold the company for millions when it was acquired by an industry giant for nearly triple what they paid just five years earlier

On his show, Jeff Lerner recently interviewed bestselling author Sharon Lechter. They discussed the importance of creating a company that enables you to enjoy your life. Something that the majority of people do not do. They create a job for themselves rather than a company. Commit sure you don’t make this error. What you need is an economic engine that allows you to reclaim your time. Sharon discovered this early in her career as an accountant working her way up the corporate ladder. She was “succeeding,” yet she was still unhappy. As a result, she gave up.

UP NEXT: And While We’re On The Subject Of Leaving A Legacy

Sharon then launched a magazine, sold it, and then helped a friend expand his children’s book company (the ones with the audio to go along with the text and graphics that you press a button for), which she finally sold. She was so furious when her son returned home from college with a mountain of credit card debt that she A) refused to bail him out and B) decided to spend the remainder of her career to teaching financial literacy: how to acquire, grow, and generate income-producing assets.

She meets Robert Kiyosaki via her husband and becomes partners with him, writing fifteen books together, the first of which you may have heard of, Rich Dad Poor Dad. After a decade of building the Rich Dad brand, she and Robert split up in 2007 due to a dispute about franchising. After a time, she receives a call asking her to help resurrect the teachings of yet another legend, Napoleon Hill, the author of Mr. Think And Grow Rich. That led to the publication of four more novels, with more on the way.

To complete the cycle, Jeff recalls how a friend gave him a copy of Rich Dad, Poor Dad. Dad was a poor musician at the time, so the two of them decided to invest in a rental house jointly. Jeff’s first try at cashflow was a failure. Anyways. He inquires about the highlights of Sharon’s most recent book, Exit Rich. She advises that you first invest in yourself and seek a mentor. If you can’t afford it, any of her twenty-six novels will suffice. Get a book, start reading, and learn from others who have gone before you.

After that, keep an eye on what’s going on in the globe. Bring in the correct personnel for the job. Rather of being capsized by change, stay on the cutting edge. Develop your intangible assets, such as intellectual property. It doesn’t have to be strictly “technical.” It’s all about your logo, branding, marketing, and how you communicate with your consumers. Do you have a product or service that you don’t have yet? Sharon replies it’s no issue. Join an affiliate program for a brand you like. Start marketing their products for a fee. Use the money you saved to start your own business.

What’s Sharon’s special sauce? Her father instilled in her a desire to make a difference in people’s lives from an early age. If that’s your driving force, if it’s about making an effect first and earning money second, you’ll stand out from the crowd. The power of association (again, surrounding yourself with the appropriate people), as well as having trust and confidence in what you’re doing, are the next steps. Controlling your surroundings and investing rather than waste your time. Sharon emphasizes these ideas in every consultation and at every step.

Finally, there’s the fear that’s preventing you from taking action. Fear of not being good enough, of being judged, of giving it your all and falling short, and even fear of success itself. “That negativity, that man-made monster in your head,” Sharon explains, “is blocking you from realizing your potential.” “Think big. Be the best in your profession. Keep your heritage alive. Because every day, with every heart you touch, you are creating your legacy. We only make one trip around the sun. Let’s have the most effect and provide the most value.”

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Katie Smith: Watch this brief video if you want someone who will tell it like it is, respect your time, and show you a company that could really work for you.