Ep 106 – Not The Same

MTOM 106 | Leaving Millions

“There’s a difference between selling, making and leaving millions.” – Dr. Darnyelle Jervey Harmon

There’s a lot of talk about making millions making you a millionaire, but it’s not the same. In this episode, Dr. Darnyelle breaks down what it means to make millions, move millions, and leave millions. This isn’t about accumulated sales or revenue; this is about building wealth that lasts generations. Yes, it’s amazing to achieve one million in sales. Collecting one million in cash is a game-changer. But being a millionaire is something else entirely. Let’s talk about the difference because it is not the same.

Listen in to discover:

–     The differences between making millions, moving millions, and leaving millions

–     Who you need on your team to make sure you reach millionaire status

–     Why one million in sales or one million in cash received doesn’t make you a millionaire

–     What it’s going to take to be the CEO of a company that makes and moves millions

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This episode is powered by Move to Millions Live, a three-day highly spiritual and highly experiential wealth and legacy incubator for high-achieving entrepreneurs ready to transform and to CEOs that make, move, and leave millions. To learn more, go to MovetoMillionsEvent.com. I am so excited to be back with you for another powerful episode of this show. I have been having some very interesting conversations.

I went to Atlanta to be interviewed for a podcast. That’s what got me percolating on the topic for this show. I have heard so many entrepreneurs in these internet and social media streets talking about millions. You know I get excited about millions because ever since October of 2020 when God told me, “Move to millions,” I have been on it. We have been all in. We did the whole rebrand, everything. There’s a brand-new live event coming this May 2022 over all things millions.

Setting The Record Straight

One of the popular misconceptions that I have been hearing in these internet streets is how people see millions in comparison to being a millionaire. In this episode, I want to set the record straight because it is not the same to do $1 million in sales. That’s great. I would be so excited for you if you do $1 million in sales. We had several clients in 2021 that did $1 million in sales. Here’s the thing about that. You can’t spend sales. It’s great, don’t get me wrong but you can’t spend it.

Every sale does not become revenue, especially when you are in the service-based business space, whether you are a coach, consultant, attorney, accountant, interior designer, personal trainer or any other service-based business. You know as well as I know that every sale you make does not compute to a dollar. There could be a lot of different reasons why that doesn’t happen. It could be the sale defaults. They make the deposit and can’t keep up with the payments. It could be that they decide that they don’t want to continue the service. It could be that you end up settling.

You make a deal with your client. Instead of them paying the full amount, they pay a lesser amount. There could be a myriad of reasons why $1 million in sales does not become $1 million in cash. You can’t spend sales. There are the people who are successful at generating $1 million-plus in cash received in a year. That is phenomenal. I remember the first time we did $1 million in cash in. Here’s the thing. You might make $1 million in but you don’t keep it.

The definition of a millionaire is based on assets. If you don’t have $1 million left over, then you are not a millionaire. If your total assets do not add up to $1 million or more, you are not a millionaire. There are a lot of million-dollar CEOs out there that are not millionaires. I’m not sorry because I want you to know. My goal is to normalize money, the discussion of it, the way we feel, leverage it and create an environment to also normalize wealth and legacy for our families.

I’m a girl of color. In my community where I come from, first of all, money was never talked about. It was the elephant in every room. It was the reason for most arguments inside of the household. It was the eggshells upon which we walked whenever we needed anything. We’ve got to stop that. I wish that I had learned Financial Literacy in school. I wish that someone would have pulled me to the side and helped me to understand sales, revenue, and assets because that’s what this discussion is all about.

If you want to be a CEO of a company that makes and moves millions but also leaves millions, then you’ve got to become a millionaire. That is a person whose assets are worth $1 million or more is honestly, what I’m going for because having a business that does low six figures is not enough. I like to call the small business poverty. I know I make a lot of people upset and confused by that. If you’ve heard me talk about it, you also know that $100,000 a year is about $48,000 a year after taxes and minimal business expenses.

You can’t pay yourself well. You are not making as much as you made at your job. You certainly can’t have a team to help you to increase your capacity so that you can serve clients and make more money. When I say that, that’s what I mean. I’m not trying to be disrespectful or create a trigger for anyone who grew up in poverty. I’m also trying to keep it real because until we normalize talking about money, it’s going to continue to set us back. It doesn’t have to be that way.

Making $1 million in cash in a year is such an exhilarating feat. I remember the very first time we did it. I will tell you honestly that because everything wasn’t set up correctly inside of my business. It was everything Biggie said it was going to be. You’ve heard me say this before. It was more money and more problems because here’s the thing. Making $1 million in cash seldom means you are keeping $1 million.

It’s not about what you make although what you make is important. It is about what it is that you keep. That’s where we get into asset development and creation, and those assets adding up to millions. There are several ways that you can get assets that add up to $1 million. I’m not a financial advisor. I don’t play one on TV. I want you to make sure that you consult an expert to help you. If you desire to move to millions, I want you to be thinking about building a team of financial experts to help you.

Here are some of the people that I would recommend you have on your team. You want to have a tax attorney or tax strategist because the more money you make if we are talking about keeping it, creating a legacy, and being able to leave the millions, we are going to have to figure out legal sustaining ways to reduce tax liability. The problem that happened for me the first time we made more than $1 million in our business in 2014 is I wasn’t in the right legal entity for tax purposes.

I ended up paying nearly $400,000 in taxes. Now I have a tax strategist and a tax attorney. You need a good CPA or Certified Public Accountant that can be paying attention to the numbers, especially if you have an aversion to money. I find that a lot of people aren’t making as much as they want because of their relationship with money. Having a good CPA is going to help to make a difference. You need a financial advisement team, a wealth advisor, and an investment strategist to help you to make sound decisions with your money.

There are a lot of different products out there that you could be utilizing to create and sustain wealth. We are talking about real estate, insurance, and investments. There are a lot of things out there. As you are the CEO of your own company, making millions of dollars come in each year and getting to the point where your bottom line number is millions and our top number or gross number could be millions but your net might be $300,000.

It Starts With Making A Million

Once you pay all of the people you need to pay, pay yourself and put your money away for whatever you need to do with it, there might only be $300,000 left. You are not a millionaire. Once you get to the point where maybe your top-line is $3 million to $5 million and your bottom line is $1 million-plus, now in cash assets, you’ve got millions. That makes you a millionaire but there are other ways to become a millionaire.

Learn To Create Millions

Your financial advisement team can be able to help you to identify what’s going to be the right way for you to be able to make millions. As long as you understand that selling a million dollars and even making a million dollars doesn’t make you a millionaire, then you can do the five keys or tips that I have for you to help you to get to the point of being a millionaire. For me, that’s what it’s all about. It starts with making millions. That’s where it starts.

You make millions by moving millions. The impact you create is what creates the money. It was Jim Rohn who said, “You can tell your wealth and legacy by the number of lives you’ve changed.” That’s the moving millions. By moving millions, we are going to make millions. The two go hand-in-hand but it’s going to take real strategy and insight from the right advisors to be able to leave millions, getting into the right investments.

As I said, I’m not a financial advisor. I don’t play one on TV. You need to figure out your risk tolerance in terms of where you are investing and what you should have inside of your portfolio. Those people are equipped to help you to understand that. How does this all parlay into what you are doing in your business? For me, it’s about helping you to become a CEO that makes and moves millions so that you can get to the point where you can leave millions.

How does this all parlay into your business? As we have talked about on numerous occasions over the three seasons of this show, you’ve got to make sure that you are solving a very clear problem that people would make an investment in themselves to get this solution. In the most granular sense, that’s where we start. The solution to that problem needs to be priced at a point that getting to the milestone, and we are talking specifically about millions, can happen for the first $1 million easily and effortlessly.

I’m going to do some quick numbers for you. We are going to say you need a $20,000 offer. What’s in that offer is going to vary. We can help you to build it. That’s what our Leverage and Scale Weekend program does. If you had a $20,000 offer, you would only need to enroll 50 people a year to make a million dollars. When I tell you it doesn’t have to be hard, that’s exactly what I mean. You are going to have to get all your ducks in a row to be able to make that happen because it’s not the same to sell a million dollars, make a million dollars, and leave a million dollars. They are completely different.

It starts with understanding the problem that you solve and for whom, and pricing the solution to that problem at a level that makes it easy for you to make it happen. You can run the numbers. We can say that you aren’t comfortable with a $20,000 offer. Have a $10,000 offer. That would be 100 people. Have a $5,000 offer. That would be 200 people. The goal is to determine what is going to be required for you to be able to get to the million-dollar marker. You don’t want it to be in sales. It’s got to also be in cash to be a million-dollar CEO.

You don’t base your CEO status on your sales. You base your CEO status on your revenue. Whatever your offer is, you need to make sure that you sell enough for the amount of cash, in this particular case it’s $1 million, to come in inside of your fiscal year. For most businesses, the fiscal year is January 1 through December 31 but you could run your business from July 1 to June 30. You get to decide but inside of your year, you need a million-dollar in cash to come in to be a million-dollar CEO. That’s the top line. We also have to look at your expenses.

You need to deliver this service at a cost that allows you to be profitable. That’s going to be important too to be able to make it happen. You’ve got to transform the lives of your clients so that they will tell other people about it. In the most simple and granular sense, those are the things that you need to have in place. Let’s talk about you because your ability to make more money, in this case it’s millions, is going to be tied to the way that you see money in the first place based on how you were taught money as a child.

Whatever those first, early, painful, and traumatic trigger point meanings are around money is going to flower the way that you see the money inside of your life experience. You are going to have to first and foremost do some forgiveness work to forgive whoever gave you your definition of money. They did the best that they could with what they had. That’s what it meant to them. That doesn’t have to mean that’s what it means to you. You are going to have to do some forgiveness work and tell yourself a different story.

Invest In Yourself

We start by creating a wealth vision. What does wealth look like to you? Let’s be honest. When you first start thinking about wealth, you are going to think about it materialistically, especially if you come from an environment where materialism was a status symbol. That told you in your earliest definitions of what success financially looks like. That means the car, house, shoes, and bag or the belts if you’re a guy.

Guys get belts because they don’t wear bags. Who knows? They might carry a Louis Vuitton backpack or something like that. You are going to get those things and that’s okay. I want you to get accustomed to putting more in you than you put on you because the more you put in you, the more comes out as a return on the investment to increase the assets and therefore the status. It’s not about making millions. It’s about leaving millions. We want to shift generational trajectories.

I keep getting this picture in my mind as I’m beginning to prepare for our live event that’s happening in May 2022. I’m thinking about the content, activities, and this book that I’m writing because I’m also writing the book, Move to Millions. I keep getting this picture in my mind of what it would be like if from here on out as our children became adults, 18, 21, 25 or whatever number you decide, you would be able to offer them the ability to buy their first home, go to college and get all expenses paid or to start. Give them seed money to start their own business.

Create Your Wealth Vision

You would also be able to do that for your grandchildren. For me, that’s what millions are about. It’s not so I can floss. Do I have nice things? Absolutely. Will I continue to get some nice things? Sure. My husband will be the first to tell you. He’s always like, “You don’t buy yourself stuff just to buy yourself stuff.” It’s because I would rather put more in me than on me. I would rather invest in a stock, buy another real estate property or hire a new mentor who can teach me something that could make me another few million dollars.

That’s what I would rather do. If I eat too many cookies, I’m not going to be able to fit the pants. We have been working from home and spending the majority of our time in yoga pants for years. I don’t need the heels. I’ve got a closet full of them. I was cleaning my closet. I’ve got plenty of expensive shoes. I don’t need any more shoes but I would love to get another stock that’s going to pay dividends for me.

That’s going to not only help us into retirement and maintain the lifestyle that we have been accustomed to but also allow us to leave more to our children and our eventual children’s children. For me, that’s what it’s all about. You are going to have to shift the way you see money, create a new wealth vision and write the story that supports that vision. If what holds us back are the stories that we tell ourselves, then what takes us to the next level are also the stories that we tell ourselves.

You’ve got to write a new story and tell yourself a new story, where you have assets that accumulate to multiple millions of dollars that you can leave to your children. It is important, to me, that if we are going to leave millions, we also have to create opportunities to teach our children. We give them financial literacy so that they don’t end up getting us right back into the situation that we’ve got ourselves out of by not understanding what money is and how to leverage it to live your best life. Also, give to the causes that are important for you to support and be able to leave something behind.

I think about the trajectory if we all focused on leaving at least a million dollars to every child you have and teaching those children how to invest or better still putting their trusts in a vehicle that could still be earning while they aren’t getting their trust so that if they lived off the interest, there would still be millions for them to leave. It blows my mind to think like that. We started this conversation by talking about the fact that it’s not the same.

I hope that in 2022, you sell $1 million worth of your products and services but remember, you can’t spend sales. I want you to make sure that as you sell $1 million of your products and services, you receive the cash that is equivalent to the sale in the same calendar year. You are going to have to figure that out and maneuver your calendar, sales cycle, marketing plans, and launches to be able to that happen for you.

Building A Legacy

Ultimately, I want you to make sure that you are working with the right team so that as that money is coming into your business, you are using it to run and operate your business. There should be things set up inside of your business that make sure that there is money based on what is coming in that is going to the future and your assets so that you have something to leave your children and your children’s children besides memories and debt.

Whenever someone passes, we start talking about legacy. Legacy is financial. Don’t get me wrong. It’s great that we sit around and talk about achievements and what we learned from specific people. The definition of legacy is an amount of money or property left to someone in a will, that’s the legacy. Legacy is not warm and fuzzies once you are gone. Legacy is financial. That’s why we have to make millions.

Solve the problems of our most ideal clients at an investment level that is going to contribute to what you want to leave to your future generations. We’ve got to move people and millions and get in front of enough people to create impact enough to be transformation personified for them. That plus fiscal responsibility, financial literacy, and financial stewardship is what will allow us to leave a legacy. It’s not the same.

I want you to sell millions and make millions. I want you to be a millionaire and that is going to require you to leave millions. I am so clear that as you go through the process of doing this by setting those goals, creating that vision, writing that story, showing up, and consistency because success is hidden in your daily routine. Also, as you get the strategies from your financial team, putting those strategies into play and tracking them on a consistent basis, that is how we get to the point of leaving millions.

It is also about making sure that you are inside of the right community surrounded by the right people. Jim Rohn said, “We become like the five people with whom we spend the majority of our time.” When you look at your five, what do you feel and see? If your five aren’t building yourself up, teaching you things that you didn’t know, and inviting you to go to the next level, you need a new community. This is why I love hosting live events and why I’m so excited about Move to Millions this May 2022 because it is a game-changer.

It’s a community that is solid, thriving, and filled with abundance. There is no shade in our community. There’s only edification and the significance of watching you take that next step, hit that next level, and change the game for yourself and your family. It’s possible for you to make a powerful and poignant shift that changes the game for you inside of the right space. It starts with understanding that at this moment, it is not the same and that is okay.

We can create a plan, strategy, and put some things in place to be able to make it such that we get to millionaire status after getting to million-dollar CEO status. I’m excited for you and as I think about what’s possible. As you live into this realization that, “While they are not the same, they can lead you to the same place.” If you are diligent, consistent, and you get the right support and advice, you truly can make, move and leave millions. I will see you next time. Take care.