My father was a mechanic at a large auto dealership for 30 years. He never made more than $35k a year and the best he was ever going to do was try to get a 5K a year raise….
But school owners are different. As school owners we are in a unique position. If we choose, we can put our heads down, work hard to give ourselves huge raises.
Here’s some insights from my friend, millionaire and multi-school owner Greg Horton;
Check this out: If your school has 150 students and your netting $100k a year, your already covering your overhead, so all new business income drops to the bottom line, then adding only 62 new students at $120 a month your gross is $89,280, spend a little more on overhead and netting an extra $75,000 a year is a no brainer.
And it gets better; only take $25,000 of that income for personal use and invest the other $50,000.
In only five years you’ll have $250,000 plus any gains you make from your investments…at a 6% return in 5 years you’ve have $334,556.39, at 10% you’ve have $402,627.50, that’s a lot of cash my friend. And here where it get even more interesting….
After the five years stop putting the $50,000 in your saving, give yourself a huge raise, leave the $402,627.50 in at 10% for another 10 years (hey, yer livin’ on $175,000k a year…!) and at the end of the 10 years you will have $1,044,312.04…
So let me ask you this; could you grow your school by 62 students? Are you willing to take action, work, discipline yourself and get those extra 62 students….?
Because if you do, there’s could be a million bucks in it for you and your family, seems like it’s worth a little extra work, right?