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Master of Passive Income Call Summary

September 27, 2007 – Call 3
JAY: [GREETINGS]

HOMEWORK INSIGHTS

[LAST HOMEWORK ASSIGNMENT REVIEWED]

2 more hours on last call’s exercises

1/3 more of JV Manual
At least ¼ of “Your Secret Wealth”
Brian Tracy’s “Paying Yourself What You’re Worth”
25-50 more Case Studies

DINA: “Your Secret Wealth” helped me open my heart to my son once I stopped
expecting him to support me, and once I did, he began to do just that. I learned to give
first, and the universe is full of what we want.

JACQUELINE: The Case Studies helped me realize how to grow a business, even
though I don’t personally want to run one.

JAY: Those Case Studies illustrate what can happen when you put the leverage points
that we’re teaching you into action.

BEATRICE: Re-reading Brian Tracey’s material gave me a better understanding that I

can write my plan, know what I want to achieve, and I can get it.

MARGOT: From Mediocrity to Millions at first intimidated me, because I don’t have
numerous people who can give me testimonials, but then I put that behind me and starting
seeing possibilities for JV opportunities.

SPIKE: Not everyone can be Jay Abraham, but you’ll be spending 13 months learning
from his materials and interacting with him, and that’s something that very few people
can do.

JAY: You can get as far as you want, depending on what you want to put into it in
perception, comprehension, observation, and insights from others.

SPIKE: You can also learn from Jay’s mistakes.

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JAY: I’ve gone through a lot of pain as well to get to where I am that I wouldn’t wish
for you.

DAVID: From Mediocrity to Millions showed me that anything you involve yourself in
needs to be viable, well thought out, and have a high probability of working. It should
help us avoid just jumping in and wasting time and effort.

SPIKE: We’ll be helping you identify your skill sets and assets, as well as the criteria
you should look for in your potential deals.

JAY: The 12 Pillars of Business Growth should be incorporated into your life; one of the
factors is engineer success in every action and decision, not failure. I teach people how to
be unbeatable in business, because most of you have been operating in a beatable manner.
The same ideology applies to your potential opportunities. That alone will put you
extremely far ahead of everyone else.

CARL: I’ve noticed as I go through the material that there’s always a common
denominator to everything that we’re doing, and bringing it down to the lowest one will
leverage your efforts. We’re always dealing with people, and listening to them and using
their information is easy to do.

SPIKE: It’s about contribution and creating value for yourself, your partners, the
marketplace, your clients, your prospects, the world… It’s that “other person” focus that
will create value for everyone you’re involved with.

JAY: We don’t want you to just make money, but to be gratified, fulfilled and enriched
while you’re doing it. A lot of people don’t see this part of the formula when they are out
to “make money.”

SPIKE: If you seek to create value first, success has to follow.

JAY: The Strategy of Preeminence tells us not to wait until money changes hands to add
value for other people. The Fran Tarkenton interview also points out that any time you
enter another person’s life, you should make their life better off because you were in it.
You’ll be formidable in the business arena if this is how you operate.

SPIKE: We start with mindset because the biggest limitation I see for people who enter
into business is that they start off by saying, “This is what I want, and why.” If you’re
going to get people enthused about working with you, you must have a focus on what you
will do that will bring value to them. If you do, you can lead people in the direction in
which it serves your own values.

CARL: In my banking career, I always used to write the phrase, “The bank needs this
document…” Now I add what that will bring to them, and it made a difference in my
business.

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RICK: I was impressed by Jay’s point about being curious about people, and about the
assumptions and the rules that I live by, and it pointed out to me that I could search more
deeply. Particularly regarding people, I noted that it’s important not to be patronizing.
It’s helped me in my personal life as well.

JAY: You must respect people’s intelligence, their hopes, their dreams, their values…
You don’t have to agree, but you do have to acknowledge, respect, understand and
examine how much differently they see life, because that’s their reality. If your job is to
leverage your passionate vision through the resources of others, you must communicate
and relate on their terms.

BULA: Confidence and realizing how powerful and excited I am for my future was very
impactful for me. Doing the exercise on my skill sets and contacts made me realize I
have a huge network base, and I’m already working on exciting possibilities. I’m also
excited about working with people I enjoy. Once you focus, you can achieve anything,
and you’ll get the power and confidence to do it. I’m learning to be selective in my
opportunities as well.

SPIKE: I’ve seen an amazing transformation in Bula in our short time together.

GARY: I’m meeting with a friend in the program once a week to share our insights.
The transcript of the CD from the JV notebook showed me that listening is extremely
valuable. The Strategy of Preeminence also points this out in your example of meeting
the gentleman in the lounge, who was impressed with you for being interested in him. I
applied this myself recently, with great results.

JAY: The secret to being interesting is being interested; the secret to being respected is
to respect... Just using the mirror opposite often gets you what you want.

SPIKE: Part of being preeminent is having empathy, and the only way you can do that is
to have a sincere interest in the other person.

JAY: You must extend yourself past yourself and your interests.

GARY: I’ve also used this on a recent business trip, and my associate shared more with
me than I ever could have learned on my own. Lesson: Be there for people, listen, ask
questions, be genuinely interested and passionate about what you’re doing.

IRIS: My list of influential people at first was narrowed to those with financial success,
but I then broadened it to people who influence or connect others. Regarding skill sets, I
used LinkedIn, and found lots of contacts immediately.

SPIKE: That should be very valuable to you in the future.

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LINDA: I used some of the questions from Mediocrity to Millions to begin

conversations with people that I normally would not, and it showed me how valuable this
was.

MARIA: I realized how important integrity and trustworthiness is last week when I
talked with someone I’ve done work with in the past about stepping up the level of
trustworthiness.

JAY: It’s important that all of you participate in these realizations.

SPIKE: Realize that there will be some form of interaction on every call we make. You
should keep paper and pencil ready to you can take notes about the insights of others.

JAY: In the future you’ll submit them in writing, which will be posted on the website.

BRIAN: The importance of creativity impressed me, and how valuable this will be in
my business.

JAY: The things we ask you to do will prepare you for the next session. Your lists will
become extremely valuable --- be sure to maximize your time on them. Spike and I will
never let you down --- only you can do that. Do the homework, listen to the content,
share your realizations, take notes, and you’ll find this very valuable.

SPIKE: Don’t set against your dreams --- enter into this program expecting to make a
change in your life. The only way you’ll get to that point is to do something differently.

JAY: Spike and I contribute to the level, and beyond, what we get back. You’ll get
more from us, the more you contribute. Next, Q&A, questions relating to materials
already covered over the last three sessions.

QUESTIONS AND ANSWERS

GARY: For the seminar in Atlanta Oct. 5-7, what should our mindset be?

JAY: Meet as many people as you can, and ask many questions. If they ask what you
do, tell them that “My specialty is finding hidden assets, overlooked opportunities, and
engineering extraordinary windfall and breakthrough income and revenue streams. I’d
love to talk to you about it later.” I’ll be giving you an opportunity sometime in the
program to recognized, and you should get some stature with the group from that.

CARL: How do you manage your mind, control the insights you get, and yet be in the
moment and do your job at the same time?

JAY: It’s a management process. You must be so interested and passionate about what
you’re doing and who you’re doing it with that that will supercede everything else.

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Sometimes your creativity will take over --- then you should write your insight down,
both as a macro, and then later expounding upon them.

SPIKE: The difference between creativity and chaos is having a purpose and a vision in
mind. When I get an idea, I try to frame it around something I’m trying to accomplish,
and ask “Why is this important?”, “How am I going to implement this?” and “How is it
going to benefit myself and those around me?” This gives it structure.

ZAHARA: On the relationship, skills, knowledge, and specialization lists, with my

many skills, etc., I’m still not making it. Why?

SPIKE: This is only a foundation at this point. Part of the process will teach you how to
use those lists to create and identify possibilities.

JAY: Realize that you already have great potential in what you’re doing now. You may
be able to resolve some of your problems as well, and increase your existing business.
Use the 93 Referrals and Strategic Alliance materials on the website to see if that can
help you.

SPIKE: The JV Deal Finders section can also help you.

JAY: You may be imposing limitations on yourself as well. (You don’t sound
enthusiastic.) Make sure that you’re focused, enthusiastic, and that you open your mind.

Because we take this process so seriously, we’re very tuned into your nuances. We won’t
let you fail, if you’re trying.

STEVE: How do I keep track of all my contacts? Regarding connectors, how do I get
into that network.

SPIKE: Use Outlook or other online resources like Plaxo.com or Linkedin.com.

Regarding connectors, be clear about the value that you have and bring to other people.
Then tap into people that need that value.

VICTORIA: From the JV Manual, how is “Give me your e-mail --- I won’t use it”
valuable? Regarding using someone’s list, and selling for less than cost, are we talking
about the long term income stream?

JAY: There are three nuances to the e-mail name gathering: In sequential selling,
someone who buys once is an excellent prospect to buy again. If you promise to only use
it to inform you of products that your company makes or are involved in, you expand the
permission.

In The Power Parthenon, if you know that when you start a buying relationship with a
group you can expect a significant percentage to go to the next transactions, your goal is
to lower the barrier of entry and to shorten the buying cycle.
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VICTORIA: Do you tell your list owner that you’ll take a smaller profit now, and a
bigger one later?

SPIKE: We’ll create a bonus report or call that goes into that later in the program,

JAY: I’ll post audio from one of our programs as well.

Our purpose in doing this is to:

1. Demonstrate that you’ve done the homework;

2. That you got something meaningful out of it;
3. Show everyone the spectrum of interpretations everyone got;
4. Point out confusions or nuances;
5. Introduce you to five or six more macro elements;
6. Listen to what others got out of that day;
7. Give you the next step.

SESSION
Tonight’s session will cover:

Acquiring Rights
Acquring Licenses
Matchmaking
Recovering
Repurposing Activities
Opportunity Areas To Focus On First
The Difference Between Getting Access and Owning Assets

(The following notes are from the last group)

A right is defined as getting short term access to an item, event or distribution channel.
It could be longer term, such as selling tickets for high-perceived value, non-sold out
seminars.
(Example of retail space rental for Halloween stores)
(Example of Rose Bowl rights for flea market)
(Example of getting rights from online sellers to distribute to off-line prospects.)
(Example of training program for marketing consultants getting unsold prospects from
other training programs)
(Example of newsletter bonuses gifted with other people’s subscriptions)
(Example of online training program which will be sold through telemarketing, etc.)
(Example of speakers’ products which Jay markets in Asia)

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A license is getting long-term or permanent access or rights to a product, brand, process,

methodology, space, facsimile, name, advertising, etc.

(Example: Martha Stewart, Emeril, Massimo)

(Example: Getting rights to designs or patterns to license to ceramic ware, sheets, cups,
etc.)
(Example: Michael Jordan for shoes; Wolfgang Puck’s restaurants)
(Example: Norman Rockwell prints licensing)

You can license the above to make or save more money, increasing production, reducing
capital expenditure…

SPIKE: Licensing is really only an implied association or endorsement that lends

credibility and visibility to something that otherwise may not be able to distinguish itself.

JAY: It can also be a success enhancer. (Example: Calendar company taking on

Norman Rockwell prints.)

Realize also that you don’t have to do this yourself --- you can get other people to do part
or all of the work for a share of the revenue.

SPIKE: A franchise is one of the quickest, easiest ways to leverage a brand, business
model, license, or technology.

JAY: Franchising requires regulatory governance, legal, etc. There are many A (like
McDonald’s) and B franchises, but also a not of C level that are good but don’t know
how to market or maximize their opportunities. If you can find them, they are hungry for
help.

SPIKE: As you go through your day, think about the opportunities that may exist. It’s
not time to act on them yet, but just think about it.

JAY: Matchmaking is really old-fashioned finding.

(Example: Finding distressed products, and matching them with a seller of those
products.)
(Example: Copywriter’s agent)

SPIKE: You must have:

1. A network
2. An understanding of that network’s skill sets
3. An understanding of that network’s needs
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JAY: (Example: Executive recruiting)

(Example: Mark McCormick sports endorsements)

SPIKE: It’s actually a highly structured, formalized referral system

JAY: Reclamation is regenerating monetary benefit and viability out of something now
dormant or undervalued.

(Example: Expensive advisory newsletters [gold investing, etc.] promoted to similar

demographics)
(Example: Reusing ads for another application or business)

SPIKE: People will often undervalue what they have.

(Example: Pottery manufacturer dumping breakage reclaimed for bike trail)
(Example: Scrap wire reclamation of copper for resale)

JAY: (Example: Trade show booth space)

(Example: Unused seats on airplanes, theater, etc.)

SPIKE: Any asset that expires has potential for reclamation.

JAY: We’ll post the audio of “The Barter Baron” interview on the website.

SPIKE: The Difference Between Getting Access and Owning Assets An asset is
something that you take ownership or possession of. It can be tangible, intangible,
physical, informational, electronic, etc.

JAY: Access is getting the ability to put other products or services through someone
else’s system, distribution, sales force, radio broadcast, TV, newspaper, etc. It’s easier to
get access that to own the asset, and you don’t have any overhead, obsolescence, etc. --
none of the cost.

SPIKE: Remember as you go about your daily life to watch for opportunities, problems,
solutions, and who can benefit from situations you see.

JAY: Also, how many other ways can this be monetized?

INSIGHTS

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BARBARA: In studying licensing and franchising, I’ve been giving out my paper on
that subject to contacts. I realized I should be selling it.

JAY: Also realize that everyone who buys it is a prospect for you to work with. You
might also “set the buying criteria,” mentioning the points they should look for when
trying to find someone to work with --- you’ll be describing yourself.

SPIKE: It becomes a knockdown list where you yourself will meet all of the criteria.

RINA: I’ve realized how I can be proactive in helping companies who contact my
company who are having trouble selling what they’ve got.

DINA: We are not only to look for undervalued, unrecognized assets in our business
life, but being on the lookout all the time.

CARL: We only have to develop the skill in seeing the value in everyday life.

VOLA: I’ve been concentrating on how to get new clients, rather than making entry
easier for the existing customer base.

DELOPA: You have to be interested, and then you’ll see more opportunities and will
take a proactive attitude.

JAY: It’s only a matter of time until you find pay dirt if you spend enough time
questioning. (We may do a bonus call on Socratic interviewing.)

We have about 200+ people, and we respectfully encourage people to volunteer, but if
you don’t, Shane will pick people.

SPIKE: This is important because:

1. Your contribution contributes geometrically to the group
2. It gives us feedback on where you are
3. It forces you to think about it in a different way, clarifying it so you can articulate
it and capture it on paper.

VICTORIA: Outlining the criteria for buying, and describing yourself in doing so was
an eye-opener.

JAY: We may be able to post our text from our role playing program on this subject.

SPIKE: All marketing comes down to:

Demonstrating value on a consistent basis to your clients, prospects, market and partners
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Conveying value so you can articulate the advantages, benefits, and reasons why people
should choose you over anyone else.

Recognizing the value that you bring makes you the obvious choice.

EVE: Collaborating by sharing --- other people talking about their insights have inspired
new ideas in me as a lawyer. Also, clarifying the value that I bring to others is something
I recognized that I need to do.

JAY: You are encouraged to explain things from a legal point of view.

VALERIE: I realized when you mentioned Norman Rockwell that I know artists that I
could take to the market.

JAY: (Example: Colleague’s artwork in my seminar rooms.)

AL: At your recent Singapore seminar I had one JV barter idea that paid many times
over for the seminar. Barter has become very valuable to us. I realized today that the
possibilities are endless.

ALICIA: I realized that I know lots of other artists that could benefit from the ideas
here.

SPIKE: If you perfect the system for yourself, you can license it to artists all over the
world.

JAY: You can also pass those licenses down to your children, etc.

BRENNAN: I’m looking forward to more info on acquiring rights, which I feel is my
weakness.

SPIKE: We’ll get more deeply into how to do it with little or no downside to anyone
involved, and also how to identify the outlets and rights.

GARY: I just formed a Yahoo group so that people can share between calls.

SPIKE: One caveat: We will not be monitoring, participating, or maintaining that

group, although we encourage it.

JAY: I no longer give out lists because people were using them inappropriately. You
should hold everyone to a standard of not breaching the intent.

SPIKE: Set up guidelines so that everyone’s clear on everything, and so it doesn’t get
abused.

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JAY:

HOMEWORK

Reread Brian Tracey’s Paying Yourself What You’re Worth

Read next 1/3 of JV Manual
Read next ¼ of Your Secret Wealth
Go online for list of 15 barter strategies
Read the list of 93 Referrals
Read Abraham 101
Read first chapter (exec summary) of my book
Listen to two more JV Deal Finders course
Read at least 30 case studies
Go over The Creativity Switch

SPIKE: Also, go back and expand your skill set, relationship and asset list. That will
become the foundation of everything you do in creating passive income.

JAY: Have a pad and pen next to you, and write down your insights as you read the
material. Pick your very best one before the next call.

END

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