Rob Toth Rant:

"How I Make Millions Per Month (My New Tactic)... and Other Global Opportunities."

I have a new tactic of how I quickly make millions PER MONTH...

... and it's working crazy well.

It's simple really...

Step 1: I fly out to a country like Hungary.

There is no step 2.

I bought myself a plane ticket and arrived here, and now I immediately make multi-millions per month ... in their local currency.

$1 CDN = a little less than 200 HUF (local currency).

Do the math.

Even just $5000 per month and you're making a million a month.

Pretty exciting?

Not really.

But it's my stupid opening for a much more important topic: understanding global market opportunities and using currency differences to your business growth benefits.

Your dollar or peso or yen or euro or rupee isn't the same value everywhere in the world.

Pretty obvious stuff right?

If you happen to have a local currency that's one of the stronger ones globally (dollars, euros, etc) you have most of the opportunity but anyone can benefit from better understanding how to capitalize on currency differences.

Have you ever looked through job posts on Fiverr.com and wondered how or why someone would be willing to do that work for $5 USD?

Or looked through Freelancer.com's posted projects and seen $30 USD bids for jobs that would easily take a day to finish?

Companies are hiring talent globally... and you should be doing the same.

The $5 USD, in plenty of parts of the world, can provide the equivalent value in living (such as payment towards rent or food) as $50 would to someone in America.

Or said another way, 10 jobs at $5 USD each ($50 USD) can certainly be similar to $500 of living in North America.

If your local currency is a strong one, you should be buying services overseas at any reasonable opportunity you can.

We're no longer separated individual ponds ... we are now one big global pond. It's been like this for nearly 2 decades yet many still aren't willing to make the shift.

Some will try to fight the cause and remain "old school" on this topic... but that doesn't mean the world slows down its progress.

Much like the guy who is still holding onto his cassette deck... he can treasure old technology but the world left that man behind a long damn time ago.

Others only want to hire locally because of a nice dose of bull-headed patriotic pride.

"I only buy services from my country".

Great. But you're a dummy.

Because the end goal is to provide better VALUE and create more profits at the same time, no? Well by cutting unecessary costs, you can do exactly that.

The Uninformed Are Being Targeted - "Offline" Business Owners Are Being Hunted

If you have a retail store, physical location business, bricks and mortar shop or any other name for a real world tangible business... you are being heavily targetted.

There are hoardes of "consultants" out there who "teach" other "consultants" (did you follow that? I basically just said textbook experts who sell to other textbook experts on how to become better textbook experts... it's worth a giggle)... they teach them how to find, for example, an offline business owner and sell him a service for $1500 that they then hand over to overseas labor who works on it for $150.

There are incredible mark-up opportunities for those who want to play this game. (And many do!).

They might sell web design services, full branding packages, SEO services, Facebook campaign setup and a lot more.

They invoice $1000 - $20,000 for work that will cost them $200 - $4000 to have done.

There are seminars and books and courses on how to cash in on this opportunity that I call "project flipping". Selling online business services to offline businesses for extraordinary mark-ups.

The dollars can get pretty attractive.

IF you choose to play that game.

I personally get an ego stroke out of, instead, being a hero (or Genie?) to a company and getting them either trained on how to build their own overseas talent-force or just by handing them solutions for a FRACTION of what their competitors are being charged.

In my work, I don't put mark-ups (other than minimal "admin" since it's my talent pool and I have to coordinate with them) on outsourced work. The idea is that with the money they save ... which is often just gross, as a friend of mine would say, they are more eager to pony up for more Genie work such as the systems, tactics, monetization, strategies and the really big picture stuff.

Paying Pennies, Getting Better Work Quicker

This "Genie" brand, while may seem like a silly label (and it probably is), does have a personal story and reason to it.

I won't bore you with it.

But how the actual Genie logo came about is a relevant anecdote...

I knew I wanted something that would convey a Genie with a mostly only 2 color logo: whatever one color for the main graphic and a sharp gold for the lamp. THAT is as much as I knew.

I went looking for designers.

Normally, as you'd guess, I would turn to overseas talent.

A local friend suggested her friend in Vancouver to me.

And a spark of stupidity made me think "yeah, let's support the local market, let me buy this service locally".

Keyword: stupidity.

I got in touch with said designer. Gave her a quick run-down of the logo I needed.

She replied 4 days later (gotta love that quick response) and told me she could do it. It would take her 3 weeks and she would charge me $600 (and that was a special "friend referral" rate). Boy was I lucky... a special friend referral rate of $600 with 3-week turn-around!?! ;-)

Well, I'm impatient.

Bet you'd never have guessed it.

But it's true.

Impatient. With a capital Imp.

During that 4 days while she was waiting to reply to me, I already found overseas talent, gave him the same work description, he gave me a rough draft, I sent him revision requests, he sent me a finished logo, I paid him, sent him a small bonus and thanked him ... all in those 4 days...

My cost was $100 USD. And I gave him $20 USD bonus.

$120 bucks.

That's regular rate, not special friend rate.

PLEASE give me one good arguement of why I should have sent that business to the local Vancouver artist?

Yeah. Tough to come up with one, isn't it.

For patriotic reasons?? Keep the business at home?

Well, I love Vancouver and I love Canada.

Patriotism can come out in me so hard that during the Olympics (which by the way, I took the entire 17 days of the 2010 Olympics that were held in Vancouver off... I was out day and night for it)... I was wearing cowbells and flags as capes and face paint and chanting.

Pure silliness.

I had so much Canadiana on me, several times tourists stopped me to take my picture as if I was a mascot.

Yet even with that pride, I'm not going to be bull-headed and suggest that I'd like to wait longer and pay a LOT more for work that I can easily get done overseas.

This logo was done by a one-off designer.

I've referred him work since then and introduced him to a couple of clients but I've never personally sent additional jobs to him because I also have a graphic/site designer from the Ukraine.

She's not with me "full time" but I send her jobs nearly weekly. And she's been working on my sites and graphics for 2, maybe 3 years now.

This entire RobToth.com site (it has gone through 3 versions) was all done by her. All my ebook covers, banners and more ... all done by her. I won't give you her info as that's a bit priviledged info that I reserve for friends and clients to make sure you guys don't overload her with jobs... but she's great. :-)

I have met DOZENS of business owners who have paid $2000-$5000 for a website. DOZENS! And I'm not talking about a custom coded, database heavy, social network, bells and whistles webpage. Just a standard HTML / CSS / simple script website.

I get my sites done for $250.

That leaves a lot of money in my pocket to be able to offer more but charge less, or advertise more or just enjoy life more or whatever I decide.

I also constantly have data work... research, data finding, data manipulation (ie: working with my leads/clients lists to filter based on whatever I need for a marketing campaign... and I have A LOT of lists) ... I literally need someone full time for this.

I have one person from India, Randhir, who has been with me for roughly 3 years. Maybe a little more.

His starting wage with me was $1.80 USD per hour. I've given him 3 raises so far and he's now up to $2.50 per hour. And, of course, I send him performance and "feel good" bonuses.

$2.50 USD / hour might seem abusive if you're choosing not to do the math.

If you instead consider what $2.50 USD, when converted to Rupees and then factored into his local cost-of-living and average-income is ... it's a VERY good wage especially for a job he does anytime during the day, from the comfort of his home and, honestly, is fairly simple work.

$80 Software

Years ago, I had a piece of software created for me in Egypt.

I paid $80 USD for it. I was quoted $60 but I paid him a $20 bonus (I know, big spender I am... but imagine if you quote a $600 job and receive $800 instead... not a bad deal).

That was my, then, Buy Now Wizard software. It was inspired by the programming work of an angry UK based software geek (I say that with very little respect.... he was one of the most bitter little bastards I've ever encountered in my life)... but the new code was developed in Egypt.

$80.

I went on to make thousands with that software fairly easily. Not millions but this isn't the world of make believe or some sales page for a get rich quick ebook... in the real world, making THOUSANDS from an $80 software (full graphics, custom cartoon, site design, software and basic advertising was under $1000 so in fairness that's the true cost)... is pretty attractive.

I think roughly $6000 worth of units were quickly sold. And then I realized I absolutely can't stand selling software. Either I was going to have to hire a tech guy and someone to manage every part of this software branch or promptly shut it down.

As quickly as it was born, is as quickly as I closed the doors. Lesson learned.

I promptly shut it down and then sold the full business (by then I had testimonials, leads, affiliates, customers, link backs, teaser reports, a full sales funnel etc) for $8000.

Great value for the new buyer (who is, at the time of this article, in relaunch work for it ... and it has been made bigger and better for sure!)... but again $14,000 approximately from a total investment of less than $1000 of which $80 was for the software.

To code that same software in Canada would have cost me $1000+ and would have taken a lot longer.

Maltese Wages

I was in Malta for a few months earlier this year.

In Malta... the average employee earns between $2.50 and $4 Euros per hour. Currencies fluctuate but at the time of this artilce, that's roughly $3.50 - $5 CDN (and approximately the exact same in USD since our dollars are not that far off).

That's the average employee. In fact, TEACHERS in Malta make that.

It's very low earnings. Yet Malta has, relatively speaking, a fairly high cost of living. Their rent, food etc isn't that much cheaper.

According to one world-traveling entrepreneur who now has settled and lives in Malta, he claims Malta has one of the highest costs of living based on income in the world.

Now assume, that I hired someone overseas and paid them $10 per hour. They now would make more than twice what the average person in Malta makes. Keep in mind most TEACHERS there make less than the equivalent of $5 per hour. What kind of top-expert talent do you think I could hire for a mere $10 bucks?

It's also why Malta is a hot-bed for internet businesses (namely for online gaming sites).

And how about Malaysia...

Instead of this current Budapest trip that I'm currently on, as I sit in my hotel and write this Rant... I was instead about to head off to Malaysia for 2 months.

I abandoned that idea when I realized it's at least 6-shades of dumb for me to fly to a country where it's ALWAYS HOT during the few months when most other countries that I'd want to visit also have hot months (summer).

Malaysia's office workers, the "mid level jobs" you could say (not the dirt cheap labour) averages 30,894.00 MYR per year which is roughly $9,870.57 CAD. It's a LOT less than that for the low level workers. But even mid-level... less than $10,000 USD is what they make. Even at $800.00 per month, you have yourself a full-time, well educated, well trained, mid-level worker overseas.

And Malaysia is a very modern and fast developing country. They too have some powerhouse internet businesses there.

So the observation to be made...

This isn't the 1800s where your farm was 15 minutes from the nearest other farm and a good 1 hour ride into "town" and access to the rest of the world was non-existent. Or the industrial age where you hired workers from your city to work in your factories but communication with the rest of the world was still minimal.

As you're very aware... these are global times; Where internet and smart phones and "virtual everything" makes us one big happy borderless family.

What are YOU spending too much on by hiring from your backyard?

Logically, not everything can go overseas. But you really should be taking advantage of this.

Where do you find talent?

Fiverr.com, Freelancer.com, RentACoder.com (or whatever they renamed their site to), oDesk.com or even Craiglist job postings on the local Craiglist for whatever country you want to hire in (ie: Craiglist Romania etc).

In fact, you should do the following:

1) create a free account at each or at least some of those sites I just mentioned

2) invest an hour just scrolling through the various jobs that others are already outsourcing, look at how they post the job descriptions, look at the types of responses and bids they receive for it

3) really think about what in your operations could go overseas right away.

Let's Talk Liquor

I drink protein shakes, alkaline and mineral drinks, do regular cleanses, drink a lot of water, stay away from sweets and junk food, eat well, hit the gym, take boxing and do a dozen other things to better maintain and build my health.

But I promptly balance all that with a nearly professional level of drinking.

I don't smoke or do drugs but my body has seen plenty of liquor over the years.

More on topic, my wallet has seen plenty of liquor bills for those nights out.

In Vancouver, it's common to pay $5.50 - $6.50 CDN per drink which results in the common $200 night out. Nothing fancy.

In Malta and Budapest, you'll easily find $1.20 - $2.00 drinks at the bars. Which is let's say a quarter of Vancouver costs... and would make for $50 average nights out.

If you're buying "bottle service" in Vancouver (where they give you your own bottle to your VIP table so you can have a false-sense of importance for the night), it's typical to pay $200-$350 for that bottle.

In Malta, it was $35 Euros. Roughly $50 CDN.

If you're at the liquor store, buying a typical 750 ml bottle might cost you $35-$50 in Canada... and only $12-$20 in both Budapest and Malta... and MANY other parts of the world.

So the lesson is: if you're an alcoholic... on a budget ... think "global".

No wait, that's not the lesson.

The lesson is... import/export is also a way to really capitalize on international currency differences and price and cost of living differences. Depending on your business, it too might be either a revenue stream or at least a cost-savings measure.

The whole world of import/export is a gorgeous thing.

A product may cost X in one part of the world yet REGULARLY sells for 5X or 10X in another part.

You can pick your own examples... shoes, perfumes, electronics, whatever.

What I might pay $80 for in Canada, could cost me $8 if I bought it in some other part of the world overseas.

In an import/export model... I could buy that $8 item wholesale. I still pay shipping cost and there is plenty of other overhead but let's say my end price is $20 per item.

I can still sell that item at $40 (which is 50% less than the average Canadian consumer would pay) yet I still net $20 per item sold. 1000 such sales each month and I'm making $20k monthly.

All from moving goods around the world. I'm not creating anything... I'm just taking advantage of the lower cost of items elsewhere.

Let's call it "Consumer Goods Arbitrage" (let's see which import/export pro creates an ebook with that title first, lol).

For a more educated look at import/export... browse the website of "The Import Export Coach" Jennifer Henczel (importexportcoach.com). If you were at my Canada Marketing Summit 2010, you likely saw her presentation there.

Of course, Forex (trading currencies) and even real estate can look very attractive globally but since that doesn't necessarily correlate to a new revenue stream for your business or a way to save costs, I won't talk about them ... other than to say that a downtown 1-bedroom condo in Vancouver can easily cost you $500,000 whereas a downtown 1-bedroom condo in Budapest will be less than $150,000 CDN and in Malaysia, less than $100,000 CDN.

(That was a very overly simplified look at international real estate investing, I know.)

You're In A "Weak Currency" Country??

If your home turf is any part of the world where this "cheaper labor" (compared to the strong currency nations) exists ... one of your most immediate opportunities is precisely to run the company that provides the services to the stronger currency countries. You get paid healthy sums in Dollars, Euros or whatever the case may be ... meanwhile you find the talent or hire the employees locally who you pay with your local currency.

It can really be a great equation.

Plenty of sharp entrepreneurs have moved overseas to build service companies to properly execute this exact strategy.

So there is money to be made on either side of the equation.

Agreed?

Good.

I'm done my rant!

... And now you know my secret of how I currently make multi-millions per month... here in Hungary.

- Rob

P.S. If you're not already on Skype, it's probably about time you forced yourself to download and install the software and get comfortable with it. It's one of the best communication and collaboration tools you'll ever set your hands on. If you start working with overseas guys and gals, you'll need it.

P.P.S. Whenever you feel it's time to bring in someone who can look at whatever you're working on and say "here are the leaks and mistakes being made", "here are the priority changes", "here are the future changes", "here are the immediate action steps (and why)" ... "and now here are the profits and results" ... then bite the bullet once and let me add your overly excited client testimonial to my collection of self-indulgent and ego boosting testimonials list.