I paid off my mortgage this week at the age of 50. Several people said I should blog about how I did it, in an effort to help others. My strategy was as follows:
- Buy a house in a fantastic location.
- Sell the house and put all of the returns into your next house, which you buy in a fantastic location. (My return on my first house was 15%.)
- Sell the house and put all of the returns into your next house, which you buy in a fantastic location. (My return on my second house was 25%.)
- Sell the house and downsize to a house that you can buy in cash. (My return on my third house was 50%.)
- In addition, whenever you get a windfall of money, such as a work bonus, income tax return, etc., send 50-100% of that money to your mortgage company and have it applied to the Principle.
Why am I telling you this? Because paying off a mortgage and employee engagement have several things in common.
As you can see from the formula above, I selected quality products, I changed out the product every few years or so, and I invested in my purchase. In order for you to have high levels of employee engagement and a great company culture, you must select quality people (hire the right people), change out the people every few years or so (in an effort to give people career opportunities and grow), and invest in your people (via open and honest two-way communication, and recognition).
I meet leaders every day who tell me they have not embarked on an employee engagement strategy because it’s incredibly hard to improve company culture. My response? It’s really not. If you develop a strategy, get people managers behind the strategy, execute, and hold people accountable, you can build a culture that employees love where they give you a lot of discretionary effort. And we all know that discretionary effort is the magic dust that leads to amazing business results.
Want to realize amazing business results in your company? Let’s talk…