Welcome back to our Payment Processing Basics series. Today, we’re diving into an intriguing concept introduced by industry veteran Rich Norton—something he calls "Residualitis." This term describes an experience in the payment processing industry where success leads to complacency, and it's a topic that every representative should be aware of.
What Is Residualitis?
Residualitis is a term coined by Rich Norton to describe a condition where individuals in the payment processing industry reach a certain level of success and then stop growing. It’s a comfort zone that can become a “killer disease” of success, as Rich puts it. Representatives might set an income goal—$30,000, $50,000 a month in residuals—and once they hit that target, they ease off the gas. They stop pushing themselves, and over time, this comfort can lead to stagnation or even regression.
The Danger of Complacency
The danger of Residualitis is that it halts personal and professional growth. In an industry that evolves as rapidly as payment processing, staying still isn’t an option. As Rich points out, technology and market conditions change, and those who rest on their laurels can find it challenging to re-enter the field after a period of inactivity. They've lost their momentum, confidence, and sometimes even the passion that initially drove them to success.
Rich emphasizes the importance of continuous goal-setting. Even after reaching a significant milestone, it's essential to set new targets and keep moving forward. Without this forward momentum, you risk falling behind—both in your career and personal fulfillment.
The Myth of Contentment at a Standstill
One of the most compelling points raised in the discussion is the myth that reaching a certain financial goal will lead to lasting contentment. Many representatives believe that once they reach $30,000 or $50,000 in monthly residuals, they’ll be fulfilled and happy. However, Rich and his co-speaker both agree that this isn't the case.
Through countless conversations with successful agents, they’ve found that those who stop striving for more often feel stuck and unfulfilled. The problem isn’t the amount of money they’re making; it’s the lack of purpose and direction after reaching their initial goals. Without a clear plan for what to do with additional income—whether it's donating to charity, investing in personal growth, or supporting a cause—they lose their drive.
Redefining Success: Growth and Significance
Rich suggests that while everyone’s definition of success might differ, it should always include two key components: growth and significance. Success isn't just about achieving a certain financial status; it’s about continuous personal development and making a meaningful impact on the world around you.
He shares a personal anecdote about his father, who retired at 65 and quickly lost his sense of purpose. Unfortunately, like many others who retire without a plan for their next chapter, his father’s health deteriorated, leading to his passing just a few years later. This experience underscored for Rich the importance of having a purpose—something to wake up for every day, regardless of financial success.
Finding Purpose Beyond Money
For Rich, and many others like him, the greatest joy comes not from making money but from giving it away. He speaks passionately about his goal to donate a million dollars annually, highlighting the fulfillment that comes from helping others and contributing to causes he cares about.
This philosophy is a powerful antidote to Residualitis. By shifting focus from accumulating wealth to giving and making a difference, representatives can reignite their passion and drive, finding new motivation to continue growing both personally and professionally.
Conclusion
Residualitis is a real challenge in the payment processing industry, but it can be overcome by continuously setting new goals, seeking growth, and finding purpose beyond financial success. Rich Norton's insights remind us that true fulfillment comes from helping others and making a positive impact. As you continue on your journey in this industry, remember that it’s not just about the money—it’s about what you do with it and how you continue to grow and contribute long after you’ve reached your financial goals.
Stay tuned for more expert insights in our Payment Processing Basics series.