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Multiple Incomes

Updated on March 6, 2015

Most people are raised to believe that the only way out of poverty (legally) is to go to college and get a 9-5; however, there are many people who follow this path and still retire broke. The truth is that most wealthy people became wealthy through having multiple incomes. They do not rely on a paycheck from one job to sustain their lifestyle. They write books, do speaking engagements, invest…etc. This diversifies their income; thus, lowering their risk. If you want to build wealth quicker you must master this concept.

You may be thinking “How will I find time to run a business?” My answer to this is that you need to assess how you are using your time. How much time are you wasting that could be used to do something more productive? Are you spending hours a day watching reality TV or surfing social media? This is time you could be putting into research or writing a book. Maybe you can spend that time taking the kids to the park where they can play while you write. Do not waste precious time that you could use to do more productive things on things that add no value to your life. You can never get this time back so use it wisely.

Now that you have found time “I know you are think what can I do to bring in more money?” There is so much out there that you can do. You have to find your passion and go after it. Making your passion into a business will not be easy, but it is worth it. Depending on how much time you devote to your business it could take months and sometimes years to see substantial money from your endeavor; however, if you have a solid business that people actually need, it will pick up. The only reason it is so hard for people to start a business is because our 9-5 job has condition us to become accustom to working for a short period of time and getting paid quickly. On the other hand, when you start a business you must be able to see the long term picture. One year of hard work invested into a business can set your family up for generations to come. This goal must stay at the forefront of your mind. To keep this in the forefront of your mind you should place this goal in all the places you frequently visit so that you have a constant reminder of why you are investing this hard work. (See my Goals for Go Getters blog for more information on setting up your goals.)

I know that if you have shared your thoughts with your friends so of them think you are crazy. Walt Disney was told several times from many different people that his idea for Disney World/Land was crazy. If he would have listened to them Disney would not be here and we would not know who Walt Disney was. His heirs would be living a totally different life.

I know it is hard to constantly hear that you are crazy and that whatever you are doing will not work, but it may be just a matter of finding new friends. If all your friends only look wealthy on the surface by driving expensive cars and dressing in expensive clothes, but they are maxing out their credit cards to sustain their lifestyle, then you need to find healthier relationships. If you don’t listen to anything else I say please master this concept. Your friends will either bring you up or drag you down. Choosing the right friends is one of the most important decisions you will make to determine how your future will turn out.

That being said, if the naysayers are broke and not trying to do any better then you should simply ignore them. They are not where you want to be nor are they going where you want to go so you just need to learn to tune this out. If the naysayers are people who are where you want to be or going where you want to go, then you should keep an open mind about their advice. I would not advise someone to take any persons advice 100% of the time without weighing the pros and cons. Everyone has their own rode to travel and you must choose what you think it is best for your family.

Hopefully, this has given you some food for thought about a business you can start. Start looking for alternative ways to bring in more money that could change your family tree. Start with your passion and look for ways to maximize this dream.

Homework

1) Come up with ways to bring in more money. What steps do you need to take to make this a reality?

2) Stop listening to your broke friends advice about money.

3) Join me on Monday.


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