Your own Money Tree part 2
I talk to all kinds of people every day, I start to notice patterns in the types of questions I am asked. without a doubt the most common question is
“what do YOU do to make money?”
The answer is not so simple though.¬† You see, when building your own pocket book to create wealth having all your eggs in one basket is really not the best idea. If that one thing isn’t working well any more your family will suffer while you scramble to get something else going, or rebuild what you had working. I know a lot of Americans and Canadians used to rely solely on their main employment to sustain life. We have seen that this just isn’t possible any more. Our markets are changing, wealth is changing hands in major ways. Companies that were on top just a couple years ago are on a spiral downhill. We need to take control of our own future or lose out when our employment vanishes.
So what do I do?
Entrepreneur – I have been a self starter for years. Even in my childhood I found ways to get things that others wanted and become the man in the middle. Starting a business has always been a natural thing for me. I have gone from ground floor start ups, to buying businesses in a box. Starting your own business can be as complicated or simple as you want it to be. Its important to watch out for the difference between “owning your own business”, and “creating a job” for yourself. If your business does not make any money if you stay home, it is NOT a business. You made a job for yourself, that is it. I am not saying this is bad, I am just making sure we are all on the same page. There is no better feeling than checking your email at the end of the day and seeing hundreds of payment notifications from Paypal, and you just made $1000 today doing NOTHING
Network Marketing – Yes, I have done MLM in the past, and I do it now as well. MLM is not my primary “get rich quick” or “retirement in 2 years” plan. I do MLM because it give me extra income to cover things I want, but would not have otherwise. If you have been following my blog long you would know that in only a couple months of operation my MLM business makes enough money to pay for my families boat. MLM is not for everyone. I have a ton of secrets to share about turning ANY MLM into a successful business for you. in one word it can be summarized as MARKETING. If you can market you can make it work. If you can NOT market you come to me, and I will show you how!
Rental/Investment Properties – there are very few investments in this world that are actually “secure”. Talking to investment sales men about life insurance, RRSP, GIC, RESP and the likes may give you a false sense of security. I can write an entire weeks worth of articles about why I avoid all but life insurance. You have to invest in something, and I have not found anything better than real estate. It seems to be working well for Donald Trump why not me, and why not you?? Rental properties have been working very very well for me. If you own the house you live in right now then you can become a landlord too. This post will explain that in better detail.¬† besides the month over month profits that can be made by renting, you also gain inflation proofing. Add to that someone else putting THEIR money in to YOUR retirement, how can you lose?
Time Share/Vacation Ownership – This isn’t really an income earner. If you save money though isn’t it the same thing? I vacation regularly. last year we went on 7 week long holidays and a couple weekend getaway’s. I probably paid a total of $7000 – $8000 on all of those combined. I promise you that time share is the key to getting away more often and for less money. I made a video about it here if you want more information
Regular Job – You caught me! I have a regular 9 – 5 job as well. Remember back to my story at the start of this post about diversifying your cash flow. If you can get a job, have it pay well, and be somewhat secure then why not do it? I do it, and I make money. If you all ready have a job then why not look at some of the other ideas presented above? Its never too late to make some extra cash. Of the 3 I talked about the easiest is definitely MLM. Its a business in a box. You pay your up front fee and are handed everything you need to hit the streets and make money.
Adding to your portfolio will create financial rewards you have only been dreaming of.¬† These will essentially be your personal money tree. Being able to afford the extra things in life that a single income on its own could never afford you.
Take a second and share what your money tree looks like right now. I have included a couple pictures for you to draw inspiration from.
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