Monday, January 6, 2014

What is YOUR Income Strategy?

O.k., so here we are a week into the New Year! If you haven't done so, be sure to go back and read the last blog and listen to the last podcast entitled, "What IS a Resolution?" to help you as you set out to better yourself and accomplish positive moves in your life during this year.
And, as you do so, take into consideration these thoughts as I continue my discussion on Bob Proctor's, "The Science of Getting Rich".  Again, I have highlighted the thoughts from my notes that come from Mr. Proctor and then I have added my own thoughts as well.
Mr. Proctor says (and I have heard this from many others who understand and have wealth) that there are 3 Income Earning Strategies as listed below: 
   1: used by 96% of people (trading time for money = a J.O.B.) - you will NEVER get ahead of the game doing this!  
  2: used by 3% of people (use/invest money for money)
  3: only used by 1% (they multiply their time/effort by setting up MULTIPLE SOURCES OF INCOME!) *IF YOU CAN EARN $10,000 you can earn $100,000. If you can earn $100,000 then you can earn $1 million! It all follows a basic principle!
Let's take a quick, but closer, look at these 3 strategies and see what that means for you now and in the future.
1. Trading Time for Money. Obviously if it is the method being used by 96% of the people, then it is likely the method or strategy that you are using as well. There is nothing wrong with having a job so please, do not take what is being said here the wrong way. The problem comes when you cannot - for whatever reason - give of your time in order to get the money. Sickness, injury - it doesn't matter because, simply put, if you don't work, you don't get paid. Times have changed greatly over the years and there are NO indicators, as was true in the past, that can give the security of you having that job for as long as you want as long as you do the job and do it right. Those days are gone!
2. Invest Money for Money. I can hear some of you now - "But, Mike, I invest in the stock market!" For one, you likely dabble in the stock market. Regardless, how has the stock market treated you over the past 5 - 10 years? True investing takes knowledge and knowledge comes from education and that education comes from a desire to learn more. Sure, all investment has SOME risks but those that do their "due diligence" remove as much of the risk as possible. ONLY 3% OF PEOPLE DO THIS! Now, who do you think these 3% are? How financially set do you think these in this 3% are?
3. Multiple Sources/Streams of Income. Only 1%. Yet, as you think about the beauty of this strategy it is amazing that only 1% use this strategy. Again, I can hear some of you say, "Oh, but Mike, I have two jobs, my wife babysits on the side and we also sell old stuff on-line!" Sure, you have income coming in from different sources (that is good and it is ambitious) BUT....yeah, you knew that was coming, right? - what happens with ANY one of these if you (or your wife) gets sick, hurt or just gets tired? In all of these, if you don't work, you don't get the money! Those who set up multiple streams of income are much like the 3% that learn how to truly invest their money. THEY HAVE SPENT THE TIME (due diligence) to LEARN how to find sources of income that will produce money whether they are able to work or not! It's a simple way of saying that they have chosen not to put "all of their eggs in one basket".  Even if one source suffers for any reason, they have OTHER sources to help take up the slack!
I'm not going to say much more about this - just take a look at it and see what you can begin doing TODAY - RIGHT NOW - to start switching over from category 1 (with the rest of the 96%) to one of the other 2 categories.
What's the problem? We want it and we want it to happen for us NOW!
We are not a patient people and, most of us, are not willing to do what it takes to make this transition in our lives.
That, my friend, is why only 4% of the people practice strategies 2 and 3!
I don't want to be like everyone else. I've heard this many times from many different people in the area of fiance and wealth: "If you want to have success, you must do what everyone else is NOT doing!"
In other words...STEP OUT FROM THE CROWD!
Can you? Yes, you absolutely can.
Will you? That's totally up to you.
Until next time, be sure to...
"Make it an AWESOME day! (Who else is going to do it for you?)"

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