3 Money Making Strategies
There are 3 money making strategies that I learned from Bob Proctor. Each one of these strategies can help you make a living, but only some of them can also make you rich.
The school doesn’t teach us how to make money, so we have to find the tools elsewhere and the best way to do that is by following and studying rich people because they can teach us what exactly they’ve used in the process.
We are not taught that there are different ways to earn money, but actually, there are ways to do the things that you love, contribute to the world and still make as much money as you want.
So, let’s see what these three ways of earning money or 3 money-making strategies are…
MONEY MAKING STRATEGIES
1. TRADING TIME FOR MONEY
96% of the population earns their income by trading their time for money. This strategy can keep you broke your entire life because you only have a certain amount of time in a day and when you run out of time, you’re not able to earn more money.
You can be very effective, and you can be paid very well per hour, but you will run out of time. So, it’s obvious that people who trade time for money are not millionaires.
Even if you are a company owner, you can make more money with some advancements, but you will still have to put in the time. And if you work up to 80 hours a week, as some company owners do, you have to realize that time is more valuable than money because you can make more money, but you cannot make more time.
In his book E-Myth, Michael Gerber says: “If your business requires your presence, you don’t have a business, you have a job.”, and that’s something that most company owners should be aware of.
2. INVESTING MONEY
3% of the population earn their income through investing. They invest money to earn money. This is a great way of making money if you have the assets and put in the time to learn the skills.
Sometimes people who trade time for money invest a little money that they earn, but they don’t learn the skills or don’t ask somebody who is familiar with investing how to do it, and then they lose everything.
3. MULTIPLE SOURCES OF INCOME
This strategy is only used by approximately 1% of the population. What is significant here is that this group of people earns 96% of all money that’s being earned. They multiply their time by setting multiple sources of income (M.S.I.). It is not another job. It is income that comes from multiple sources. This is the best way of earning money, and you want to focus on it.
Wealthy people always have multiple sources of income. If you want to get out that large group of people that struggle from payday to payday, you better set up multiple sources of income.
A traditional example of this model would be a franchise. Franchising is a business model by which the owner of a product, service or method obtains distribution through affiliated dealers, in a way that business owner grants the rights to use his business logo, name, and model of doing business to other businesses, owned by independent, third-party operators, which in return, pay an initial fee and ongoing royalties to the owner. The most common example of a franchise is McDonald’s.
Our world is changing. In this digital era, where more than 4 billion people are using the internet, the opportunities for making money are limitless.
Online business doesn’t cost much money to get started. Anybody can get started anywhere in the world. With the power of the internet and social media, you could reach thousands of people and turn your yearly income into monthly income by setting multiple sources of income.
You don’t need a formal education to set up multiple sources of income. Some of that 1 % who earn 96% of all money, are not well educated, but there are some very educated people that fall into 96% category that have to split 4% of all money that’s earned.
So, you don’t have to be smart and educated to earn money, but you do have to learn some new skills because most of what we’ve learned up to this point we have to unlearn and then learn some new rules.
Back in 1970ths, Alvin Toffler wrote a book called Future Shock, where he predicted what’s going to happen in the future. He said “The future is going to be shocking for most people. The illiterate of the 21st century is not going to be the people who cannot read or write, the illiterate of the 21st century are going to be people who cannot learn, unlearn and relearn.”
Having multiple sources of passive income is the ultimate goal because that way you can make money while you sleep.
Money is a reward we receive for service rendered. It has nothing to do with work. It has to do with providing a service. When you write a book, you write it once, but every time when one book is sold, you get paid.
That way you can earn money when you sleep, and you can earn more money while you sleep than you can spend when you’re awake.
With passive income, you can make money on autopilot. You create product or service and essentially you put time, energy and money at the beginning to set it up but once it’s set up, you continue to make money without you doing anything in order to make that money.
The best way to make passive income is to start one or more online businesses. The internet gives you the ability to utilize technology to automatize a lot of things for you. Your website can reach a lot of people worldwide and you don’t have to be there to sell someone a product, because the website is doing the selling for you.
There’s a lot of different online business models, that can produce passive income streams, and I will suggest some of them.
As an affiliate marketer, you promote other people’s products or services and you earn a commission from it. Companies that have an affiliate program, pay you a commission for the sale you generate for them. That company then takes care of the customer, they deliver the product or service, they do the customer support and you get paid just for your referral.
There are tons of great products out there that you can choose from. If you have a blog or YouTube channel, e-mail list autoresponder or social media account, you can automate marketing to attract people and then funnel them into someone else’s product through your affiliate link and you earn a commission when they buy.
PUBLISHING A BOOK
You can write a book, publish it on Amazon and sell it as a kindle book or audiobook. You spend time upfront to create a book, but once it is published and you do some marketing, it makes you passive income, because you get money every time someone purchases a book.
CREATING A DIGITAL COURSE OR SOFTWARE
If you have special knowledge that you would like to share, you could create a digital course or software. You spend initial time to create a digital course or software, create a website, find a market and then sell it online. Once your course is created and ready for selling, you can automate your source of income.
SELLING YOUR OWN INFORMATION PRODUCT
You can create and sell online your own information product (books, audio or video training products, guides). You basically sell information that solves someone’s problem or helps them achieve a certain desire or need that they have (entertainment).
Once your product is created, you can generate passive income from it.
You can get paid from different ads showing up on your Blog (Google AdSense) or YouTube channel.
You can automate your marketing as well by creating content on YouTube and Blog because that’s always up there on the internet attracting people and funnel them into your products.
If you have any questions or comments, feel free to leave them below and I’ll be happy to help you out.