Monday, 28 December 2015

RULE 57: Create New Income Streams


By on 05:00
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Dame Abimbola Fashola, Wife of Minister of Works, Housing & Power


When it comes to wealth-creation strategies, investing wisely and managing your money actively are important, but nothing beats having more coming in in the first place. Everybody benefits from some thought about where their income comes from and how they could create another source of revenue. It’s a bit like being a busker and having several pitches. If one is proving unprofitable, you can pack it in and go somewhere else.



But instead of packing it in what you are going to do is duplicate yourself - a cloned you if you like - and not only carry on busking but also be busking in a new place at the same time. The more hats you have out, the more they are likely to return a profit.
Look, don’t take my word for this. Check it out yourself. Look at any prosperous person you admire and see if diversity isn’t their tool for unlocking greater prosperity. The rich usually have several money-making schemes going for them. This is especially important for anybody who loves their work, but it doesn’t pay well. What you need is another income stream. 
“It might mean, for example, doing some freelance work either in the same area or a completely unrelated area where you also have skills and expertise (maybe you have a hobby which means you have other skills and expertise that could be used”). Is there anything you could teach or consult on, or that you could set up as a business?”

There are a couple of ways of doing this. The first is to turn surplus cash into assets that will work for you and bring in income, even when you aren’t there. Rent from a buy-to-let property would be one example, or annual dividends from shares you’ve bought.
The other way to create new income streams is to find ways of using your skills and expertise in more than one setting, so you aren’t just swapping your labor for a pay check in your day job.
This doesn’t mean packing in your day job necessarily. It might mean, for example, doing some freelance work either in the same area or a completely unrelated area where you also have skills and expertise (maybe you have a hobby which means you have other skills and expertise that could be used”). Is there anything you could teach or consult on, or that you could set up as a business?
When I say ‘create’ new income streams, what I mean is create them for you. They can be old ones in the marketplace. Just make sure that you are maximizing all your skills to bring in income, and that you are actively investing in assets that will earn money for you without you having to be there (I do realize you can’t physically clone yourself).
 
From The Book; The Rules of Wealth by Richard Templar
(Read Rule 58 of Rule of Wealth tomorrow on Asabeafrika)

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