What does Success mean to you? Part 5
Hopefully by now you have looked at the last few posts and thought about what level of success you want to achieve in your life. If not, how come?
If you’re absolutely 100% satisfied with your life the way it is, then you can stop reading, and just get on with your life. If by some chance that you would like to change your life for the better, earning more money, having more time, buying better things, and being able to do the stuff you enjoy, then keep reading.
How do we get to a point where we can have money and time to do the stuff we want? Well, as I said in post number 2, we have to work smarter, not hard.
Most people know what the generic definition of work is. But let me rephrase it a little.
Work = is a stream of income in which you trade your time for some measure of money.
That is the truth, I swear. Now, most people also understand that you can get more then one job. This gives you two forms, or streams of income. But people do not want to work all day. I know I do not want to.
So one real key factor to becoming a success is to find ways to create multiple streams of income that do not require a lot of work.
You might have heard the old saying: “if you want to get rich, invest in real estate”. Do you know why that is? It is because the more real estate you own “PROPERLY” the more streams of income you have.
For example: If you own a duplex house and live in one side and rent out the other, then you already know the basics of this concept. Your mortgage is $1200, you rent out the other side for $600, and you cover the balance. Now, if you had 10 properties that are making money, then you have 10 streams of income, one from each house. Again, they must be managed properly, and that will be too long of a discussion at this time.
Now let’s expand upon this further. You have your job, 10 income producing properties, and now you decide to sell your 30 year old record collection on EBay. If you have 1000 records, and you average 10 record sales per week, then you will have a source of income for the next 100 weeks, that?s nearly 2 full years. You just created another stream of income.
Perhaps you have a buddy that wants to sell his comic book collection. So you offer to sell them for him on EBay for a small fee. You just created your first commissioned consignment sale. If you have more buddies, that can be another stream of income.
The more streams of income, the more money you can create. This works just like real streams and rivers. The more streams that feed a large river, the greater the flow of water will become.
How much effort you have to put into each stream will depend on the type of product or service you are offering.
In my next post I will discuss some of the most common streams presently being used to generate income .
To your future success.
Derek Wood
Comments