Hi there everyone!!
Many are taught to think that a large amount of money in the bank is the key to wealth. It wasn’t until the popularization of books like The Wealthy Barber and Rich Dad/Poor Dad, where some have uncovered the simplest of formulas: have our monthly income be less than our expenses.
It may be easier said than done. But part of the ease is in realizing how many methods of creating income can fulfill that profound formula.
Method #1: The Traditional Route
There’s nothing wrong in finding our path to a traditional occupation. So long as we can keep our expenses less than our income, we win. However, this particular method of generating income is the least optimal based on tax laws.
Method #2: Volunteerism
There are many organizations that can provide food, housing, and even pocket money in exchange for our knowledge/labor. With youth exchange programs, it is often the cheapest and most fun way to travel. Who wants to stay in Americanized hotels anyway, when we can live with host families and integrate into local culture?
With the Internet, lots of new ways to get shelter have become possible with services like Mind My House or CourchSurfing. For professionals, there are organizations like Doctors Without Borders and Engineers Without Borders.
Method #3: Consulting, Freelancing & Contracting
Self-employment can scare some people, but isn’t is scarier to be out of income for a long time? In this global recession, those that survive will be resourceful enough to find part-time work, seasonal work, and acquire clients for their side business. It’s not about finding the ideal job; it’s about creating the ideal job.
There are always problems that other people, organizations, and corporations are facing. Having the ingenuity to come up with and sell solutions to those problems, will create massive income.
Method #4: Angel Investing & Crowd Funding
There are people out there who have tons of money and want to put it into good ideas. That’s why they are called “angels” and they can be found through some Googling and networking. Have you ever watched Dragons’ Den or Shark Tank?
Did you ever get a KickStarter or Indiegogo e-mail? Those are popular crowd funding web sites that allow hundreds of thousands of people to donate $10 each in a project, thereby raising millions. It’s not theory–it has been a dream come true for tons of new entrepreneurs out there.
Method #5: Royalties
Artists, musicians, actors, and authors have been great careers that could produce a large amount of wealth through royalties. In the past, the challenge was that it took so much money, commitment, and time, that only few made it big time.
Today with technology (print on demand, video housing, ticketing, transaction processing), it’s a lot easier, cheaper, safer, and more convenient. Even if we don’t become a superstar like Gangnam Style, remember it is just about creating a steam of income that is more than our expenses. The latest medium to generate royalties is mobile apps, and that industry is exploding!
Method #6: Joint Ventures
This is like a partnership, but without committing your entire business. It’s working with another entity (person/company) on a project that may be synergistic to cross-promote. For example, we may want to produce an event and work with a particular charity who will be do the marketing. Today with social networking, everybody has a network. Access to that network to expose your brand/cause is priceless.
Method #7: Multi-Level Marketing
Network businesses work, and tons of people have become millionaires from them. Imagine, having a multi-million dollar, international business running from your home office? How cool is that?
It’s possible. It maybe not be easy (and nothing is), but if you don’t believe it’s possible, you’re simply misinformed. It’s not what you don’t know in life that hurts you, it’s what you think you know that just isn’t so.
Method #8: Franchises
For many franchises, it does cost hundreds of thousands of dollars to start. However, there are many franchise where the cost is extremely affordable, if not inconsequential (when using your credit card). For example, MoMondays™ is like an open mic for professional speakers and other people with a great story and life lessons to share. I love how they have inspiration in a casual/social setting as a brand, so I am thinking about starting my own franchise! If it all works out, I’ll be the co-host of MoMondays in Whitby, Ontario!
Remember that one method may not nor need not be the only method you choose to use. It’s “multiple” streams of residual income we want. That’s the ultimate.
Do what you love, and then repackage your knowledge and skill so that you can optimize your monetization.
Let’s love the world together…
Danish Ahmed, blind visionary