Tag Archives: network marketing

New Year’s Resolution #4: Earn More

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Over the past weeks we have been examining some of the key money goals that you should have on your 2015 resolution list. If you really want to avoid the disappointing results of past years, then you must understand exactly what is required to put you on a positive financial path.

One problem that can be very frustrating for persons who want to achieve their financial objectives is that they just don’t have enough income to do everything they would like to. As the saying goes, “It takes cash to care;” and to attain many of your goals, you need to have excess funds on hand.

More money is essential

The reality is that many people do not have enough money left over after paying their regular bills to comfortably attain many of the objectives and acquisitions that they desire. It may be almost impossible for you to live out your lofty dreams, solely on the proceeds of a regular pay cheque.

Therefore, a critical part of your game plan to have a better financial year is to look at options to increase your earning ability. Without additional sources of income, you will be challenged in your quest to manage your budget, avoid burdensome debt, and save towards building your wealth. Continue reading New Year’s Resolution #4: Earn More →

Money Mission: Build a Money Machine

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Wouldn’t it be wonderful if you could design a machine that can generate cash every hour of the day? Whether you were eating, playing or sleeping, this device would ensure that you were consistently supplied with a steady stream of income. Your money problems would be history and the lifestyle of the financially free would be yours forever.

While many of us would love to possess a magic money machine, this apparatus would probably be impossible to build, and it would definitely be illegal. However, the concept of creating an income source that could eventually produce earnings without your personal effort is something that is entirely in your power to achieve.

Do you have to work to earn?

Most of us have grown up with the idea that the only way to earn money was to physically work for it. We were taught in school to study hard, get good grades and look for a nice job with attractive fringe benefits. For the most part, our education system does not foster entrepreneurial thinking which focuses on teaching people how to create income-generating systems. Continue reading Money Mission: Build a Money Machine →

How to build a business with little time or money

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“You have advised that if I want to increase my wealth I should focus on earning income from my own business. I have a full-time job and I don’t have much time or extra funds to put towards starting a business or making any investments. Given these limitations, how can I possibly own a business?”

We have been looking at some of the steps recommended by several financial experts that can help you to increase your wealth and achieve financial security. Robert Kiyosaki, in his insightful book, CASHFLOW Quadrant, advises that owning a business should be an important element in your personal wealth accumulation plans.

If you really want to be financially free, it’s important to create an income source that is independent of your personal work efforts.

According to Kiyosaki, owning a business system is an integral part of creating this freedom. However, running a successful business is not a hobby or part-time exercise; it takes time, courage and determination. Continue reading How to build a business with little time or money →

Networking for Earning

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Over the past weeks, we have been examining the age-old question “How can I earn more money?” If you’re seeking an answer to this problem, but you have insufficient time to increase your income, then you may have to change your method of making money.

As discussed, most persons earn a living by pursuing linear income, and have to continually put in work time in order to get paid. Linear income puts a ceiling on your earning ability, as time is a restricted resource. Also, if you have to physically stop working for any time above your vacation or sick leave allowance, your income is negatively affected.

Looking for options, we considered residual income, where you are able to earn continually from some type of work or investment that you carried out once. For example, you can earn residual income on royalties from book or record sales.

We also examined leveraged income, in which you can multiply your total income by utilising the efforts of other people. If you employ others to work in your business, then you make use of this type of income. Continue reading Networking for Earning →

Get Ready to Retire!

Retirement & Estate Planning, , , ,

“I’m going to retire after working for over 40 years and I’m feeling a little anxious about the future. The way how prices are rising now, I wonder if I’ll be able to survive on my pension. I don’t have any children and I worry what will happen to me if I run out of money.”

Retirement is a big lifestyle change that can bring some amount of anxiety about your financial future. To reduce your apprehension, you have to learn how to assess your spending needs and to calculate if your planned income will be enough to meet them.

If you’re approaching retirement, here are some key considerations that will help you to be fully financially prepared:

How much money will you need to spend each month?

It’s very important to know exactly how much money you’ll need to meet your expenses during retirement. Spend some time to create a realistic budget of your expected income and expenses. Writing these figures down will let you identify if you’ll have enough money to pay your bills, and it will help you to make decisions about how to distribute the money you have. Continue reading Get Ready to Retire! →

Creating Retirement Business Income

Retirement & Estate Planning, , ,

Over the past three weeks Your Money has been focusing on retirement planning: helping you to figure out how much money you’ll need to retire comfortably, explaining methods of saving for your nest egg, and hopefully imparting the urgency of starting a retirement plan sooner than later.

Saving a large enough lump sum to meet your retirement income requirement is easier accomplished when you begin saving at an early age. Unfortunately, the reality is that most of us postpone thinking about retirement planning until we’ve bought our own house or sent the children to college. Then, as age 60 looms closer, we start to seriously consider exactly how we’re going to afford to stop working.

Let’s look at a typical scenario of someone who is faced with the harsh reality of retirement costs. Forty-year-old Teresa wants to invest towards a retirement nest egg that will be available when she is 65. Continue reading Creating Retirement Business Income →

Don’t Give Up!

Money & Your Mind, , ,

“I don’t know where to turn financially- I was made redundant and was without a job for two years. Then I started a little shop and a hurricane destroyed everything I had. I tried to make some money in a network marketing business, but the profits were too small to make a difference. To add to it all, my girlfriend is expecting our first baby in three months. I really feel hopeless right now.”

As a financial coach, I hear a lot of stories of financial despair. Sometimes it’s the quiet desperation of persons who are outwardly successful with all the trappings of wealth, but are inwardly terrified because the bank owns it all, and they know that a missed pay cheque can lead to financial ruin.

Then there are the plaintive cries from those who have no income- tales of job unavailability, impending foreclosures, and bailiffs at the door abound. Then somewhere in between are the masses of people mired in credit card crises, spending addictions, pension-less retirements, failed businesses, and payroll loans spiraling out of control. Continue reading Don’t Give Up! →

Creating Passive Income

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“I work at a job which will not provide a pension. I’m trying really hard now to earn more so that I’ll have enough money saved up when I retire. However, the problem is that my time is limited as I go to college part-time and I’m a single parent of a nine year-old boy. Any ideas how to increase my income without spending a lot of time doing it?”

In our never-ending search to make more money, we all face an unchanging limitation- there are only twenty-four hours in one day. There is just so much work that we can physically do to generate income and no more, given the constraints of time.

Is it somehow possible to create income that is not restricted by our capacity to work? Yes it is! The answer can be found in passive income. Continue reading Creating Passive Income →