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Add value and make more money…..

November 20, 2012

Remember playing monopoly as a child? You start off with your base wage of $200 per round then slowly build up your income by securing income generating assets whilst avoiding the boys in blue. Many of us however don’t take these simple concepts that we learnt as children and apply them to real life. We do the first part of going round the board (we get a job) and quite happily accept our $200 per week but do we see the opportunities as they pass us by. Opportunities that are taken by those who perceive them and take a step of faith! What do these entrepeneurs know that others don’t? They know that they are valuable and that their level of income is directly linked to the value they add. Once you realize your value and focus on how you can contribute that value to a community, being rewarded with a higher income is a natural consequence.

Whilst you might not be a budding entrepeneur, everyone has something that they would like to save towards and using the Monopoly concepts, why now consider the benefit of creating multiple streams of income to reach your goal sooner! So start with your why! In the unusual case that you cannot think of anything – why not really treat yourself to something special that will also change your life? Create an extra $50 per month income and sponsor a child.

Now that I have given you no excuse to get cracking let us consider the how….

The two main ways to earn income other than working as an employee are through property (the provision of accommodation) and business (the provision of goods or services). Some would say three and reference shares, a portfolio of which you can kick off with as little as $500, but to me shares are just a business that I own a small part of. We can talk about shares in another post but for now let’s focus on business ideas that you can do to supplement your income. Think of ten ways right now that you can add value, to your workplace, neighbourhood or community. They don’t have to be complicated ideas, they can be as simple as my recent egg business.

Last month my husband was away so I have been selling organic eggs from our little red ladies for $5 per dozen. Our chooks are happy and well kept, they free range every afternoon, have heaps of space in their run and the eggs are really fresh with rich, yellow yokes. I offer a better product than the supers at competitive rates and as a result I have sold out!

Consider your resources, free time, skills, talents or knowledge. Write down ten then choose the top three, most feasible ideas and formulate a simple plan! Let us know how you get on!

Do you have a hobby or small business on the side of your job? We’d love to hear about it and what inspired you?

From → Wealth

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