Can’t we agree that everyone starts life with equal potential? Yet the amazing fact is that 95% of them will end up broke in old age. They will not be able to live the dream they dreamed of throughout their years of toil.
The problem is that those 95% of people just do what everyone else is doing, which is usually what other people tell them they should do. These people are, for the most part, living lives created by circumstances and other people’s reaction to circumstances, rather than using the unlimited power of their own brains to create the life they want.
If you want different results than you are getting in your life, you will have to change your outlook and approach. Here are a couple of ideas that can change your financial future, offered for your consideration.
Let’s begin with the understanding that if 5% can be successful in a world of unlimited abundance, it IS possible for the remaining 95% to succeed and accumulate great wealth also.
Financial Planning Is Tricky
No one, not you, no financial planner, banker or stock broker knows how much money it will take to provide you with a secure retirement 20, 30 or 40 years from now. The economy will shift this way and that way, and only God knows what it will take to provide for yourself and your family in the future. To the best of my knowledge, He is not telling.
Therefore, we need to have a plan and put a system in place that will accumulate money for us and that will flow with the economy, regardless of the direction it takes.
First Things First
Any one of us can change the outcomes of our lives by changing the way we view ourselves and our circumstances.
Past failures do not define who we are. Our futures are ahead of us, not behind us. The Bible tells us to “forget those things which are behind” and to “press forward…”. I realize that that Bible quote is not teaching about finances, but it is a principle that also applies to how to think about our lives.
My studies of success over the last 45 years, and the results in my own life reveal a simple truth that will either make you or break you.
That truth is that we become what we think about…especially what we think about ourselves. If you think failure, you will fail; if you think of yourself as succeeding, you will succeed. You will go where you are looking. People tend to get what they expect. Being successful and getting financially secure begin in your mind, right where all progress begins.
6 Steps to Success
I am very careful about listening to Psychiatrists, however, David Harold Fink, MD offers these 6 steps to success that I have found to be very accurate and reasonable. They are:
- Set a definite goal. (People who have goals succeed; people without them fail).
- Quit running yourself down. (Replace negative thoughts about yourself with positive thoughts).
- Stop thinking about reasons why you cannot be successful, and start thinking about why you can be successful. (Everyone, even you, have some value to add to the other people of the world).
- Trace your beliefs back to childhood to find where you first got the idea that you couldn’t a success.
- Change your self image. Write a description of the person you want to be. (Write this in the present tense; e.g. “I am a successful salesperson”).
- Act the part of the person you have decided to become.
Whatever you wish to do, become or accomplish, YOU MUST THINK IT FIRST.
These 6 steps will help you to get your thinking, your outlook, under control.
A Couple of Ways You Can Create a Lasting Financial Plan
By lasting, I mean a financial plan that will keep up with the economy, starting in the present stage of your life and that will continue throughout your life. I will offer an example that communicates the principle so that you can apply the principle in a way that suits your unique perspective and personality.
Make a Small Commitment
Commit 10 hours per week to create a sideline, doing something that you enjoy. I don’t mean getting a second job. Jobs leave your future under someone else’s control, and “someone else” is working for themselves, not for you.
You need something that you have control over. Something that you love and are motivated to commit a few hours of time to each week. It needs to be something that will continue to create income, without additional work, once the initial production and set up is done.
Here’s an Example
If you put in 10 hours per week; as in 2 hours per evening, Monday through Friday, or 10 hours on Saturday, or 5 hours on Saturday and 5 on Sunday, in 4 – 6 weeks you could have an Ebook written to teach others how to enjoy your hobby, develop a helpful life skill that you possess. You could write a novel that entertains, a cookbook to help busy homemakers, etc. The possibilities are limited only by your imagination.
Once your Ebook is written, you can also turn it into an instructional audio or video program, or create an audio or video on a new topic that is near and dear to your heart.
Such an Ebook could easily sell for $20 and the audio book, or training program could sell for $40. (I’ll cover the selling part shortly).
What Your Products Must Do In Order To Sell
In order to be profitable, your products need to simply deliver value to the marketplace. You simply need to use your unique personality to provide a solution to a problem that people who are interested in your topic have. That’s it…just provide information that solves a problem. That’s valuable. People are continuously seeking information that solves problems they have.
The key principle for you is that you can make much, much more money teaching someone to do something that you know how to do, than you can by doing it yourself. For example, if you drive a truck, you can make about $1 for driving, three or four miles, and you can do that all day. However if you produce an Ebook that teaches wanna be truck drivers how to prepare and qualify to get a good truck driving job, you can sell that product over and over again, without ever getting into a truck. If you just sell 10 Ebooks in a day, at $10 profit, you’ll make $100 without ever leaving the house. If, on the other hand you are driving a truck as your job, you will have to be away from home and drive for approximately 6 hours to cover 300 miles, in order to make $100, if you are being paid $.33 per mile.
It is easy to see that if you drive your truck during the week and then commit 10 hours of off time to writing that Ebook, that if you were to lose your job, or loads just aren’t available, that your Ebook will keep you afloat financially. What if you expand that to include audio/video instruction? Bingo! You’re probably making more from your intellectual property than from your job. Wow!
How Do You Get Your Product To Market?
You can make your product available and sell it in several ways. I’ll list a couple of simple ones briefly.
- Set up a simple sales web page. If you lack the know how, just take the short route and pay for technical assistance, which can be cheap on Fiverr.com, or more costly by hiring a local person to set it up.
- Establish affiliate relationships with established sites that are relevant to your product’s subject. With an affiliate agreement, you get established sites to offer your product to their audience, in return for a commission. I suggest you offer them 50%, in return for sending you customers. You need them and you can reciprocate by helping them expand their offerings, value and interest level to their audience.
I advise you to not bother approaching people for an affiliate deal until you have your product ready. No one is going to commit to work with you based on “I’m gonna do something”.
If you will commit 10 hours per week to write an Ebook and/or produce an instructional audio or video that solves a problem for a small group of people who share your interest in a subject, and collaborate with existing internet businesses, you can create an income that will continue to make money for you long after you complete the work. You can repeat this process as often as you like to multiply profits many times.
Once you develop this sideline income, it will be there for you throughout your lifetime, with just a little occasional maintenance and upgrading/improvement. You can adjust prices anytime to increase sales and to adjust to any economic conditions.
Instead of depending on a fixed income in retirement, or no income for times of disability or job loss, you will have a handsome income that keeps up with the economy.
Anyone who has knowledge of a common topic and who will brush up on it as necessary should be able to produce an Ebook or electronic program on that topic within 2 months, at 10 hours per week. The important part is to just get started.
What are your thoughts on creating your own sideline to give you a financial cushion and continuing income in retirement?
Please share your ideas and questions with the rest of us in the comments below.