In my last blog post, we talked about the need for multiple sources of income as part of your wealth building plan. In this column, we’ll focus on several considerations to keep in mind as you select the best MSI for you at this time.
There are some important ideas and needs to keep in mind when choosing to add an MSI to your wealth plan.
1. First, make a realistic assessment of your available time. If you are working 80 hours a week in a corporate job, you probably don’t have 20 hours a week to build websites for other people, or clean houses full time. But, would you have 4 hours to do a ride share app or deliver pizzas or try a direct sales business?
2. Second, make a realistic estimate of what capital or dollars you can use in an MSI. If you are short on capital or cash flow, then you’ll need a low cost to entry option, such a delivering pizzas or a direct sales company vs purchasing a rental home, which would be capital intensive.
3. Thirdly, make a list of all your skills, talents, and experiences. Are you a corporate trainer? Could you take that teaching/training experience and put it to use tutoring kids? Are you an entrepreneur would builds custom furniture? Can you do handyman/fix it projects as well? Perhaps a few hours at a local home improvement store would be an option for you. Maybe you dream of being a published author, so why not consider writing articles for a local paper or organization? You’ll get valuable experience in the field of one of your dreams!
4. Fourth, what is the underlying reason you want or need extra income? Is it to pay off debt? You’ll need a consistently strong “WHY” to motivate you as you build your MSI. Really take your time with this; pray and meditate over it, trust your gut, and let your intuition guide you. You can also get input from your spouse or trusted friend. Don’t rush this step!
5. Fifth, consider how long it might take to get real cash flow and revenue in your new MSI. If you are considering purchasing a piece of property or home to use for a rental, will you need to put money into the home for repairs or renovations before you can rent it? It may take a year to get real income flowing and if you need it more quickly than that, this might not be the best strategy for you.
6. Sixth, an MSI should fit with your overall vision for your life and goals. You’ll need a strategy for both long and short term wealth building. If you haven’t sat down with your spouse or given serious consideration to what you really, truly want, then don’t rush this step.
You’ll need to pair reality and inspiration to help create the MSI’s that work best for you personally. Do not look for “get rich quick” schemes or other “too good to be true” financial situations. Look for MSI’s that stay in harmony with the natural laws of money, the skills you are good at, and the vision you are creating. If you need help creating a vision or strategy for your life and money, or developing an MSI, I am here to help. Reach out today! Your dreams are waiting on YOU!