Saturday, July 10, 2010

If Money Were No Object

Yesterday on Face Book, Kim Kiyosaki asked if money was no object what would you be doing right now? I answered that I would be finishing the remodeling of my house and buying a brand new Tesla Model S car. But in all reality that might not be what I would be doing. Maybe I would be working on my business if that was gave the money to begin with. You have to keep working at it or it could be lost.

Having a business means you have to keep working or hiring someone to work for you. I know that would be the way to establish the passive income I so desire. But I also have a problem with depending on others to do things I feel I can do better than they. It seems to me that is when you get in trouble with people stealing from you or not doing their job correctly. Or maybe you are paying them and they are not doing their best because they feel they should be paid more. It is hard to just hand over your business to someone you hire.

That is another reason for your many streams of income. You make money from many different things until you have a little empire. I see it with so many people. Most of the stars do it. They make movies or television shows and then they do advertisement endorsements and then next thing you know they have a pet food company (Dick Van Patten), a salad dressing company (Paul Newman), a grill (George Foreman), a perfume company (Elizabeth Taylor), a jewelry company (Joan Rivers), a cosmetics company (Naomi Campbell), exercise equipment company (Suzanne Somers), a diet book (Suzanne Somers), etc.

So make a list of all the things you can do to earn money. The types of skills you have and what kind of income those skills could bring in. Or do you have something growing on your land that can be harvested and sold? Can you do a service for someone that would bring in a little money? All those things can add up a good sized income over time. So really think about it.