Here’s a mystery:
You wake up early every morning, spend 8 solid hours working. You endure the boring meetings which are more like lectures to you and survive the terrible peak hour drive back and forth. Mr. Rich however, wakes up whenever it pleases him, leaves at whatever time he fancies, and yet is really rich. Way richer than you. How is that possible? How can that be? How could the world be so unfair? How is Mr. Rich earning so much by doing so little? That is the mystery. If we solve this, we can answer the question: How can I be rich? To solve it, let us get ourselves acquainted with the three “hows” of making money
The 3 “Hows” of Making Money
How 1: Exchanging time for money: This is a technique used by approximately 96% of people. In this method, you’ll have to provide your time and expertise whether you are working in the office or at home. Think of doctors, accountants, and engineers. What about you?
How 2: Using money to make money This second “how” is called investing. Only about 3% of people employ such a technique. This is unsurprising as you need money before you can use this method! Worry not; we will have articles on this topic soon.
How 3: Exchanging ideas for money Only less than 1% of the population use this technique yet they earn 86% of the money. Think Facebook or Google. Are they not just ideas? Are the founders not super rich? Can you not see? If you want to be middle class, get a job! Choose the first “how”; exchange your time for money.
Well, before we explain what MSI is, let us first explain the concept of PSI. PSI = Primary Source of Income.
A primary source of income is the job a person holds. This is the first “how”. A person with MSI has money coming from more than one source. For example, speaker and author of the Rich Dad Poor Dad book, Robert Kiyosaki has money coming from his royalties of his books, real estate, sales of the Cash Flow board game, speaking tours, business ownership, and commodities investment.
Observe the sources of his income. Did you notice something? Did you notice that many of his sources of income do not require much time investment? Now, isn’t that liberating? To be able to be richer and richer each day without sacrificing too much time to do the important things. The best thing is, you can do it too! You really can! Let me show you.
Can you come up with simple business ideas that can earn you money? A simple cake delivery business, button badge business, clothes swapping website (like paperbackswap.com), and shirt business that prints trending tweets can possibly be your road to riches. Be creative! If it takes up too much time, can you find hire people to do the work? A college kid can do the job for you! However, the goal is not just come up with one idea, but to have as many as you can! That way, just like Robert Kiyosaki, you have many taps just spilling money on your lap!
Remember, these ideas must fulfill nine important criteria:
Keep in mind these criteria when brainstorming for ideas. Do you now see how you can be rich?