3 Key Ideas to Make You More Income & More Wealth

Here are three key ideas and 8 strategies to make more money and create more wealth.

Having listened to many audio programs on wealth building and income generation over years, it seems to me there is a common theme with the advice that's given.

Perhaps it's Bob Proctor, the famous Canadian presenter sadly no longer with us, who sums up so succinctly the key areas regarding income and wealth creation.?

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A few years ago…

I had the pleasure of interviewing Bob twice for my Achievers Edge audio newsletter. And then at Bob's request I went to Canada and spoke for him at one of his 3% club meetings in Toronto.

I'd like to give you my thoughts on Bob's idea of the 3M strategies and put forward eight ideas in the M2 and M3 areas.

Bob's suggestion was we have three possibilities of income and wealth generation.

M1 is where we swap time for money.

M2 is where we earn royalties or returns on previous activities.

M3 is Investments.

So, let's look at the M1 strategy first.?

The challenge the real challenge with only having an M1 strategy (that's swapping time for money) is we run out of the one - time - before we get enough of the other – money.?

Unfortunately, most people are totally reliant on an M1 strategy if they don't work, they don't earn.

As the axiom says…

“Most people have too much month left at the end of their money rather than too much money left at the end of the month”.

So having an income strategy where only M1 is employed is a risky strategy.

Why is it that such a high-risk option is the one so many people employ?

I heard Doug Weed say in a presentation many years ago…?

“Most people are far too busy earning a 100,000 a year to ever make a million a year”.

What a great expression and just so true.

It can be so easy to get involved in our day-to-day money-making activity, we forget to step back occasionally and look at some different strategies that can make us wealthy.?

The M2 strategy is where we earn money from previous activities, such as royalties or multi-level commissions.?

M3 is where we earn from Investments. And of course, it's probably from M1 and M2 activities, we've accumulated the wherewithal to invest in properties and shares.

Perhaps now is the moment to consider the difference between income and wealth.

Here's just one of the many ways to look at that difference…

Income is money flowing in and wealth is a series of assets.

Assets may well produce income.

My thoughts today are…

What are the actions you're able to take to create income and more importantly wealth for yourself?

Let's look at the various strategy we can employ in the M2 and the M3 areas.

Here are eight ideas…

1.?? Royalties

What possibilities are there for you enjoy a royalty income?

I'm certain you have knowledge other people would like to know. Is there an opportunity to put that information into a book or an audio or video online product on which you could earn royalties.?

Or by writing a sales letter you keep earning commissions, or profits from that letter.

2.?? Multi-level commissions

What possibilities are there for you to earn multi-level commissions?

This may not be by being involved in a multi-level company, although that's an option. But it may be that you've taught an idea to someone how to do something and their ongoing activity generates a level income for you.

3.?? Rental income

Do you have any rental property? ?And by property I don't only mean bricks and mortar. Maybe any asset that you could rent out.

This might be a car, or even a power tool or scaffolding.

What options do you have to create a rental income stream for yourself?

4.?? ?Commissions earned from ongoing sales or business.

I'll link this into the idea number five…

5.?? Programming customers to buy.

What ongoing sales can you or your business make, where customers are on an ongoing buying program, such as a subscription programme?

6.?? The endorsement of other businesses products and services to your customers.

This may only take you one activity to create an ongoing income source that activity might be writing one endorsement letter.

7.?? Creating a franchise of what you do

If your business works like clockwork, is there a possibility of offering a franchise for it in areas which you do not operate in?

8.?? Building a business that does not need you to operate it.

This is where you take ongoing profits - if you've read or listened to Michael Gerber the author of, The E-Myth, you know Michael suggests so many small business owners are run by a mechanic with an entrepreneurial seizure.

Or in other words…?

Most small business owners are running a business where they are the main operator of the business.?

The lawyer runs a law firm.

The hairdresser runs a hairdressing business.

Could it be that you could run a business that doesn't need you to operate it??

So, there we have it, the difference between income and wealth, and the three strategies:

1.?? Swapping time for money

2.?? Royalties and

3.?? Investments

Here are my thoughts for action for you.?

A series of questions…?

What action are you currently taking in each of the three areas??

What action could you possibly take each of the three areas?

And

What actions will you take in each of the three areas?

Let's make certain that we're not too busy earning what we earn today to stop us earning what we want to receive tomorrow.?

I wish you every success in all your adventures in life?

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Peter

Peter Thomson

'The UK's Most Prolific Business Development Author'

PS: If you'd like to discover how to get paid! more for the value you deliver, not just time invested - check out my new book here

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