LEVERAGING ANYWAY TIME AND MONEY

Most if not all of us have or have been encouraged to start a business “on the side”.?Many if not all of us have thought, “I am already swamped for time. Where would I get the resources?” Yet in real life, all of us who end up with multiple streams of business income, find that it always comes from anyway time and money.

As a financial advisor for over twenty years, I have always had multiple income streams. Almost all of them have been from businesses I started and owned. I grew up with a father who owned businesses.?He modeled and preached to all three of us kids to always have our own business even when we worked for someone else. I have encouraged all of my clients to explore, research, and seriously consider having at least one income from their own business, if they already owned one, I encouraged a second. Interestingly, I have found that most of the advisors I have met and or recruited, do not have a second income stream from another business.

Prior to walking through the many benefits of multiple income streams, I would like to address the reasons that most folks use to justify keeping the status quo.?The statistics according to several polls found on Google, indicate that at best, 60% of employed folks desire to have their own business. Thus at least 4 if not 5 or 6 folks out of 10 are not pursuing this strategy.

The top reasons given to not diversify with a business are time, experience, money, education, or expertise. By and large, the top reason is time. Whether time, money, or any of the others, they are all smokescreens. In my short 66 years, I have known, worked with, been mentored by, and interviewed hundreds of successful owners of multiple businesses-income streams. To a person, they all agree, and the data indicates that this list with many additions, is the reason to own one or more businesses. Think about what you just read. Time, money, education, expertise, family, location, timing, and others are the very reasons you and I should own one or more businesses.

Have you ever heard the story about the two “old-timers” sitting on the front porch of a country home??The owner’s hound dog is laying on the porch between the two men. As they solve all the world’s problems the dog occasionally lets out a moan. The neighbor finally asks, “why is your dog moaning?”?The owner says, “he is laying on a nail.”?The neighbor queries, “why doesn’t he get up and move?” To which the owner replies, “it doesn’t hurt bad enough.”

If you add fear to the list, I would again tell you to make it the reason. When I was in my forties, my dad had retired and was living on two pensions. Interestingly, he had allowed circumstances to drive him out of the businesses he owned and went back into the workplace for the last twenty years as an employee with no other income. About 4 years after he retired, he received a letter telling him one of the pensions had run out of money due to mismanagement. I still remember his voice on the phone, “I should have kept a business on the side, I shouldn’t have let others talk me into only one income.”

For every reason someone can give for not having a business income, I can give multiple names of folks who have built businesses because of that reason. In today’s high-tech culture, it is easier than ever to leverage time and money we are using “anyway” #anywaymoney and develop incomes using proven systems. The purpose of this paper is not to develop the details of those opportunities, but suffice it to say, they are plentiful.

The benefits of leveraging anyway time and anyway money into an income stream are also plentiful. I will quickly address the main benefits:

·???????CONTROL OF SCHEDULE owning a business allows me to make the schedule choices thus giving me more control of my time and that alone is reason enough for most owners. We can schedule around family events, etc.

·???????INCOME DIVERSIFICATION ability to have multiple income streams which provide greater financial security and potential for financial freedom.

·???????FOCUS ON STRENGTHS owners are able to focus on their strengths and delegate other tasks.

·???????MORE CHOICES owners have more choices available daily than an employee. To a great extent, they can choose with whom, where, how, and why they spend their time.

·???????INCREASED INCOME POTENTIAL owners have a much greater chance of increasing their income versus an employee.

·???????SECURITY owners usually don’t fire themselves.

·???????PASSIVE INCOME with the right business model passive income can be a reality.

·???????LEGACY owners often can pass the business, income, and community impact down to multiple generations.

·???????PERSONAL FULFILLMENT owners have more potential for personal fulfillment as they can build a business model around their “purpose or passion” in life.

These are just a few of the benefits of owning at least one business. There are dozens of additional benefits.?Yet rarely is anyone self-motivated enough to simply embark on this journey because of the benefits alone.?We tend to be creatures of habit and value comfort over growth. Know anyone who is still overweight after multiple attempts at losing pounds?

Starting and running your own business or businesses on the front end can be very challenging in many arenas. Much like a 767 taking off, most of the fuel is used on takeoff and getting to cruising altitude. Then the throttle is pulled back significantly to stay at altitude. The bottom line is that you will need a reason, be it a dream or nightmare, to get off the “nail” and create multiple income streams. The size of the reason will determine the size of the income. If it doesn’t hurt bad enough most will just moan.

Every client, advisor, friend, family member, mentee, or acquaintance who has decided to develop a business income and stayed the course to completion, has agreed that it is one of, if not “the” best choices they have ever made in their financial life. This, in turn, has often led to a better quality of life in every arena.

It’s your nail.

PS. If you want more info on a simple, proven way to create another income stream, email me at [email protected] and refer to the article.?Thanks for taking the time to read the article.