Little-Known Secrets To How You Can Increase Your Wealth, Not Just Your Money

Income is earned, and Wealth is something that multiplies. Generational wealth is something that continues to grow and doesn’t just ‘stop.’

Your goal should be to create wealth for your family. However, success doing that hinges on HOW you bring money into your life.?

My last newsletter talked about knowing what you are good at, knowing what you will and won’t do, the fact that you are not the same person you were 5 years ago, and that there are new opportunities for making money showing up every day in the world.

In today’s newsletter, we will look at the 4 main ways people make money and the pros and cons of each of those. (Some you may have thought of, and others you may not have looked at in this light before).

And before you dive in, don’t be just a passive consumer of information! Really start thinking about how you can grow Wealth by expanding how you earn money.?

There are really just 4 types of income:

1. Trading time for money
2. Commission?
3. Commission with routine repeat income benefits
4. Passive income

How do you know which is right for you? (You may want more than one!)

1 - Trading time for money: Consider this the traditional salary or hourly job, also called "linear" income. You go to work and do a good job, you get paid. You don't work, you don't get paid (after you use your PTO, etc). You can be fired or laid off anytime - and you won't always see it coming.

?? Can you really grow wealth? Sure, if you can save alot of what you get paid. (Can you really do that in this economy?

2 - Commission: This happens when you sell 'something,' and sometimes you have a base salary, sometimes you have a 'draw' against future sales, and sometimes you have a 'straight commission.' Just like trading time for money, you can get fired or laid off anytime. This type of job is generally a 1-time commission. Although you may receive referrals, you generally cannot count on that same client/customer making a comparable purchase month after month.

?? Although you may make a large commission, remember that you will always be looking for new clients/customers.

?? Examples would be: a realtor, a car salesman, or someone selling solar panels for your home.

?? Consider whether you have control to 'find' the client proactively or if you have to "sit and wait" for the client to come to you. The latter situation is more difficult to control.

3 - Commission with routine repeat income benefits: This happens when you get paid consistently on the same client, and there is a 'paper trail/commission report' of how long that has occurred and in what frequency. (A paycheck by itself is not proof of repeat income).

?? How often do you change insurance companies? Most people say "not often". This is a perfect example of commission with repeat income. Each time you pay your premium, that agent gets paid. Many people have had the same agent and company for years and years. That is real repeat income.

?? (If it is a good company, then the agent gets paid the same % each time, and that % doesn't go down over time).

?? Several options exist in this category if you are entrepreneurial-minded, including (but not limited to) a beautician (especially for women), a financial advisor, a coach with a 'membership' program, and sometimes a rental property. (Rental properties still have to be maintained, updated, etc., which is not true 'passive' income).

4 - Passive Income: To have passive income, you generally have to have money to begin with. You put $100,000 in a bank account, you receive interest, and that interest IS passive income.

?? Other examples would be music and book sales/royalties, dividends from an investment, or an annuity that you paid for up-front; it grows interest, and you receive monthly payouts.

So you can keep doing what you are doing, and not much will change. What will your life look like in 5 years?

The real question is: Do you WANT it to change, and if so, what is holding you back?

• Ask yourself: If I DO this and it works, how wonderful will my life be in 5 years (or less)?

For many people, what is holding them back is one of two things: Fear or Lack Of (Real) Knowledge. You can resolve both, however, those resolve in very different ways.

If you want things to change, you must consider adding ways to create WEALTH and not just MONEY!

• Keep an open mind
• Ask for and look at the proof (don't get caught up in the hype)
• Ask the right questions and keep asking them until you get the answers
• Know what you like to do (and not do) and the level of risk you are willing to take
• Know what you NEED as well as what you WANT when it comes to income

If you want to schedule a free Zoom to discuss your situation, CLICK HERE.?

Look back at the last issue at CLICK HERE.

Looking ahead at the next issue: ?

• Do you have what it takes to be in the top 10%??

Which of these points resonates with you most??

Let's continue the conversation in the comments. ??

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