Nazreen
Tue 22nd Apr 2008, 08:46
We are now living in a "multi" generation where you hear such words as multi-level, multi-platform or multi-tasking but have you ever heard of Multiple Sources of Income? In our day and age, it is not enough that we hold regular jobs, be hardworking and loyal to our company. Especially now with rising Inflation, companies are looking to cut costs and reduce company spending. Do you really think that your job is safe and secure in your company even though you've been a loyal employee for the past 5 or 10 years? Honestly speaking, your company would rather hire a new, young and inexperienced staff than keep the old ones. Reason being... their salaries are lower and they can always train them!
Let me ask you this very hard question and it would be good if your write down your answer in a piece of paper. How many days, months or years will you survive if you got sacked from your job right now? Come on let's be honest here, for me I answered just less than 6 months since Singapore is the top 7 world's most expensive place to live in!
If this ever happens it would be good if you have additional sources of income, right? No, I'm not asking you to work 2 or 3 jobs because if you do this, you'll be dead by the time you even get to enjoy the fruits of your hard work. What I'm asking you to do is to look into other avenues to earn money in addition to your regular job. This is where MSI comes in.
It is important that you don't spread yourself too thinly though that you risk becoming inferior to your competitors and at the risk of losing your primary source of income. As Fergal said...
Yes it is always nice to have something to fall back on should you lose your job. However, you should be careful that your part-time business does not require so much work and time that you become less effective at your job and risk losing it. Unless of course that it is growing fast enough to become your primary source of income.
I've listed below some MSI opportunities that you might want to consider.
- Internet Marketing
- Investments (Stock, Bonds, Properties, Unit Trust, Money Market, Fixed Income and others)
*** Take note that I didn't include bank's savings accounts here. Do you know why? Banks only give a pathetic 0.75% interest on your savings but because of Inflation (http://www.businessadviceforum.com/showthread.php?t=658), you're actually losing money. ***
- Forex Trading
*** Foreign Exchange or trading in foreign currencies ***
- Work at Home jobs
*** Please take note that more than 90% of Work at Home opportunities in the Internet are scams so please be careful in choosing ***
- Turning your hobbies into money
*** This, in my opinion, is the best because what's better than doing something you love and earning money at the same time ***
- Ghostwriting or Freelance Writing
*** There are a lot of websites out there that pay for articles ***
- Infopreneurship
*** This refers to an entrepreneur who makes money by selling/sharing information on the web ***
- Network Marketing
*** Otherwise known as MLM, it allows a parent multi-level marketing company to market their products directly to consumers by means of relationship referral and direct selling. ***
Use of Leverage to improve our MSI:
When we already have an MSI, we must learn how to make it faster, bigger and better. What better way than to use leverage.
When your business is already at the point where you cannot handle everything by yourself, it's time to hire people. When hiring people or looking for business partners, don't go to all your friends immediately and ask them to work for you or become your partners. You must first consider this very important concept about leverage - Work with people who have what you don't have. Usually your friends would have the same hobbies, same ideas, same perception and have the same social standing as you!
Leverage takes into consideration - RICE. I'm not talking about the rice that most asians eat but the following:
Resource ($$$ and Time)
Ideas
Contacts
Expertise
You must look and work with people who have $$$ (financial leverage) and time, who have different Ideas from you, who have different Contacts from you and who have different Expertise from you!
Your comments are greatly appreciated. If you know other types of MSI opportunities, kindly let me know so I can add these in the list. Thanks in advance!
Acknowledgements:
Thanks Fergal for stressing the importance of not spreading yourself too thinly :)
Let me ask you this very hard question and it would be good if your write down your answer in a piece of paper. How many days, months or years will you survive if you got sacked from your job right now? Come on let's be honest here, for me I answered just less than 6 months since Singapore is the top 7 world's most expensive place to live in!
If this ever happens it would be good if you have additional sources of income, right? No, I'm not asking you to work 2 or 3 jobs because if you do this, you'll be dead by the time you even get to enjoy the fruits of your hard work. What I'm asking you to do is to look into other avenues to earn money in addition to your regular job. This is where MSI comes in.
It is important that you don't spread yourself too thinly though that you risk becoming inferior to your competitors and at the risk of losing your primary source of income. As Fergal said...
Yes it is always nice to have something to fall back on should you lose your job. However, you should be careful that your part-time business does not require so much work and time that you become less effective at your job and risk losing it. Unless of course that it is growing fast enough to become your primary source of income.
I've listed below some MSI opportunities that you might want to consider.
- Internet Marketing
- Investments (Stock, Bonds, Properties, Unit Trust, Money Market, Fixed Income and others)
*** Take note that I didn't include bank's savings accounts here. Do you know why? Banks only give a pathetic 0.75% interest on your savings but because of Inflation (http://www.businessadviceforum.com/showthread.php?t=658), you're actually losing money. ***
- Forex Trading
*** Foreign Exchange or trading in foreign currencies ***
- Work at Home jobs
*** Please take note that more than 90% of Work at Home opportunities in the Internet are scams so please be careful in choosing ***
- Turning your hobbies into money
*** This, in my opinion, is the best because what's better than doing something you love and earning money at the same time ***
- Ghostwriting or Freelance Writing
*** There are a lot of websites out there that pay for articles ***
- Infopreneurship
*** This refers to an entrepreneur who makes money by selling/sharing information on the web ***
- Network Marketing
*** Otherwise known as MLM, it allows a parent multi-level marketing company to market their products directly to consumers by means of relationship referral and direct selling. ***
Use of Leverage to improve our MSI:
When we already have an MSI, we must learn how to make it faster, bigger and better. What better way than to use leverage.
When your business is already at the point where you cannot handle everything by yourself, it's time to hire people. When hiring people or looking for business partners, don't go to all your friends immediately and ask them to work for you or become your partners. You must first consider this very important concept about leverage - Work with people who have what you don't have. Usually your friends would have the same hobbies, same ideas, same perception and have the same social standing as you!
Leverage takes into consideration - RICE. I'm not talking about the rice that most asians eat but the following:
Resource ($$$ and Time)
Ideas
Contacts
Expertise
You must look and work with people who have $$$ (financial leverage) and time, who have different Ideas from you, who have different Contacts from you and who have different Expertise from you!
Your comments are greatly appreciated. If you know other types of MSI opportunities, kindly let me know so I can add these in the list. Thanks in advance!
Acknowledgements:
Thanks Fergal for stressing the importance of not spreading yourself too thinly :)