In this installment, we will be looking at how you can start leveraging your skills, people and money. I am going to delve into how to start making your money work for you.
People all over the world are making money each day, but so many people don’t know how to make their money work for them. The previous posts have been going through the steps of creating value for yourself and establishing your skillset in your field of expertise.
I have covered how you should position, package and promote yourself as an expert and use your expertise to create value for yourself and use this to determine your place in your field. I have covered how you can become the go-to person in your field, share knowledge, and know how a business works.
Lastly, I have covered how you can start identifying an asset or investing in real estate so that you can put the knowledge together and use it to your advantage. I am now going to go on to how to make your money work for you, which is a key aspect of creating and maintaining your wealth.
Identify the Movers and Shakers of Your Industry
Let’s use an example that you are currently working in the health industry and you have decided your value in the industry. You naturally want to establish yourself as the best in the industry and have taken various steps in achieving that. As I have mentioned before, this is why you surround yourself with knowledge and people you can learn from. This is why you go to seminars and conferences. There, you are picking up best practices from peers in your industry and finding out how they are top of the industry and how they are making money.
Let’s use an example here, say at the conference, you find out that there is medical equipment in your field that should you purchase it, will set you aside from everyone else in your field. It will firstly solve a lot of problems for many people and speed up the process of you assisting them. So, if you invest in this piece of medical machinery, whether you buy it on credit, cash, or invest with a partner, you can rent it out to a hospital, and generate a full new cash-flow.
In this way, not only are you helping other people, and creating value in that industry, but you are generating another income which is not your normal job. Because this is aside from your normal job, and because this is entrepreneurial, you will use this as your passion project. You will find an excuse to constantly work on this and spend time trying to find continuous opportunities.
If you hang around the right people, people who are investing, own their own businesses and are entrepreneurs, that’s when you start learning and that’s when you start seeing opportunities that you might never have seen before.
Once you start taking this viewpoint, you will start enjoying your field because you are no longer an employee. You have become a business owner and investor. You can become a problem solver and will be making a difference.
Using Your Interests to Build A Revenue Stream
The fact is, to become wealthy, you need to create multiple income streams. Don’t look at your work from one viewpoint. There are three ways of investing in your field of interest.-You can invest by buying tangible things that you can own that will further you in your field;-You can invest in companies that are finding new technologies or making groundbreaking strides in your industry;-You can invest in people in the field who are making huge strides and differences.
You need to start thinking like an investor and building wealth. The knowledge I am acquiring is not about me being paid, but I am investing in making a difference or in people. I can be developing people, or I can work with people to make a difference together.
I personally started investing in construction because I am in real estate. I invested in skips as I am in renovation. I have invested in studios in different companies as people need these to create content and videos. All of these were to further myself in the fields, to generate more money and to create more value for others. A vital thing to keep in mind is that all companies are looking for new markets and opportunities, so partner with them!
To Wrap Up
The last step is to teach your child. Buy them stocks or shares to own part of a company. What are they interested in? Make it interesting for them to know how money works, but make sure that it is educational too. It’s not about becoming rich, it’s about knowing how money and companies work.
You don’t become rich in one day. But you don’t become poor in one day either. You can invest in the industry that you are interested in because you are expanding your opportunities.