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Investing Your Time Instead of Your Money

Making money is an activity that requires investment of your resources. Most people trying to achieve wealth, however, believe that you should be able to acquire money only after a large investment.

A typical example is in the franchise business. A lot of people don’t want to develop a new business, instead they prefer to buy a business model from somebody else and just do the hard work on implementing it. That is why large corporations such as McDonalds can charge a lot of money and still have people interested in spending money to open a new store.

What happens, however, is that a lot of money is invested without the certainty of return. A large number of investors in franchise business end up broke because they had to spend so much money for something that is essentially a new job. They work for themselves, but they need to work so hard that it doesn’t make sense anymore.

Invest in the Stock Market or in Your Education?

A similar situation occurs in the stock market. To make money with stocks you need to have a large sum invested. If you have less than $1 million it is hard to make consistent profits in the stock market, because you need to pay so much on commissions every time a trade is made. In this case again, a large investment of money is necessary to generate money.

What many people fail to understand, however, is that money is not the only thing that you can invest to achieve wealth. Another important currency in the wealth generating game is time. In fact, time is even more powerful than money, in the sense that time can get you money. The opposite, however, is not true: money can’t buy you more time. Therefore, time has to be used wisely, preferably with activities that have high value for you (not only monetary, but also personal values).

Finding High Value Activities

The trick of investing time to generate money is to apply your time to high-yield activities. For example, if you use your time to watch TV, you are not doing useful with it. If you spend the whole day watching TV you will end up broke and sick, that is the reality. On the other hand, you can use your time is several high yield activities: getting an education, learning about a new business, creating products, contacting clients.

All of these activities are able to generate wealth because they create something of value for others. If you create a product, you will be able to satisfy customer’s needs. If you create a web site, you will be providing something for readers. Every activity that generate something of value can become a source of wealth for you.

When you decide how to invest your time, always think: is this activity creating wealth or not? If it isn’t, you probably need to refocus your time investment.

Investing in the right activities may be difficult a the beginning, but after you learn to prioritize your time, you will be able to do this almost automatically. The lack of priorities comes from a lack of understanding of the value of your time. When you realize the value of investing time in an activity you will be able to carefully schedule activities that will make you rich, instead of robbing you of both time and money.

As you see, creating wealth depends not only on investing money. The most important investment is your time, and it is also something that anyone can do. If you learn this lesson there is no reason why you can’t become a millionaire.

Becoming Millionaire in your Free Time

Making money, especially a lot of it, is perceived by society as a difficult task, that requires a lot of hard work to be accomplished. In the view of most middle class people, the only possibility they have of making a million dollars is either wining the lottery or working hard during 40 years and saving every penny.

What most people fail to recognize is that there are thousands of opportunities that can turn into million dollar business and that don’t even require so much work. For example, it is possible to create a business that does well and, after a few years of work, will generate cash without much extra work involved.

A traditional example of this is in the construction industry: if you build a house, you can rent it effectively forever, receiving monthly payments for something that you did only once. A modern example is putting your money on high yield investments. You will be payed every month just for money that your invest many years ago.

Make Money Without Maintenance

This list of little maintenance money generators goes on and on. You can decide to do it the hard way, working in the same job for years and years, or using opportunities that you have to build value that will pay you over and over again.

A good example of working once and making millions as a result is writing a book. You may think that this is a difficult task, but nowadays almost anyone can write a book — if you put the initial effort that is necessary to finish one. However, once you have a book you can spend the rest of your life (literally), just promoting it and being paid by the work that you did only once.

A lot of people get even smarter about this and write a lot of books. This is the way a few people got famous. For example, Suze Orman writes lots of books and is payed for them day and night. Others have repeated this strategy and are getting similar results.

Using Information as Your Bank Account

Which brings us to another way of doing the same, a method that is better suited to our times. Instead of spending a lot of time writing books, you can start small, but essentially do the same strategy. The simplest thing to do is to create a web site about a particular topic, and start to add information to it. You can do this by just publishing articles, or single posts about a subject.

The nice thing of this strategy is that you are slowly building an audience for what you want to say. People will start to visit your web site frequently, and you will build momentum as the person that knows something about a particular topic. This is the best way of reaching people in your area, because with time they will start to recognize you as someone active in the field, and try to get your opinion on particular topics.

Your web site can sell products that are related to the topics you write about, and make a nice profits from your passion. The advantage is that you now have an asset that will generate returns to you even after you stopped creating it. As in the case of the house builder, you will receive money for something that you did only once. As in the case of the investor, you will receive dividends for a web site that you created a long time ago.

Becoming millionaire without hard effort is possible. You don’t need to work 8 hours a day to achieve true wealth, but you need to be wiling to experiment and use the opportunity you have at your disposal. The web is one of the best opportunities available in our generation. It is a matter of using it and generate wealth that you can count on even when you don’t want to work.

Secrets of Generating Residual Income

A big goal for internet based entrepreneurs is to generate residual income. That is, income based on properties that you don’t need to worry about every day.

For example, money that you get from a job is not residual. On the contrary, you need to work every day if you still want to receive your salary. Even if you make a lot of money this is still true. For example, if a famous actor doesn’t show up for a filming, he will not receive his big pay check.

On the other hand, residual income is way more flexible. It is based on something that you have done in the past, but that still generates money for your every single day.

A quick example of such a residual income stream is a book. It may take a long time to write it, but once you publish a book it can be sold any hour of the day or night. Somebody may be buying your book in another country, but you are still paid for that. Of course it is not easy to have a successful book, but once you make it, it becomes very enjoyable to receive money for something that you already did. The same applies to other media such as movies and songs, for example.

The Secret of Residual Income

The secret is that you don’t need to write a book or a song to collect residual income. Most of us can do this, even if you are not a famous person. The main secret of residual income generation is to look for things that people are interested on and that you can sell over and over again.

In the Internet world, this is becoming the norm, instead of the exception. For example, if you create a web site, everyone will be able to visit it even many years after you’ve created it. Readers can visit your web site and you can profit from that, using affiliate marketing, selling products, or with other kinds of promotions.

A web site is a truly residual source of income. Once you have done it, you can spend years just doing minor maintenances and receiving money for your efforts. But it doesn’t stop there, you can have even more residual income stream if you spend your time diligently and look for opportunities.

Using Your Knowledge

Another possibility for residual income generation is to write reports about specific topics. For example, you can write reports about gardening, cooking, hobbies, or any other topic that is of general interest. Any of these topics can justify the creation of a report that you can sell in your web site. Short reports can sell from anything to $10 up to $40, and become an important source of residual income.

Still another method for residual income generation used by many is to sell images on the web. A few web sites have specialized in selling photos. If you like to take pictures you could very well make from a few dollars to several hundred dollars selling them on the Internet.

Finally, some people decide to create software and sell it for residual income. For example, suppose you have an idea for a simple software. You can contact a developer and have it done for a few hundred dollars. There is an initial investment in this case, but the advantage is that you can sell the software through your web site and make a profit for several years ahead. Software is one of the best ways of making money online, because it is perceived to have high value and it is easy to deliver.

Residual Income Ads Up

As you see, residual income is something easy to achieve. The most exciting thing about it is that such income ads up. Even though you may be making just a few dollars from each source, that is money that you are not working for anymore. If you can setup several of these money sources, you can quickly have make a lot of money each month. Eventually, you can make your residual income investments work for you, instead of having to work for a job.

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