Income-generating opportunities are important for many nowadays. The essential method of finding ways to ensure we can live a great life with the freedom to pay bills while taking care of our children can become a grind if we are not careful.
Warren Buffett rightly said, “If you don't find a way to make money while you sleep, you will work until you die.” That is a fantastic statement for the need to create not just working income but passive income. Passive income is any money that you accrue even while you are not actively engaged in the process of work.
This revenue can come from various avenues and will always dictate a bit of work upfront. However, once established appropriately, it can mean big benefits for you financially and freedom-wise later.
The situations of life dictate that you should be always looking to expand and grow your income. Let’s look at a few ways that we can proceed to do this.
Build A Business
To start off, know that being an employee can be great, especially if you land a great job with benefits. Note that the real returns will begin to add up once you shift some of your determination to being a business owner.
Initiate additional work as a freelancer or by doing self-employed efforts. Do this by using the money from your employed income, borrowing money from friends and relatives or finding start-up grants from venture capitalists. As you make more profit, put it back into the same business and upgrade and grow as best as possible over time.
You may scale your company along a path of mostly freelancers assisting you to then employ full-time workers. As your business expands, look to also change your executive structure, forge new business partnerships and opportunities and also employ and build other people and contractors.
For example, I started a few companies in my 30s and now that I’m older in my 40s, I am ensuring that other avenues for networking, expansion of the initial businesses and the creation of others move along as years progress.
The next stage may even be to expand to other offices and create real estate value for your company.
Create Real Estate Opportunities
One of the truths about Starbucks is that although they provide gourmet and specialized coffee at cheap prices, they also have lots of building assets. To house, a Starbucks cafe requires a building that of course, can be owned by the company. Buildings can then increase in real estate value which depends on a few factors such as location, inflation, and usage value.
That example is just a clear indication of how you also can create places of revenue generation from land and buildings. You may choose to franchise it to other businesses, rent it, or AirBnB it. The areas we move into such as houses can become similar places of income once we finalize mortgage payments and move on to other properties.
For example, I’ve done real estate earnings through Airbnb. Properties that I utilize and rent for periodic borders have really netted me a bit of profit over the years.
Finding Stock Market Options
The wealthy investor, Warren Buffett, speaks a lot about how he’s able to use his companies to buy shares in others and expand by delving into valuable assets on the stock market. Investing is just another way of owning or buying into companies. As a shareholder, you are able to use other people’s money who are actively working on building a business and net a profit from that company’s dividend payments. You can even sell shares later after they increase in value.
Stock market gains may take some time but on a robust exchange, it will mean great value in the future. Learn a bit about investing, buy into companies that are stable, keep diversifying your holder ships in different shares, and over time you can make quite a bit of revenue.
You may even decide to invest in different markets, not just your local stock exchange. Additionally, over time you may look at other monetary exchanges such as foreign exchange and cryptocurrencies.
For example, there is a famous story about how the first person who used BitCoin to pay for anything bought pizza for someone in exchange for 10,000 in bitcoin, then roughly valued at US$41. He later used most of that bitcoin value on travel. Today, that lowly 10,000 bitcoin haul would be worth a pie-in-the-sky $365 million!
Diversifying your portfolio will be the way to go into a brighter future. These ideas listed above are a few ways that you can start. However, knowing your ability, and changing your mindset to earn is essential to get focused on different revenue opportunities.
In response to Jeff Bezos’ question, “I asked Warren, your style of investing is so simple. Why doesn’t everyone just copy you?” Warren Buffett then stated, “because nobody wants to get rich slowly.” Stay consistent and keep putting in small efforts to gain a larger success. Success takes time but it also leaves clues.