Some of you may remember this verse from a song written so long ago as part of the movie sound track from the “The Greatest”, the original movie sound track about Mohammad Ali’s life, sung by George Benson and later remade by Whitney Houston.
I know you’re probably thinking by now, where’s Vercie going with this Financial Freedom Tip. How is this history lesson about a boxer and a song track from an old movie going to help me with my finances? I thought Vercie was sharing tips about money, not social or moral issues?
Whether you’re a high-profile athlete, entertainer, politician, or a simply hardworking person who loves his company never pin too much of your hopes and financial future on one source of income. Life changes in an instant and so can the income you receive from that great company you’ve been so loyal to for so long.
Wealthy people build their wealth by creating multiple sources of income to invest or simply create a pay raise for themselves. Most use passive income (income from real estate, business investments, stocks, bonds and etc.). This week’s Freedom Tip provides tips to help you create new income streams using simple; proven solutions.
Financial Freedom Tip #1: Buy income replacement insurance if needed – Purchase replacement insurance if you haven’t saved a sufficient amount of money to meet your living expenses during an emergency. I purchased this type of insurance to protect my family from financial ruin while I was younger until we accumulated enough cash in the bank to meet our expenses for many months due to job loss or extended illness. Depending on your current age, employment situation, wealth and income needs this may be a viable option to consider.
Financial Freedom Tip #2: Sell gently-used stuff at the local flea market – Don’t be a hoarder. We all have valuable stuff lying around the house in closets, in the basement, in kitchen cabinets, in the garage that others will buy. Often we get fed up with all the clutter and call “1-800-Got Junk”, donate it, or take it to the trash dump. That’s poor person thinking. Take pictures of the stuff you’ve been hoarding, put it on Facebook’s market site and make money from it. Remember, one person’s junk is another person’s treasure.
Financial Freedom Tip #3: Become an Amazon or eBay seller – Visit local stores and buy durable items that are on sale (not the latest clothing). Sell the items as soon as the next season at the local flea market or online. I’ve read about some people who have turned this idea into several-thousand-dollar businesses after realizing how easy it is to do. Big retailers (Walmart, Target, Kohls, K-Mart …) discount stuff just after the season ends. With a little planning you can buy stuff people need in the future for 30-50% off and sell it next season and make out like a bandit. If you want to go big you can go online and buy stuff in bulk after each season ends and focus on selling just a few types of items.
Financial Freedom Tip #4: Invest in residential real estate – Many millionaires use real estate investing or selling real estate to create additional income. I recommend taking a course to obtain a real estate license to help you find bargain properties to fix and flip or rent. Realtors get access to properties before they are placed on the public market and if you hustle you can find great deals to flip or rent without competing for offers. If you’re young and want to be a billionaire by doing this, you can. I know a billionaire who started off investing in real estate after working as a grocery store bag boy, and later a store manager out of college. If only I knew then what I know now…?
Financial Freedom Tip # 5: Perform Seasonal Work Side Hustle – Work on your own or for a local company part time, especially seasonal work, to create a second source of income. During summers, tax season, Christmas, and after kids go back to school in the fall, employers are always looking for people to fill jobs part time. There’s are lucrative opportunities to perform home maintenance jobs including mowing lawns, clearing snow, painting houses, power washing (clean) decks and siding, and etc.
Financial Freedom Tip #6: I recently read an article by author Tom Corley related to a study of millionaires, and it indicated that most gain wealth by creating multiple income streams. When I read it I said to myself, “What the heck, he’s spot on.” I did that and it surely helped on my journey!
Given today’s business climate anyone who thinks they can rely solely on their company or the kindness of their boss to take care of their financial needs for life is mistaken. Your future is in your hands. Don’t rely solely on your employer to be there when you need help. Diversify your income stream to earn more money and invest more to secure your financial future.
Anyone can be a rain maker once they know how. Remember to go out there and Make It Rain!