Once you understand there are only a couple of ways to make money, the next step is to decide which one maximizes you return on investing time.
This introductory article examines the primary ways to make money and announces The ME Factor for delivering the highest return to you for your time.
Regardless of how you make money, to achieve a maximum return on your own investment in time devoted to making money, you must achieve the maximum score possible for you on “The Me Factor” scale. The highest score possible is 100.
There are many ways to make money and most of them fall into one of two categories: They are:
1. A job where you exchange time for money.
2. Money works for you and makes more money.
There is a hybrid of of these two. This hybrid is usually described within the context of leverage and residual income.
For example, if you have a membership program people pay you a certain amount of money each month to belong. Gold’s Gym, Bally’s, and other fitness clubs are examples of membership clubs. If you own one, you have a job and hopefully have continuity income from recurring monthly or annual fees. If you own a restaurant, you have people walking through the door. However, you have no continuity income.
A membership program is a good example of a business benefiting from leverage and it is considered by some to be a residual income model. Once you have developed the monthly product for one person, it is easy to deliver that product to 2 or 2,000 or 20,000 or more people. The work is in developing the product and continually developing the list of subscribers.
The business model most commonly associated with residual income is network marketing or multilevel marketing. I know there are a lot of people who place that business model in the same category as satan. Factually it is a business model that is very successful. I have learned a great deal about developing business from successful, professionally managed network marketing companies. For one example visit International Success.
Another model is where you have money making money as opposed to exchanging time for money. People I know in that position still spend time monitoring their investments. Money is the primary leverage and this model works as long as the stocks, real estate or other investments produce the targeted return.
Work Is Required For Every Money Making Model. The Key Is Spending Your Time On What Gives You The Most Satisfaction. Announcing “The ME Factor”
You are well served by spending the time you have doing what you like to do and optimizing the return on your investment of time and money. Your return is measured by the amount of money you make and the enjoyment you experience making it. “The ME Factor” is calculated by your rating of how well you are doing making the money you want and your rating of how much you are enjoying how you make money. ME = Money Score x Enjoyment Score.
The ME Factor is key. Again it is a rating developed from the amount of money you make and your level of enjoyment in making it. More on that in the next article.
Now if you thought I was going to tell you the best way to be happy making money you were mistaken. Only you can do that. But I do suggest you look at not one, but more than one way. Some call this multiple steams of income. I don’t think a cab driver by day who waits tables at night thinks about multiple streams of income, but that person does have multiple streams of income. Before you allow a negative thougt to enter your mind’s eye when I describe the cab driver, let me assure you I have met some of the happiest people anywhere when taking a cab and when being served in a restaurant.
Once you understand that multiple streams of income are possible, then you know there is a solution for problems on each side of The ME Factor equation. If you don’t like a particular job you have, you can begin working at something you do like a lot more outside of your primary job. There are many people doing what they love as a result of following that path. Maybe you really enjoy your work but would really like to make some additional money. You can select another source of income based on what you enjoy doing.
What makes sense for you? In the next article we will begin to look more closely at examples of how to calculate and increase your ME Factor score and then increase it.
May you and all permanently experience prosperous health, happiness and abundance
Business Development Consulting
P.S. Please consider what you are doing today and whether you are solely exchanging time for money. If you are, then you need to develop leveraged income. Can you still do what you are doing now and develop leveraged income? Absolutely! For some examples please visit International Success and watch the fee video.
Â© copyright Steve Pohlit 2007 all rights reserved