Many of us were taught to do well in school, get a great job, work hard, and you'll eventually make a good living. This may be true, but when it comes to making money, there is a great limitation to working for someone else or even working for yourself if you charge by the hour—TIME. There are only so many hours in a week. No one can buy or create more.
Even doctors suffer from this limitation. The average physician makes a large salary, but there aren't many that make a million dollars a year.
If you want the opportunity to make a tremendous amount of money, it's important to find ways to earn without your presence being necessary. Free yourself from the clock and your ability to earn is unlimited.
Here are some ways to reach unlimited earning power:
- Get paid more than once for the same work. Think about artists, authors, and musicians. In their respective businesses, they're able to get paid repeatedly for the same work.
- An author can write a book and then sell a million copies over the next 10 years. During that time, she may have written 20 more books. What could be better than getting paid multiple times for the same work?
- What are some other businesses that can utilize this same strategy?
- Do something that allows you to receive recurring payments. Leasing office space or other real estate to others keeps money coming in while you do other things. Leasing out virtual space is a similar strategy. Setting up a membership website or other subscription service, like a podcast, for example, is easier today than ever.
- Be an investor. The great thing about stocks, bonds, mutual funds, and similar investments is the ability to make money with little work on your part. You're essentially making money while you sleep. You could also loan money to others at interest. For example, I have funded a number of real estate deals and secured the loan with the property.
- Outsource / arbitrage. Many people set up businesses and then outsource all the work. This is especially true online. For example, there are people that sell website building services. These same people then hire someone else at a reduced rate to do all the work.
- Ghostwriters write many of the e-books sold on sites like Amazon.com. The listed author paid someone else to write the book. If you can successfully buy something for $X and sell it for $X+Y, you can potentially make money with little work.
- Can you think of ways to make money by outsourcing work to others?
- Create passive income. A website that sells an affiliate product can make money while you sleep and is a form of passive income. With an affiliate product, you provide a link to someone else's product and earn a commission when people buy. What could be easier? Owning rental property that's completely managed by someone else is another path to passive income. Brainstorm other ways you can make money passively. Get ideas from family and friends.
Time is a limitation for all of us. But time doesn't have to limit your income. Doctors, lawyers, and CEOs are paid well, but you have even great financial potential if you can break free from swapping your time for money.
Uncertainty stops many people. If you write a book or create a website or eBay store, you're not guaranteed to make any money at all. Courage and persistence are required.
Get started today and build an income stream that isn't dependent on your time or presence. You'll enjoy getting paid while you're not at work!