What Are The Sources Of Income To Support My Lifestyle and Investments?
We always hear from network marketer saying “Two paychecks are better than one.” That means to say that it is better to have two sources of income – maybe another extra job or a part time business in addition to a full time job.
Warren Buffet’s quote says that “Don’t put all your eggs in one basket.” Most MLM Junkies use this to justify their reason why they are holding two or more network marketing companies. They thought that the more network marketing they have, the more chances they will earn big. That’s not the case.
I will share to you to find out where the sources of our income and how we are trying to transition our income as our part time business grow.
Your Business Is YOU!
My business is “Jun Pasion.” Yes, life is a business and while Jun Pasion is alive, managing the business continues.
For you, your business should be you, too! It is wise that you have to brand yourself, represent yourself as a business not any company. You have to be well-equipped to run your business called LIFE. Unfortunately, humans do not come with a user manual. That’s the reason why most of us are simply living by as what life is to bring us. We have to equip ourselves with the correct knowledge, use the correct system to be of good use to the society and not destroying other’s lives by taking envy on what others have build for their lives.
Your Full Time Job
Right now, our full time job is the major contributor of our income. It is good to have a job, but one should not be working for pay until the retirement year. I thought that I could be doing my business full time the time I reach fifty years old. I missed that target and I failed miserably. I made bad investments. I wanted to earn faster. But it was a short term gain and a long term pain. I lost everything.
I’m back again to accumulation phase, saving as much as I could, putting those savings into investment fund to make those money to work for me. Our full time job pays our monthly expenses and following the 10-10-10-70 Formula, we are able to save at least 20% of our income that goes to building our emergency fund and accumulation of our investment fund.
Starting a Part Time Business
Having a business of your own is a good way to add value to yourself. Even though the income may not be substantial during the first few year, the learning, education and training that you will acquire in running your part time business is priceless. Once you acquired those knowledge, they will remain in you at your own disposal.
It is very easy to get started a part time business nowadays. You can start your online marketing business at a very low cost. You just got to have a good internet connection, a laptop or tablet would be good. Even with your smartphone alone, you can do great things with your online business.
Below are some of my favorite way to get started online.
With the evolution of internet where you can work from your home or virtually anywhere, starting your part time business has never been easier. Affiliate marketing is a good way to start earning. You will sell other people’s products and services. For me, I love to promote information products, learning systems and marketing tools.
Although most affiliate products are one-time sales, there are also some services that are subscription-based where you can earn monthly or yearly. These repeating income are my preference. Right now, I promote Bluehost for web hosting, Aweber for mailing system and Unity Network for marketing system and training community.
Earnings from this source is already an extra income that I put in our investment fund.
This is a business that you can build long term. This is not an overnight success. That is why you have to find one company that can withstand the test of time. This part time business can be built in about five years by growing a community of consumers. That means that I can only see a substantial profit after five years. Don’t be fooled about the earnings that network marketers are flashing to catch your attention. There’s always a story behind the scene about that.
For me, any income coming from our part time network marketing business is another extra income for our investment fund. So it doesn’t matter if the income is still far from the horizon. But still, even though we are earning a little from this part right now, we continue to build our consumer base and business partners.
Your Own Products
As an online/internet marketer, creating your own product is a must. This also takes a longer time to create as I am still at the start up. Right now, I create free Ebooks. I have one book published on Amazon that is worth $2.99. Other products that I am planning to create are audio and video training – free and paid products. This is the final destination that I want to reach – to provide products that can provide solution to other people’s problem, especially with their finances.
This still not a big source of income. I mostly reinvest my income from this source to my additional learning and training.
Income from your investment
This should be the final goal of everyone – to reach the point where the earnings from their investment can pay off for their choice of lifestyle. This is the point where your money is the one working for you. You have already made money as your slave. Right now, I am still in the accumulation phase. Gains or Losses are still on paper as this is a long term investment. The more savings I can put on this part, the better the earning potentials I can get.
As of now, our investment in Trust Fund is tied with Philippine Stock Index (PSE Index). I purchase fund participation every month if I could, depending the availability of funds coming from the different sources of income.
Buying your own house or apartment
Any money paid to rent is a money gone. But if you pay that same amount to own your own house or apartment, you are saving that money. You have the possibility to recover back that same money or even more when you sell your property in ten or twenty years. Or you can leave it to your children for them to get started with their financial freedom.
For us, like the investment income, this is also for the long term.
Managing your finances is managing your life. People who will sell you the idea that money is not important is a person who have no money making excuses and justifications for his failure in managing his life. If you want to take charge of your finances, go to people who knows the trade. They are always willing to coach or mentor you.
Before I close, let me share you this quote from Bill Gates: “If you were born poor, it’s not your fault. But if you die poor, it’s your fault.”
If you are looking for some ideas how can you get started doing a part time business, simply leave your comments.
Here’s to your success!