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Money Principles
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Make More

Lesson 5

Total duration:   1h

Bonus

CORRESPONDING LEssons: 6 Protecting Your Family from Hardship

PDF | Book 

Bonus Less​on

Outside of education / apprenticeship these are my top ways you can earn more money. Having a goal like getting your emergency fund, funded or taking a vacation can be great motivation to earn more money. Just be sure to have a goal for any side income to carry through the doubting moments.


I'll speak of education later but for now lets assume you have a goal for making more money on the side. Lets also assume you have done all you can do to spend less.

"As you put together your budget, you may find that you have more
in expenses than income. If this is your situation, you are not alone.

And this is a problem you can solve. There are two ways to fix this
challenge: Earn more income, or spend less money."

Secrete To First Asset Business

So my secrete to creating more freedom and control in your business and life it a simple way of being. This is expressed in the Podcast Side Hustle School by Chris Guillebeau. For your first business I recommend filtering his podcasts by service business and focus on the local services and pick one to try. They tend to require the least skill and least investment to turn a profit while creating an asset based business.


Also checkout the book, The Side Hustle: How to Turn Your Spare Time into $1000 a Month or More

Here are my favorites:

Which Business Should You Choose?

Please know I want you to understand why I think you need to own the business and control the income. Let me explain how I brake down the types of extra income categories. These are my top ways you can earn more extra side income/money. 

1. Job based

  • Traditional job (part or full-time)
  • Flexible job (Uber, Grubhub, remote worker...)

2. Asset based job

  • Franchise (Share %, lose of control)
  • Own business creation - ***My personal favorite choice

My past experiences and insights tell me you can get your own job based side income fairly easy. As well as there is no such thing as job security so having something you own is essential.

"A business you own preferably would be a systematic way of trading goods or services for money in a reliable and consistent way. Much like investing."

-Me

Ask these 5 questions to see if any ideas pass my asset based business you own test:

  • I can not be fired
  • I control how much I get paid
  • I control the systems in the company
  • I am not reliant on any 1 relationship (client, brand or supplier) 
  • I can step away for short periods of time and my business keeps going

If you have 4 out of 5 of these in your business then you probably have an asset based business that could be sold in the future (not that you should but it could).

Waning please watch out for "business opportunities" or anything that is sold to you like a job but requires an investment of money. I think of businesses like these (Beach Body, MLM's, Makeup or Clothes sales...). So few make any meaningful income from these I can't support them as opportunities worth perusing. 

Idea Overload

If you are like me you will spend way to much time overthinking what business to start. The truth is the first that is quick, makes a high $ per hour and gets your excited is where you start. STOP over thinking and go make some extra money for your goal. 

Bonus

I believe in marketing so much I wrote a whole book about it. I also share some of the top tools I recommend for building a business. 

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