"Profits are better than wages. Wages make you a living; profits make you a fortune." Jim Rohn.
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Many who are struggling to get rich claim they have ideas but no money. The problem always is how to get money for start-up. The common alibi is "If I had money!"
One sure step into financial freedom is the ability to send money to work for you. But as a beginner, how do you get the money to send to work? If like most of us you are not lucky enough to inherit big money, win the lottery, or have access to funds from banks, friends or relations, then you have to follow these three basic steps.
1. Work for Money
To accumulate money, you must first generate income. One sure way to generate income is to provide services and products. Or get a good education and training that empower you to create and add value for which you get paid.
If you have no job and no start-up capital, there are other ways to raise money if only you bury pride and ego. You can provide labour on farms and construction sites and get paid. The whole idea is to start generating some regular income.
2. Apply the First Principle
Once you have a source of income, your next step is to save regularly into your Investment Seed Money account. Pay yourself first! The earlier you begin to do this, the sooner you can buy your financial freedom. The bottom line is, start saving now!
"I found the road to wealth when I decided that a part of all I earned was mine to keep. And so will you. …Pay yourself first." Algamish in The Richest Man in Babylon by George S. Clason.
Put something aside before paying any bills! While working for money, never lose sight of your ultimate goal, which is to create and multiply wealth. Your aim is to accumulate invest-able funds through savings. Then convert short term savings into long term investments that generate passive incomes; so that while you work for money, money – its children and children’s children quietly work even harder for you. That is the Key!
3. Become an Entrepreneur
Your next power step to financial freedom is to become an entrepreneur - own a business; or at least work for yourself. If for any reason you cannot own a business, then invest wisely into other peoples businesses as a partner.
Owning a profitable business or businesses not run by you is a real source of great wealth. By owning businesses that are profitably managed without your direct involvement, you effectively combine the people at work and the money at work models of wealth creation. And that, my friend, is a sure route to great fortunes. See you at the top!
© Jay Onwukwe (author)
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