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Automatic wealth The 6 steps to financial independence - Masreson M.

Masreson M. Automatic wealth The 6 steps to financial independence - Wiley & sons , 2005. - 291 p.
ISBN 0-471-71027
Download (direct link): automaticwealththesixstepsto2005.pdf
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Follow up after every presentation you make, successful or not. Stay cheerful. Be thankful. Ask for referrals ... and keep on trying.
I've recommended this technique to several people I've worked with and, based on their experience, I can guarantee you this: Long before you ever reach that 500th box, you'll have all the freelance work you are looking for.
You can get answers to most of these questions simply by doing a little research.
DEVELOPING YOUR SECOND (AND THIRD AND FOURTH) INCOMES
By mastering a financially valued skill and marketing yourself properly, you will soon be on track to making at least $130,000 a year. But there are many other ways you can boost your income.
The simplest way is to use the skills you’ve developed to start a side business that can feed you a steady, healthy, second stream of income.
Not everyone has the time or energy to do this. But if you can find a way to give it a try, the results may surprise you. I know more than a few people who have created side jobs for a little extra income.
144 AUTOMATIC WEALTH
Before they knew it, they were earning more money on weekends than they were making during the week.
A couple I know decided to supplement their income by creating a temp service that placed nurses with hospitals. The idea came from a casual conversation with another couple. Both of the wives worked as nurses and both were saying that they made more money when they worked by the hour than they could ever make working full-time. (There were and are various good reasons for that. Temporary nurses are direly needed, for one thing—and they are accounted for as off-budget expenses.)
For a while, the four friends had to reinvest all their profits into building their part-time business. But by the end of the second year, they were making thousands of extra dollars. By the end of year three, the business had graduated to full-time status. By year four, all four of them were working full-time in a business that eventually made millions. The year after I met them, they had just sold a half-interest in the business for $25 million.
That’s an exceptional example. But it shows you what can happen when you start a side business.
The Difference between an Income-Generating and an Equity Business
In this chapter we are talking about ways to boost your income. Starting a side business can do that. But it can also make you rich through the appreciation of your equity in it.
The difference is very simple but very important.
An equity business is one that you can sell for a profit. Most small businesses, interestingly enough, aren’t of that sort.
If you have a one-person law practice that pays you $300,000 a year, that’s a good business, but it may not be a business you can sell. Yes, your clients are valuable—but are they valuable to someone else? Will someone else feel confident that these clients will continue doing business there?
When you are choosing a side business, figure out what your purpose is: equity or income. The advantage of an income-oriented business is that the income can be produced relatively quickly. The advantage of an equity-oriented business is what it becomes worth over time.
Step 4: Radically Increase Your Personal Income 145
In this chapter, we’ll talk about businesses from an income point of view. In Chapter 5, we’ll look at the other side of the coin.
Shooting for an Extra $25,000 a Year Is a Good— and Reasonable—Place to Start
There are all sorts of ways to supplement your income by $25,000 a year. There are as many ways as there are businesses. We’ve talked about increasing your income by selling your services to the business you work for—going freelance. You can also add a second stream of income by selling your services to other firms while you’re still working for your current employer (noncompetitive firms—you don’t want to do anything you could get fired for).
If you have a financially valued skill, you can expect to earn between $100 and $500 an hour for your services. At $100 an hour, you would have to work 250 hours—an extra five hours a week—to make $25,000. At $500 an hour, it would take you only about an hour a week to earn $25,000.
Consider Branching Out into the Direct-Mail Industry
If you would rather supplement your income by trying out a different financially valued skill, consider becoming a salesperson, advertising copywriter, list consultant, marketing manager, or graphic artist in the direct-marketing industry.
Why direct marketing? Three reasons:
1. Direct marketing is (if you include direct marketing on the Internet) by far the largest single form of advertising. It is larger than television, larger than cable, larger than magazines, and larger than newspapers.
2. Not only is it immense, but it’s also growing. This is especially true since e-mail advertising has become such a large part of Internet commerce. It’s fair to say that no other form of advertising is growing as quickly as direct marketing.
3. Finally, and most important, direct marketing is a business that measures results in terms of dollars and cents added to the bottom line. Freelance professionals who help direct-marketing companies make money are capable of demanding large incomes. That’s
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