There is one thing that virtually every wealthy business owner knows to be true — money needs to work for you. You might feel trapped in a never-ending cycle of doing the exact opposite, of working day in and day out for your money. While no one can get anywhere without at least some amount of hard work, at some point, you need to start working smarter not harder.
Make Money Work for You
This phrase tends to confuse some people, and understandably so. After all, one of the main reasons we run businesses, go to work or do any type of job is to bring in a steady flow of money. So yes, for an initial period of time, you must work to earn your money. Once you’re stable, though, you can do the following to get your money working for you:
- Invest, invest, invest. Go for diversity to create a strong portfolio with multiple streams of income.
- Start saving (but not too much). Aim for six months’ worth of living expenses in an account with a high APR.
- Acquire new businesses to build your brand and your profit.
- Keep yourself on the payroll. In fact, pay yourself first and foremost. Remember, you worked hard for what you earned, so take it and put it to work for you.
While the path to true wealth cannot be taken in a single step, ingenuity and the ability to put money to work is one of the many keys to achieving success.
Failure gets a bad rap from most people. Of course, no one really likes any type of failure when they are in the process of it, but not everything that is valuable in life is automatically pleasant. Far too often, new entrepreneurs set out for the pot of gold at the end of the rainbow with virtually no expectations to fail, and, when it inevitably happens, some people never get back up again.
Learning to embrace failure and the lessons that it imparts is by no means an easy task, but is an important one. When the shame and embarrassment that surrounds failure is finally ripped away, entrepreneurs can begin to build the foundation of a successful business by building on the failures of their pasts.