THE BLOG
03/18/2010 05:12 am ET | Updated Nov 17, 2011

What's Wrong With This Picture?

It's being referred to as the worst recession in a generation. If people have learned anything from it, it's that they need to lead themselves to financial stability, security and, especially, wealth. While many are determined to cut expenses and save as much money as they can, they're still missing one gigantic point. Making their lives or businesses smaller won't work for long. They're just hanging on waiting for things to change. But things will never be the way they were. This is the start of a new era and a new economy.

Let's look at a few facts:

#1: Personal income fell or has been flat since the recession officially began in late 2007.

#2: Unemployment continues to rise. (9.6% - September, 2009-Source U.S. Bureau of Labor Statistics)

#3: Foreclosures are up 18% from January 2008 - the 37th consecutive month with a year-over-year increase. Source- Realtytrac

#4: 30% of us have poor credit. And that's bound to increase with the escalating foreclosure rate. Even people with good scores are being denied credit and/or are seeing their credit limits cut. In July the Federal Reserve reported that annualized revolving credit declined by $6.1 billion (a decline five times larger than economists predicted). Source- US Federal Reserve

Considering this I find it interesting that financial planners are touting that you need 6 to 12 months of expenses covered by your savings account but don't explain how to do it! What's wrong with this picture? Don't they realize it's a huge hurdle for most people and impossible for others?

Here's the answer...

Business Ownership -that's the answer!

You need to create variable ways to make money. The problem is often getting started. But you absolutely MUST start if you're going to add to your income and find financial relief today. Those that don't take action will stay stuck, at best. You can say you're going to get out of financial trouble but until you get out there and do it, you're nowhere.

So, here are the top 10 tips to getting started making new money:

  1. Turn what you know into dough. Base your business on something that you already know how to do. Research market viability until you find something that you can eventually turn into a $100,000/year business. And don't "do what you love" ... if you love sitting on the couch, the money won't come! Your passion can wait until you are making money.

  • Don't jump at every opportunity that comes your way. Find that one thing to develop that will get you on your fastest path to cash. Being scattered in your efforts is sure to lead to failure.
  • Create your 30 second talk track. This is also known as an "elevator speech." Most people talk and talk and talk about themselves. We don't care about you! We want to know what you have to offer us that will benefit us.
  • Know who knows what you don't know. This is where your "team" comes in. No one knows it all, even if they think they do. Hire out the parts of your business that you're not good at.
  • Test the waters and track results. Build a lean, mean machine. Make it tight. Don't overspend on the start up. And have fun!
  • Learn while you earn. There's no business plan or book that will ever prepare you to be successful. Just go do it!
  • You can make money with no money. There are times in your life where you may hit a homerun with a venture, but right now, you need to concentrate on hitting singles. What's going to bring in consistent cash every day, every week, every month?
  • Being an entrepreneur is not 9 to 5, it's a lifestyle. You have to take care of yourself. Eat right, work out, be healthy. You'll need your stamina.
  • Don't fall in love with your idea. If your idea is not making money, dump it. If you fall in love with your idea you won't know when to call it quits.
  • Put up or shut up. Don't talk and talk and talk unless you walk the walk. Take ACTION. Building a cash machine that can bring in extra money fast is the only way to get you out of your financial paralysis and on your way to creating that bigger life you want.
  • In my upcoming book, Put More Cash In Your Pocket, I show you a simple and straightforward approach that will help you put more cash, $1000 or more a month, in your pocket in no time. I've helped thousands of people make extra cash fast -- people from all different backgrounds, in a variety of situations, all over the world. People just like you. And I do it by helping you to make your life bigger, not smaller.

    Ready Go!