How to Create New Income Sourcesmoney 2696219 1280

How do you solve money problems?

1. Feel sad
2. Worry
3. Blame someone or something
4. Give up
5. Go further into debt
6. Sell a possession
7. Become depressed
8. Buy nothing
9. Cheat or steal
10. Hope

Unfortunately, none of these solutions work very well.

The best solution for answering money problems is …

“I answer money problems with lots of money, not with worry or sadness or impractical hope.” — L. Ron Hubbard

An abundance of money is your best solution.

Fortunately, you can create new sources of income, and make as much money as you want. To do this, master this skill with these steps.

New Income Source

Seven Steps for Creating New Income Sources

1. List all of your resources.

Creating a new source of income is like making a cake. You simply combine the right ingredients together in the right way and BANG you have a delicious cake. The resources you already possess are your ingredients.

A. What are your passions? What motivates you? What do you love?

B. What have you learned? What do you know that most people do not?

C. What are your skills and talents? What can you do that can make money for you?

D. What assets do you own, such as cash, cars, property, business partnerships and so on.

E. How much time to you have available to work on this new income source?

F. What spaces or locations are available for you to use?

G. Who do you know that can help you?

H. What products or services can you produce?

Examples

  • You love to help people, solve math problems, make YouTube videos, fix machines and improve software programs.
  • You have a truck, an iPhone, 1125 baseball player cards, an old BMW and $31,225 cash.
  • You can devote 15 hours per week to creating a new source of income.
  • You know dozens of people, four of them are more successful than you.

2. Use your imagination skills to write down every way you can use your resources to make money.

Consider all options. Include old methods, new methods or any combination of assets that produce income. Look at how others use your same resources to increase their income.

If you cannot think of a way to make money with your existing resources, skip to Step 7 and get more resources. However, if you let your imagination do the work, you might invent some brilliant ideas with the resources you already have.

Examples

  • You can fix up and sell your old BMW in your parent’s garage, and then fix other old cars, at a profit.
  • You can learn how to customize Excel software to find math errors in business income records.
  • You use your contacts to your advantage by buying lunch for each friend who is more successful than you and learning all you can from each one.

3. Select the best candidate.

Ideally, it is a PROVEN method, not just a great idea.

Ask yourself, does this method already make money for people? Does it get you excited? If so, it is a good candidate.

Of all these ideas, you feel excited about fixing your old BMW. One of your friends is a very good mechanic and offers to help you. You imagine starting a company that buys fixes and sell high-end cars at a nice profit.

4. Verify the value of the finalist.

Will others pay for the product or service?

For example, you chat with a BMW salesperson. You calculate the costs to fix it up. You use your math skills to figure out how to make the job profitable.

If you are working to expand your current business, you would ensure the new product, service or location would be desired by your customers. “If I open a new branch office in Miami, will the locals pay for these gaming computers?”

5. Test the idea in the real world.

Invest some time and work into the idea, BUT do not spend much money yet.

For example, run a part-time business from your house to ensure it will be popular and profitable before leasing an office space. Make a few products or services to see if anyone will buy them. Try the new ad campaign by running it on Facebook.

If it does not work, try another one. If it succeeds, go to the next step.

Dip your toe before taking the plunge, especially if the income source is new to you.

6. Once the idea is proven to work, then and only then should you invest significant time, work and money into the income source.

Write a plan and go for it!

7. Get more resources.

If you cannot work out a new income source with the first six steps, increase your resources. You can do this without money. Once you have more ingredients you will find new income sources. Opportunities will pop up.

You can get additional resources in five ways:

A. More knowledge
B. More skills
C. More experience
D. More contacts
E. More physical assets

Write a plan to increase and improve your resources, as soon as possible. A great deal can be accomplished with no money. As you gather more resources, repeat the steps in this article.

Note: The Income Skills Workbook includes dozens of questions and step-by-step recommendations to master and use these seven steps.

Get Wealthy

Once you have one income source, repeat these steps and create ANOTHER source of income.

“I never count on any one source. I always plan to get the total sum of all the money I need from each one of three or four ways or sources.” — L. Ron Hubbard

If you ask wealthy people how many sources of income they have, you usually learn they have at least three. Some have ten or more. Billionaires have hundreds!

Ten Examples of Income Sources That Create Millions

1. Start a successful business, like a profitable store, online shop, healthcare practice, etc.
2. Buy and rent property, like rental houses, apartment buildings, etc., or fix up the property and sell it, at a profit.
3. Successfully invest money in the stock market.
4. Become one of the best in your field, such as one of the best executives, authors, home builders, salespersons, musicians, athletes, lawyers, surgeons, and so on.
5. Work in a well-paid industry like healthcare, management consulting, high-end computer programming, science, engineering, financial management, etc.
6. Buy an established business and make it more successful.
7. Invent a product that the world needs, such as a new source of energy, a product that an industry needs, such as a new software program for building construction, or a product that people love, such as a new type of phone.
8. Discover or innovate a new type of business that becomes very popular, such as Amazon.
9. Expand a successful business in size, branch offices, partnerships and franchises.
10. Privately invest money and advice in new businesses so they succeed.

How many income sources do you have?

For detailed step-by-step explanations and exercises for all 14 income skills, including this one, use the Income Skills Workbook.