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Solve Your Own Money Problems
How do you solve money problems?
1. Stop spending
2. Worry
3. Blame someone or something
4. Give up
5. Go further into debt
6. Sell a possession
7. Become depressed
8. Complain
9. Cheat or steal
10. Hope
Of course, none of these solutions help you gain more money.
However, this solution is effective.
"I answer money problems with lots of money, not with worry or sadness or impractical hope." -- L. Ron Hubbard
You solve your money problems by making money. No other approach is a reliable solution. An abundance of money is your only solution.
Ten Steps for Creating New Income Sources
Use these ten steps to work out new income sources or to ensure your current efforts are the best available to you.
1. Figure out how much money you need to earn. Write the total at the top of a page. For example, "I need to earn $10,000 per month."
2. List all of your assets and resources. Include your possessions, skills, available time, knowledge, contacts and passions. These are the ingredients to your ultimate success, so make the list as complete as possible.
Examples: You have a truck, a camera, an empty bedroom and $11,225 cash. You can devote 15 hours per week. You are good at organizing, listening, learning, speaking and making people feel important. You know a lot about horses, word processors, furniture building, the State of Texas, Internet auctions and using email. You know Jennifer, Robert, Tim, Ruth, Steve, Dave, etc. You have a passion to help others, build model airplanes, solve complex problems and learn new things. You have experience publishing newspapers, designing ads and running an insurance office.
3. Write down every way you can use your resources to make money. Consider all options. Use your imagination and make a list. Include old methods, new methods or any combination of assets that produce income.
Examples: Use your empty bedroom to start a small business selling cameras, furniture and jewelry for others at Internet auctions. Learn how to prepare tax returns. Help your boss make deliveries with your truck. Type medical reports for your doctor. Start a local newspaper. Sell insurance.
Once you have some ideas that might work, skip to #5.
4. If you cannot work out a workable income source, work out a plan to increase your resources. If you have the right ingredients, creating new income sources is easy.
For example, you may need additional education, research, apprenticing or experience in certain fields before you can earn more income. You may need more familiarity with a subject. You may need to make more contacts.
Write a plan to increase and improve your resources as soon as possible. A great deal can be accomplished with very little money, such as teaching yourself new skills. Do not use your deficiencies as an excuse to quit working on your income.
5. Select a method that is proven. Ask yourself, does this method already make money for people? If so, it is a good candidate.
If no one has ever made money with your idea, consider something else. Stick to methods that already work and invent new methods as a hobby at some other time.
6. Verify that others would pay you for the product or service.
For example, ask your boss, "Did you know I know 150 horse owners. They need shelters for their horses. What if I tested the market to see if we could add portable shelters to our product line. If it works out, I would be willing to run the new division."
As another example, you are thinking of taking pictures as a profession. So you meet with professional photographers to see how much money they make.
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 London, will the locals pay for these computers?"
Do your own survey. For instance, ask your friends "If I had my own insurance company and could save you money on your car and home insurance, would you be interested?" "If I made a video on how to cut children's hair, would you buy it?"
7. If all the signs are good, test the idea in the real world before devoting much time or energy to the idea.
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 in a small newspaper. Dip your toe before taking the plunge, especially if the method is new to you.
8. Once the idea is proven to work, then and only then should you invest significant time and money into the project.
9. Once you have a plan you are certain will work, work hard to make it happen. You will solve your money problems by making more money on your own.
10. This final step is rarely taken, but is key to becoming wealthy.
"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
After you have one steady source of income, look for another source by repeating these steps.
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