Four magic words people: multiple sources of income! Unless you are the next Bill Gates, Steve Jobs, Oprah or Justin Bieber than slow your roll folks because sometimes becoming a millionaire is not always about going big. It’s all about the small, yet consistent, steps you take in order to position yourself for greatness.
Step 1: First, draw a circle diagram;
Step 2: Identify your strengths, opportunities, and desires;
Step 3: Now fill it out.
Step 4: If you can pinpoint the commonalities between all three variables then you are one step closer to finding your purpose.
*Pro-tip: Buy a whiteboard and draw this out. Give yourself a couple of days to think about it and continue to add on until you are satisfied.
For Example (Here’s my list written out):
Strengths: Writing, public speaking, working with people, multi-tasking, problem solving, cooking, real estate
Opportunities: Cash flow of $3,000 from rental properties; At the Well Conferences (family run NPO); mentors in construction, legal work, and public policy; Bachelors Degree in Political Science.
Desires: Travel, photography, writing, art (ceramics, painting, sculpture), cooking, self-employed, help children, make a lot of money, beach house, be happy
After looking at my diagram, I was able to sum it up in one sentence: I am/will be a creative real estate investor who works well with people, and has an entrepreneurial spirit.
A little background: As soon as I turned 18 years old, I used the money my father left me to buy one single family home per year. Unfortunately, a lot of people lost their homes when the housing market crashed, which meant it was a buyer’s paradise. I was able to snatch up foreclosures at nearly half the original price.
So every year I bought a house then rented it out. Now, I am 22 years old and currently netting $3,000/month, which comes out to $36,000/year. After the recent sale of a house I will have $40,000 in cash and I am now trying to figure out my next move.
- Get a job: paying between $40-49k/year (2016)
- My resume includes working for Senators, Congressmen and NGO’s, which means I am low balling my salary but the worst thing you can do is an over projection.
- Find small business owners with a proven record of success that need funding. (2017)
*I will need the following:
- Business Plan
- Business report
- Financial Advisor
In conclusion, rental income and my salary alone will be $76,000/year, which is already a pretty handsome paycheck for a 22 year old but I am looking to break into the 6 figure mark this year so hopefully I will find something interesting to do with the $40,000 I will have left over. I will keep you guys updated on my financial journey, if I discover you want to hear more.
This report is a little bit of me thinking out loud, mixed with advice. So, let me know what you think, LIKE.COMMENT.SHARE.
- Nicole Glass