uccess With Money
uccess With Money
Your Personal Guide to Achieving Success With Your Money and Your Life
One of the ways we shape our attitudes is through the use of visualizations. In this exercise we want to focus our minds on our goal of developing multiple sources of income by using the visualization technique. Our success at becoming more “productive” can be immensely enhanced by adopting this approach to income development.
Start by making a list of present income sources. The potential sources are almost unlimited so I will not try to make a list, but don’t overlook anything peculiar to yourself that others might not do.
Probably you will want to begin with your primary source of ongoing income. For most people this will be a job of some sort. For others it may be self-employment.
If you have other sources of income, add them to the list. Perhaps a second, part time job. Then add income from interest on savings or income on IRA’s or mutual fund accounts.
Next add sources and projected income from activities you are actively working on, either in the planning stage or beginning stages that you want to expand.
Many people buy and sell items that are almost like hobbies for them—more than one person has sold John Deere garden tractors from the front yard. Others raise dogs for sale. Many are starting internet businesses. Some just focus on investments.
Most people balk at the idea that they could develop multiple sources of income. In reality, however, a lot of people already have some small sources of income that could be expanded.
Now ask yourself what other sources of income would be right for you that you haven’t developed yet. This needs to be personalized to reflect your own skills and areas of interest.
Many people have real estate. I started with a real estate rental years ago when I decided to upgrade my home and found it easier to buy the new one without selling my old one. Voila! I became a landlord.
The important thing is for you to think about what truly interests you. Ask yourself how you could multiply your own sources of income.
Take a poster or at least a sheet of paper and list these income sources with a projected amount of income potential. Pick a time period into the future, perhaps five or ten years, and imagine the amount you would be receiving at that time.
Especially if you are projecting some distance into the future be sure to consider the increased income based on expected income growth. A retirement fund, for example, might be quite a bit more in thirty or fourty years.
It isn’t a bad idea to make two or more columns of projected amounts for different time periods. For example, five, ten, and twenty year goals.
As you list these items on your visual, you may want to add small pictures along with the description and amounts. Once completed (this may develop over time), keep your poster where you can look at it on a regular basis.
This visualization can help you greatly increase your enthusiasm and commitment to reaching your financial goal for multiple sources of income. By using visualization you may help accelerate your momentum to achieve your goal much earlier than anticipated. It’s a great idea.
