One of the Best Ways to Build Wealth

One of the Best Ways to Build Wealth

I’ve always known I cannot build wealth by my own efforts (trading my time for x amount of dollars) even if I become a speaker and charge hundreds of thousands of dollars per speaking engagement. How much can I do each year??? (a better question is how many would I want to or could effectively do before I burn out each year?). And even though being a public speaker is in my future plans I know there are much better ways to make money… Making Money Passively.

There are many ways to make money passively … write a book and get it published. Get a web site and get tons of traffic. But what I decided to focus on now is one of the best way to build wealth using OPT (other People’s Time), so I need a brick and mortar business only without the brick and mortar as it will be online based but with a listing in the local yellow pages and a local business mailing address (Virtual Office) other than my home which is where I intend to hold some face to face meetings with clients (apart from clients offices) and I only plan to be involved for the first 6 months to 1 year.

How did I get on this path??? I went to the Franchise Expo that came to South Beach on Sunday January 11th – 13th 2007. I found a few interesting Franchises and just got down to reading the information I got there over the past few days.

Yes Franchises have lots of pros and cons but I’m willing to endure all the cons to get the major pro… Success and profitability within 6 Months to a year. This is due to a system and name recognition. After that I plan to hire someone to take my place so it will be truly passive by then.

Cons:
I’m really building someone else’s business.
I can’t sell it for what I want or build a Franchise of my own from it.
I don’t have the freedom to do what I want when I want.
Monthly Franchise fees or percentage of profits or both.

PROs:
I’ll be learning how to successfully run a successful business for sure.
I can buy more territories with some of the profits in order to grow income.
I’ll have back office Support.
I’ll get help with getting customers.
I should have success and profitability within 6 Months to a year.
It’s a proven system.
I’ll have instant name recognition and goodwill.


I’m thinking I should buy at least 2 each year (one in the first 3 months and the other after the 6 month). My ultimate aim here is I must have others working for me as soon as possible. At this time I have several Franchises to Choose From:

1. Cleaning Services [$2,250 - $3,000]: I know this industry and can hire others to work for me ASAP in an untapped market here in Miami Beach.
2. Coaching [$40,000 +]: So far the prices are high to buy one but I could work for a local one part time to learn the ropes.
3. Real Estate Investment [$50,000 +]: So far the prices are high to buy one but I could work for a local investor part time to learn the ropes.
4. MRS [$200]: I already paid $150 deposit for it so I should just need to pay $50 more (or $350 more to get it PLUS take the course too).
5. Net Based [$13,000 +]: VA, Net Hosting, Web Design, Marketing... I can do all these on my own using VA’s and one of my domain names to build my own brand and eventually my own Franchise. Or simply refer others for profit (become an affiliate).
6. PC Tech [$1,500]: I know this industry and can hire others to work for me in an untapped market here in Miami Beach.
7. Financial Planning [$1,200]: How to save, increase credit, invest. This is something I have interest in and I know the service is needed. But I may have to wait until next year to do this one.

I had to save to get the few thousand dollars I needed to invest in a Franchise. I was not always good at saving (Read all about that here.) but since November 1st 2007 I have been saving at least 15% of my income so that I may invest it. Initially I intended to invest in Forex trading or Tax Liens or even Stocks but thinking it over, a Franchise is the way to get faster returns so that I can eventually invest more money the other ways in order to make a big difference.

There are several ways one can earn money:
My own efforts (trading my time for x amount of dollars).
OPT (where I pay others a salary to earn money for me).
Investments (have my money earn money).
Other Passive Ways (where I write a book and get it published, or get a web site and get tons of traffic, or stuff like that).

Well as you can imagine I plan to make money with all 4 ways but I have to start somewhere, well I actually have several web sites that simply need marketing and proper SEO (Search Engine Optimization) to take them to another level but with limited funds to market them all I have to be testing different methods one by one and currently I’m testing PPC (Pay Per Click) advertising.

That’s it in a nutshell. So my ultimate aim is to have positive cash flow mostly from other people’s efforts within 6 months to one year using a franchise.

Wish me luck.


Will write again soon,



S. A. Williams AKA sawnet [your RPM Millionaire]
http://www.RPMwealthCoach.com
---

If you Enjoyed this Post Please Share it with Friends or Leave a Comment

or Bookmark this Site or Subscribe to this Blog by

Clicking on One of the LINKS Below!