Most people have their eyes closed to the motive of others when it come to there money. If you wish to prosper, you must learn to open your eyes. Onces you can see and understand the motivations behind conventional advice like invest for long term in a balanced portfolio of stocks, bonds and mutual funds, you’ll be able to make smarter financial decisions rather than just following the conventional advice.
If you notice you can get a tax break for buying a house and going into debt, but you can’t get one for saving money, this stand to the reason that the government doesn’t actually want you save money.
- Banks see saving as a liability. Why would powerful lobbying forces like our Banks allow a law to pass that encouraged you to increase there liability sheet.
- Working hard to earn money and then giving it away in taxes isn’t financial intelligent, even if you put some of it into retirement account. On the other hand making your money work hard for you means your earning are tax less if at all.
“you can get a tax break for buying a house and going into debt, but can’t get one saving”Godfrey kuma
What about building part-time business
Companies like Microsoft-soft, Facebook, Amazon.com, Dell computer’s all started like part-time business. The very thought of not having a paycheck is the primary reason why people don’t start a business, I made this mistake early on in life to quit my job and then begin gathering resources to start my business, and it where not smart. When I could have start it as a part-time business and still hold my job, when you quit your job to start a business, (worst in a situation were there is not enough capital) you will experience some I’ll setback, which can threatened your commitment to success. Has a new startup you may not know how long it may take to have another paycheck, so first wait to quit your job.
Writting a business plan.
The process of writing a business plan is necessary whether you need investors or not. The process of writing a winning plan force you to invest significant time and energy into thinking about your business, doing your homework, with a good plan you can easily convince a investor, and yourself that your plan contain the necessary ingredients to become one of the 5% of new business that succeed. Savvy investors and leaders know the odds and unless you educate yourself on the realities of winning plans, your plan will likely make it’s way to the button of the waste basket.
Tips on how to start without quiting your job
- You can turn your hobby into a business. Can start a blog? Document your Creation process. And write about the food you cook, you do it anyway, so it should be fun to share your skills with the world, and you’ll probably meet others who share there Passions, better yet; you can also sell a recipe ebook? Compile your 💯 best recipes and sell the ebook $5. But before we went that far, you will need to put at mind that starting a business is going to take a lot of your time, so that’s why I prefer you doing something you prefer an you know it’s profitable. Will’ll throw more light on this later.
- get help. I know a friend who own a shipping company and a fleet of trucks. He hires drivers to do the long hours of driving and his time is put lining up jobs and managing other business on the weekends. And in the evenings. You don’t have to do all yourself don’t fall into that temptation. Find a quality contractor or even an employee or two, who can work in the business so you can spend your time on the most important aspect of it.
- Create a product from your service angle. Rather than sell service figure out a way to create a product. The problem with service especially when it on the side, is that you don’t own a business you simply own a job. Service are tough because you have to sell yourtime. If you’re not working you’re not earning money. When you work full-time, pulling long freelance hours is a surefire way burnout. The trick is to look at what be services you can provide and find the product angle out if it. If you can do that you’ll be making money even when you’re not working. Imagine you has a writter, creating an ebook for $1 a copy and generate income Even while you’re sleeping.
- Find a great team: find a good team and use then to get a good CPA. Find a great attorney, if you’re investing in real estate, use a reputable and successful broker. Focus on what you can do best, and let others do the rest for you.
- Own a schedule: if you want to run a successful business while working full-time, you need to become an expert at productivity and time management. Cut the TV time, stop going out to drinks, and buckle down. You’d be surprised what the work you do in an hour or two in the evening and a half-dead on Saturday can do for you.
Consider this when turning your hobby into part-time hustle
What about passion, there are many important characteristics when starting your business: “determination, creativity and much more which you know.” But in my opinion, passion is also one of those vital mix’s, it’s what keeps you out of bed in the morning, and keep you going when you face setbacks and doubt, when the day is over it’s what stop you giving up and playing it safe.
That’s why when people want to start there business, they immediately go back to something they are passionate about oftentimes, the most natural places to look is hobbies, you love your hobby. And presumably have a lot of knowledge about it. Those things should make for a successful business. But not always.
Sometimes, turning your hobby into business is disastrous. But other time is a wonderful idea. If your intention was to turn your hobby into business (like I previously write about in the beginning of this post) here are some important things to consider before you get started.
Be grounded in reality
Turning your hobby into business is simple. But first stop and analyze how yo monetize the idea.
We all have hobbies that we love, (mine was educating people about financial realities, which an doing and it’s fulfilling) but what would make terrible business- like doing the crossword puzzle, hiking or, stunning the quitar.
For you to start a real and sustinable business, you have to be completely honest with yourself despite the fact that some people has found opportunities in such of those strangest hobbies. Business start by deciding how possible it is to monetize it. You may try to monetize some of the hobby but will the time worth the earn.