Editor’s Note: Welcome to “Pledge Week 2016.” Over the next several days, Mark’s going to lead you through some of the best wealth-generating ideas to live—and grow—richer in 2016. You might add some (or all) of these to your own New Year’s resolutions.
Yesterday, Mark gave us a peek into his own yearly goal-setting process. Today, he’ll show you how to grow wealthier by introducing a little extra income into the mix…
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From Mark Ford, founder, Palm Beach Research Group: Today, you’re going to make yourself a promise. It’ll have a major long-term payoff. (I did this many years ago, and it’s changed my life.)
I’m talking about investing in a side business.
Not a business that’ll distract you from your primary job (anything that does that will ultimately diminish your success). But something you can do that complements what you’re doing now.
Something that doesn’t take a lot of time… but can give you an extra source of income and increase your wealth.
For example, perhaps your primary business currently spends a lot of money on telemarketing. And you know a great telemarketer you can trust. You might consider making a deal with him… you finance a side business and he runs it.
You’d enjoy half the equity and half the income. But—in return for your financial support—he’d be in charge of managing the hassles. There are so many possibilities. Even if you’re in a corporate career and don’t have the chance to spin off of something you already have going.
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Recommended Link Inside Mark Ford’s Secret “Bunker” in Delray Beach
Few people get invited to Mark Ford’s secret Delray “bunker”… It’s where he seals million-dollar business deals. And writes New York Times and Wall Street Journal best-selling books. But he’s personally arranged a way for you to view an online wealth-training session in his Palm Beach “hideout,” pictured here. Not only that… you can also claim $100s in digital wealth-building resources and gifts. You can access them absolutely FREE over the next few days. |
Security in multiple streams
Ancillary money streams (including some from real estate investments) now make up a very sizable portion of my income. I’m talking about hundreds of thousands of dollars.
It’s a good feeling to know that if I have a bad year in my main business, there’s something else to pay the bills. And I can still maintain my current lifestyle.
When I began developing my own streams, I started out small and built slowly.
I never took large risks.
And I never gave up my day job.
Each of these streams is greater than the amount of money I spend every year.
So if all but one of the above suddenly disappeared, I’d still have enough income to live on… without diminishing my lifestyle.
I also have a stash of hard assets I could live on for the rest of my life.
That’s a lot of financial security.
And there are thousands of other possible streams you could set up for yourself… as many people have done under my tutelage.
And one more thing: Don’t think for a second this is only a rich man’s game.
I’ve mentored—personally and through my many books and programs—hundreds of not-yet-wealthy individuals on setting up cash-gushing income streams.
And I’ve heard enough stories about people launching their own little side gigs—that have gone on to generate thousands of extra dollars each month—to know anyone can do this.
The most important thing is getting started.
Start with one additional stream next year…
I hope you’ll set a goal of adding one viable new source of income next year… one that will increase your overall income by 10%. And then, aim to have that extra cash flow increase over the following five years.
So in year seven, this extra-income cash will be sufficient for you to retire on, if you like.
Of course, I don’t think you should ever retire entirely. But it’ll be nice to have the option.
If you don’t have a second source of income (aside from your stocks and bonds), promise yourself, today, you’ll have one before the end of the year.
You don’t have to start anything big. And you don’t have to take major risks.
Make a deal. Invest in something you know about. Just get something going.
Give yourself a specific financial goal. That your side business will eventually generate, say, $10,000 or $20,000 or even $50,000 per year. It doesn’t have to do so right away (and it probably won’t because it’ll be growing and you’ll need to repay your capital investment).
But you should be confident it will make an income sufficient to meet your needs within seven years.
Five grand here, $10,000 there. It adds up. And all the while, you’re building equity. Seven years will go by very quickly. If you start now, you’ll be very grateful you did when I remind you about this pledge in a year.
Which Palm Beach Research Group team member is pledging today?
A word of advice: If you decide to go into business with a partner, make sure either you control the business, or the two of you (even if it’s your spouse) have previous business experience working together. Or you may regret it.
One more thing: Make sure you establish your new business as a separate corporation. That’s because a properly incorporated second income will provide you with several significant tax and legal benefits.
Think of it this way: Individuals earn money, pay tax on that money, then spend what’s left over.
Corporations earn money, spend as much of that money as they want, and pay taxes on what’s left.
Incorporating your extra income also protects you against lawsuits. An individual who’s sued can lose every asset he has in a judgment against him.
But if someone sues your corporation, only your business assets are in danger. Your personal assets—your house, your investments, your car, etc.—are safe.
Of the many types of corporate structures, the limited liability corporation (LLC) is my favorite. It gives you the legal protection of a regular (C) corporation and the tax advantages of a subchapter (S) corporation.
It’s very easy to create an LLC. And it’s inexpensive. Every year, more than 100,000 new businesses are incorporated in America.
Isn’t it about time you had one of them? Look into it. Today.
“This past October, I took the jump and became an independent technical consultant, with monthly pre-tax earnings in the neighborhood of $10,000 per month! I left a corporate job that I held for 11 years to become my own boss. That turn toward independence is a direct result of the inspiration I’ve drawn from being a part of the Wealth Builders Club, and it’s been great so far. Additionally, I sold more than $1,000 worth of merchandise using the Importing Goods program in early 2015. I still have active accounts on eBay and Amazon… I’m Al Colon, and in 2016, I pledge to create yet another stream of income by ramping up my efforts to sell more goods online.” — Club Member Al Colon |
Reeves’ Note: In honor of Pledge Week 2016, Mark’s offering a free three-day educational training event. He’ll explain the ideas behind his favorite wealth-building methods. And as a bonus, Mark will send you several income-generating project ideas you can start implementing right away. It all culminates with a two-hour webinar event on Tuesday.
Today’s training event discusses income. Mark made millions last year through his active streams of income (many of which came from starting up and having ownership in many different side businesses).
If you’re ready to increase your cash flow next year—and to stop being a slave to a paycheck—go here for 100% free access to a video and special report from Mark himself. In it, he details the exact system he says has given him “more money than I can spend in several lifetimes.”