One of the major roadblocks to financial success is to depend on a source of income that can barely sustain you. When you have limited amounts of income there are only two things you can do. The first thing is to reduce your expenses. And the second thing is to earn more income. Reducing your expenses will not make you rich as there is only a small room for what you can reduce. Thus the main purpose of reducing expenses is to prepare the way for new income to come in. If your expenses are not well-adjusted before you bring in new income. Additional sources of income will only serve your living standard. And not your financial Independence or Freedom. So the main reason for reducing expenses is to maintain a living standard that makes additional income beneficial for your independence. The second thing you must do when you have limited amounts of income is to make more money. Making more money is the fastest way to become Rich as there is no limit to how much money you can make.
So how then can you make more money?
To make more money there are two options to explore. The first option is to increase your Passive income. And the second option is to increase your active income. Everyone at first glance wants to increase their passive income. But not everyone has the required amount of seed to produce solid passive income. Increasing your passive income requires active income. No one makes passive income from thin air. A solid Passive income requires the investment of a solid active income in the right investment vehicle. This means that if your active income is weak your passive income will also be weak. And if you invest this income in the wrong investment vehicle you will lose your savings.
So if you have a limited amount of resources investing is not the fastest way to become rich. While you can produce passive income from your limited savings. It is a mistake to depend on it for your financial independence.
So how then can you achieve Financial Independence?
To achieve financial Independence with speed you must first convert your active income from weak to strong. And invest this income in the right investment vehicles. You must also create Lifetime passive income that does not require ongoing work.
So how then can you create a strong active income?
To create a strong active income you need to increase your sources of income from one to many. There are eight side income options that you can explore. If you want to know more about these eight side income options. The Pros and Cons and how to choose the right side income for you. Send an email to [email protected] The key here is to know that depending on one source of income will not make you rich.
So after you choose a source of side income how do you make money from it?
To make money from any side income you need to develop what I call Rich skills. Rich skills are the only skills that can make you rich. Although there are many other skills that can earn you income. Only the rich skills have the capacity to make you rich with speed. There have this capacity because they solve high value, high risk, difficult to solve problems that command high income. Regardless of the skills, you choose to develop. There are generally two broad types of skills you should know. The First skill is what I call Financial Slavery skills. And the second skill is what I call the Financial Freedom skills.
Financial Slavery Skills
Financial slavery skills are skills that keep you in a limited income position. They extend the number of years you remain in financial slavery and can never make you rich.
So what are the Financial Slavery Skills?
Financial slavery skills comprise two types of skills. The first is the Job-related skills and the second is the Company related skills.
The Job Related Skills
Job-related skills are skills that are solely meant to help you in your Job. Some of these skills are relevant to a small industry or a specific job. These skills are not bad in and of themselves there are only limited in scope and relevance. They make you depend too long on one source of income and Job-related skills cannot make you rich. Developing these skills do not only keep you stuck in a limited income position. They also reduce your Job and income opportunities. For example, before I exited the corporate world I worked in two separate industries. The first is the Pharmaceutical industry and the second is the Medical equipment industry. I gathered over 20 certifications. But none of these certifications is useful to me today. These certifications and skills were job-related. And only relevant to my job at the time. If you happen to find yourself in such a Niche industry, department, or job role. Please know that job-related skills are temporary and are for your job. Your goal is to focus on developing other skills that can make you rich.
The Freedom Skills
Freedom skills comprise three different skills.
The first skill is Problem-solving skills also called creativity or innovation skill. The second skill is Relationship building skills also known as Networking skills. And the third skill is marketing skills also sometimes referred to as sales skills. These three skills are the only skills in the world that can make you rich. Especially if you want to be rich within a reasonable time frame. They can make you rich as an employee and they can also make you rich as a business owner. The beautiful thing about these skills is that they align with the way money is made. Money is made when you solve a problem (Innovation & Creativity skills) for other people (Relationship skills) in exchange for an agreed reward (Marketing skills). These skills are your fastest flight ticket to financial freedom.
So now that you know the three skills that you need to become rich. How then do you develop these skills?
How to Develop the Freedom Skills
To develop the freedom skills you need three things. The first thing you need is a knowledge system. To learn any new skills you need new knowledge. The second thing you need is an opportunity system. Knowledge without the opportunity to apply knowledge is not power. The average person in Nigeria is a graduate with so much knowledge but little Money. To make knowledge financially beneficial you must convert it to understanding. And the only way to do this is to apply knowledge through deliberate action. The opportunity system is thus a system that provides you the platform to take action, apply knowledge, and practice your rich skills. The Third thing you need is the money-making system. The reason why you developed a skill is to make more money. Making money involves leveraging a money-making system. Without a platform that gives you the opportunity to make more money. You cannot become rich. Thus the money-making system is the ultimate thing you need to convert your skills into cash. These three critical elements are what you need to become your Rich self.
Perhaps you are thinking to yourself how do I start and where do I begin. To get started you need the three systems. And that’s where we come in. We can help you develop the three Rich skills using the three systems highlighted above. To learn more send an email to [email protected]
The lack of money is not the lack of money but the lack of Rich skills.
Grace Agada is The Senior Financial Happiness Director @ Create Solid Wealth. She is an Author, and Column Contributor in Six National Newspaper. She is a contributor at BellaNaija, Nairametrics and Proshare and she is on a mission to help working-class professionals and CEOs become more financially successful. To learn more about Grace and how she can help you send an email to [email protected]