Weekly Success Tip

How to make money in a downturn – Develop MSI’s

The problem with most people’s financial strategy is that they only have one primary source of income, usually a job. The problems here are many; one is that 100% of your income is dependant on one employer. Two; your income is limited by your hourly rate and the number of hours in a day. And three, if you don’t work, you don’t get paid.

In this economy, to my way of thinking, this is the single most risky strategy you can have.

All is not lost however, as there is a simple solution to make money which becomes even more important in a downturn.

It’s called Multiple Sources of Income or MSI’s for short.

Now let me explain what an MSI is and what it isn’t.

An MSI isn’t another job, it isn’t a better job, it isn’t even a job.

It is a concept we teach in our conferences, that almost all wealthy people use. It involves setting up additional sources of income that take little time once established, and that can flow into your life for many years to come.

I recommend you employ a proven system to do this in one of the four main areas: Internet, Property, Business and the Share Market.

In fact, I think you should develop a million dollar fortune in all four of these areas!

Importantly, an MSI should not distract you too much or even interfere with your primary source of income.

Here’s an example I came across recently while at a BBQ in Bathurst.

I spoke with a farmer who told me of another farmer that had used this concept very well. With many farmers doing it tough in recent years, and in particular last year, when world fertilizer prices had gone through the roof and almost doubled in many cases, this enterprising farmer approached a fertilizer manufacturer in China direct. In order to get a great price, he had to buy a huge quantity of product that he couldn’t afford.

So he approached local farmers in his region who were experiencing similar problems with fertilizer prices and got their orders at a steep discount. He then made the purchase and sold most of the fertilizer still at a handsome profit and in effect got his own fertilizer for free.

The manufacturer was happy with the large order, the local farmers were happy to get cheaper prices, and the farmer not only got his fertilizer for free, he also established a new MSI that didn’t interfere with his farming business. Brilliant.

Now there’s even easier ways to develop MSI’s. If you’d like to see my absolute best opportunities to develop massive, passive cash flow in 2009 make sure you attend the Ultimate Think and Grow Rich Cashflow Conference soon.

ACTION STEP:

Write down three potential additional sources of income you could establish in the next 90 days in either Property, Internet, Business or Shares.
Then create a plan to investigate which would be the most likely option for you, and get started.