To be honest there are several ways to build your finances but today I will talk about one way in particular. There are 4 different asset classes you need in your financially portfolio. Since I am an accountant, I will talk about one of those asset classes today which is business. One of the things you can do to grow your finances is to start a business.
1.) Start a business
People usually start a hobby and then turn it into a business. Or they evaluate what they are passionate about and start a business based on passion. Let me tell you, your first business do not have to be your last. So you can start a business and learn how to actually be in business before doing a business that is related to your passion. All you need to be passionate about is getting money. Living comfortably. Living free. Do something you are good at and understand you can always start another business. Many people who are financially free has more than 2 to 3 business. Once you learn the aspects of business, the systems and procedures needed, you can start any business from scratch.
2.) Create other income streams in your business
When you start or maybe you already have a business, create other income streams within that business. So have more than one product or have more than one service. This doesn’t happen overnight, but keep in your mind what it is you will be creating. For example, I offer services, I have a book, I have courses, I also speak and teach. Having money flowing in from different angles is actually great money management. This way if there is no income coming from one area, you will still have income in other areas.
3.) Retained your business income
When starting a business or maintaining a business, you should retain your income. What does this mean? Keep you money in your business. You will need to take your money and invest it back in your business of course, but when you can keep hold of the money you make, it not only create financial discipline but it also looks good to investors if you choose to go in that direction in the future. You should never start a business because you are in a bind and need money right away. That mindset will not allow you to patiently grow so you can maintain your success and hard. It may drive you because you do not have any other income, but you may not create the best money practices that you will need to have a successful business. Everyone is different. But I strongly believe when you build a strong foundation you will last longer.
These are my 3 simple ways to grow financially. If you will like to learn more about how to create the best money practices and mindset for business download my Money Mindset Masterclass.
My goal is that you maintain the success you build. This course will go more in debt on how to create income, how to attract money, how to be confident with money and more. Click here to get started.