Your Health is Your Wealth.
How to create wealth.
Wealth is the abundance of valuable material possessions or knowledge. The material possessions can be land, buildings, precious stones like gold and diamond etc. This can also be in the form of things people use like food, utilities like water or energy. It can also be knowledge that help people to improve their life.
The Value of wealth is reflected in the form of money.
Money is a store of value or a medium of exchange. We use money to reflect the value we attach to goods and services. This makes it easier to trade on a global scale unlike before when people did barter trade which was direct exchange of goods and (or) services.
This is still in use in some communities but in a small scale. The good thing about money is it can be deployed to make more money for the owner. Yes money can work for you. And it is a faithful servant. You invest it in productive ventures to make more money for you. Solid wealth is an abundance of such money making streams. You are wealthy if the income from your passive streams of income is more than what you consume. You store and re-invest the residual income to continue generating more money for you.
If you offer high value, you charge a premium for your goods or services. This is why 5 star hotels charge a premium. And you store the excess you get in the form of money. This representation of value called money is a game changer. It has a value of its own.
There are 3 main ways to make money.
1. We earn money in exchange of goods or services.
This can be as an employee who is paid in exchange of Labour or a Consultant paid for his knowledge. Or you can earn from a business/offering a service that solve peoples’ problems or meet some unmet needs.You can also make money if you sell a valued asset like land, buildings, and precious items like gold or oil. You can also earn money by selling knowledge. This could be through writing books, music, teaching, speaking, emceeing, as a consultant, trainers, etc.
2. You can earn from intellectual property rights like songs, plays, Apps, in loyalties.
3. You can also get wealth as inheritance from parents. Lucky children inherits their parents property. You can also get into money by hitting a jackpot and fall into money pap!
These are the primary ways we get money. This is the easy part. The most critical part is to keep your money growing. Using money to make money. We need to learn how to generate money using money. This is where entrepreneurship and business come in. Note there is a difference between entrepreneurship and business. Entrepreneurs solve problems in society. They study society and notice unmet needs and come up with ways to meet those needs sustainably. Businessmen are the people who invest in systems and structures that keep the services invented by entrepreneurs flowing to consumers.
There are several ways of getting to business; you can start your own business system- Notice there is a difference between a business and a business system. A business system is the process that delivers certain services in a sustainable way. And there is a difference between a business and a product. For this lesson we will stick with business system. In stage ii we will break each one of them to specific sectors and commodities you can invest in and what you need to know to do it successfully;
HOW TO GET STARTED.
The following are my 15 sure ways to establish a system that make money for you while you sleep. Note that each of them require specific skills set to be successful. We will unpack them later.
1. You can buy into an existing business as an investor before IPO.
2. You can buy floated shares of a company at the stock exchange.
3. Or you can join a multi-level marketing system and build your own network. When the people on your underside sell, you gain passive income. If you build a good network, you can retire and leave it to work for you without putting more of your time
4. You earn from assets like houses, intellectual properties like books, loyalties from Apps, music, adverts etc.
5. Franchises-buy an existing business like KFC or Carrefour and be the franchise holder in a given area/space
6. Brand Name- if you build a good name with a powerful reputation, you can get paid as an influence by marketing agents. You become an opinion sharper to boost uptake. Sportsmen and famous artists earn big money this way.
7. Create a digital platform that has a huge active followers and get paid by people who want to advertise their products in your platform to reach your followers
8. Partnerships; be an agent for an existing business where you get commissions for recommending or selling their products to your network. This requires networking skills. People buy from those they know and trust.
9. Rentals-buy things like machines that people hire for short term use than buy their own like vehicles, machines, gadgets etc.
10. Knowledge; we are in the knowledge economy. You get paid for your knowledge as a consultant, adviser, coach, counselor, speaker or a corporate trainer. You can do this one on one or online. Record a program and sell access rights
11. Be a content developer; many organizations that sell adverts buy content that attract people to their platforms. Platforms like Viusasa , YouTube , media platforms and all advertisers do media buying to boost traffic to their platforms.
12. Talent; this falls under entertainment. There is a lot of money if you discover your talents and gifts and invest to develop them to become the best in your area. The more popular you are the more money you attract. This is how professional sportsmen like footballers or athletes get paid top dollars. It also apply to musicians, actors, artists, motivation speakers etc.
13. Innovations and inventions; come up with creative innovations that improves people’s lives/make service delivery easier and faster and sell them or get paid loyalties for their use. Most of the apps running on digital devises like mobile phones and tablets are outsourced. Safaricom does not own all the apps they use. Some they lease or partner with owners like little cab in partnership with Craft silicon. This is a goldmine for people with a creative mind in the digital economy.
14. Support systems; this is the easiest and surest way to make money. Provide utilities and enablers of other systems. These include supply of energy like Kenya Power do or solar energy, piped water , Fiber optic or Wi-Fi, pay TV, Search engines like google, cloud storage like drop box , Apps like Uber and Airbnb where anyone can plug in and you get a percentage of what they make from every transaction using your platform.
15. Financing other people/business ideas. This is the space for banks, microfinance, loans, equity, fund managers, venture capital, money lending, joint ventures and public private partnerships. This is the best place for long term investors and those who want to preserve their wealth.
We will unpack in details these 15 ways to grow your money and create residual income and build wealth. Rule of the thumb; do not consume all your seeds. Save some and plant them to multiply and re-invest for continuity. Have a succession plan to ensure your wealth outlives you to the 4th generation and beyond as recorded in the good book
“It is not how much you make but how much you keep and for how many generations”.
“Your financial wellness is my concern.”
With Profound Respect,
Coach Maina Azimio.
ICF- Accredited Certified Professional Coach,
Conference Speaker and Corporate Trainer in Wellness.
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