Wealth Accelerator for You Inc

You can’t sleep because you just finished watching a late night infomercial about the latest online business and you’re full of excitement. Now you find yourself dreaming of a house on the hill, a 75 foot yacht, a shiny new Range Rover, a luxury vacation home if Fiji, and a designer wardrobe. The only problem is, you are eyeball deep in debt and have no clue where to find any extra cash to start an online business or buy any programs to learn how to earn money online.

WAIT! Before your excitement turns to depression and you head for the bucket of ice cream; let me help you brainstorm a few ways to acquire some extra money.

Step 1: Change Your Thinking

First you must think of yourself and your life as a corporation. Your duties as the CEO, is to make your corporation earn a positive cash-flow. The income you earn, whether linear or residual, is the corporation’s income. Your overhead (mortgage/rent, utilities, insurance, groceries, etc) is the corporation’s overhead. Let’s give your corporation a name, YOU Incorporated.

Step 2: Develop A Budget

In order to expand, you must know where all the money in YOU Inc. is going. Simply put, YOU Inc. needs a budget. Go ahead and read any financial book and you will discover this. In order to have a positive cash-flow, YOU Inc. needs to track where money is coming in and where it is going out. You’re thinking now, “It’s easy to see where it comes in from; my full-time job and my part-time job, yet it’ll take more time to track where all of it is going”. Don’t feel bad as there are a lot of individuals and families that neglect to budget. I know, there is nothing fun about crunching numbers, but once you get in the habit of creating and tracking your budget, it’s like knocking the monkey of your back!

Step 3: Necessities vs. Luxuries

Now comes the difficult part, you need to seriously think of the difference between NECESSITIES and LUXURIES. Necessities are things you absolutely cannot live without. Food, water, shelter & hygiene products (someone will kill you if you be stinking all day, everyday). Temporarily get ride of the extra vehicle, calling feature, cable television, 5-bedroom house when there is only two and a half of you, etc. Write down as many luxury things as you can and see how many of those things you can cut out or sell for extra cash. I understand, there is no UFC or Trading Spaces without cable television but remember this is temporary until YOU Inc is in positive cash-flow.

Think of cable television as a very lazy employee who is costing you money and making you none. If you decide to keep Mr Cable on the payroll, you need to layoff someone else. Is Mr Call-Waiting making you any money? Can his butt. Have you considered Mr H. Civic doing a great job at a fraction of a cost compared to Ms Mercedes.

In reality, you won’t cut out everything, and you probably shouldn’t. You need some things for yourself, but remember, each and every thing you cut out is a Wealth Accelerator, especially if it was an ongoing payment. Another BIG wealth accelerator while building startup funds is a second job or moonlighting on the Internet.

Step 4:

All the downsizing in the world does no good if the extra income it freed up isn’t used wisely. YOU Inc needs to formulate a plan to put that newfound income to work. Perhaps a new division of small business? In my humble opinion, a part time business can generate money for YOU Inc faster than super saver plans, CDs, Money Markets, and stock market (over the short term.)

Would love to here about what you did to downsize YOU Inc a bit. Post your wealth accelerators and help others by giving them ideas.