There is a concept in investing called “pay yourself first” (Follow the link if you want the full spiel). Basically it means that when you get paid, you put some money away into savings before anything else. Somehow some way you’ll make ends meet. I learned that lesson from my father six years ago and it has done me well so far.
Well what about your time? Isn’t your time worth more than money? Most of us invest time every day working to make money. How many times do you get paid for that time you invest? Can you get repaid for that time spent? One way is starting your own business. It’s a big risk and a massive investment of your money, time and energy but if everything works out – it could result in massive returns. I think there’s a less risky way — for lack of a better term I call them Online Assets.
Online asset = the result of investing time to build a monetized piece of content. So for example - this blog is an online asset for me, as well as my inventory of Squidoo lenses. Compared to what I make hourly at my day job, my OA’s have hardly made any money – but what about in the long run? Only time will tell I guess.
When I say Pay Yourself First 2.0 – it’s about investing TIME instead of money. Before you go out and spend your lump sum of energy into your career every day — why not make micro efforts to create something that can earn money independently?
I say start with Squidoo.com, it’s very simple to create content that’s instantly hooked into advertising systems. Then maybe start a blog, or find a way to generate referral income from any online store that offers it. The revenue from these efforts will be small or nonexistent at first but the idea is that it will grow like a snowball. You can even re-invest your revenue from your online assets into your normal assets and gain interest. I’m going to gain nerd points here, but that’s kind of like an asset-turbo charger (whoosh!)!!
Want to talk about making money online more? I do offer consulting services, so why not give me a call I can evaluate your skill-set and make suggestions on things you can try!
