Financial management is a very hard skill to master, especially if you work hard for your money and have tonnes of responsibilities on your plate. In the current economic climate for most people, attaining and maintaining financial wealth may seem like a far-fetched reality, unless of course you are fortunate enough to hit the lotto jackpot. In actual fact, it is within reach and vividly in your horizon.
Building wealth is all about being brutally vigilant when it comes to monitoring your spending habits and how you manage your cash flow. It’s a matter of having the drive and discipline to flip your passion (ideas) into profit.
With that said, there are a variety of opportunities to take advantage of if building wealth is your primary objective. Firstly, you need to identify your set of skills and talents that can get your rand value to go up a few notches. Be it for the sake of making ends meet or wealth-building purposes, tapping into your creative intuition can set you up on a path to financial freedom.
The invention of social media has made it easier to market your personal brand across borders – all you need to do is highlight your expertise and how you can be beneficial to those interested in acquiring and paying for your services.
Below are a few ways that can help you profit from your passion:
Get a ‘’micro job’’ on the side
Micro jobs are basically small professions that require less effort but a bit of your time to execute. For example, dog-walking or running errands such as picking up/delivering packages for people is considered a ‘’micro job’’. The money that you earn here can be used to start up a savings account where all your payments are deposited, which in turn can be a stepping stone to attaining financial wealth for yourself.
Selling intellectual property
For those that possess a creative pulse that is constantly on standby, the ideas that you dream up and execute that are beneficial to companies and consumers can be sold for money. Most companies are open to the idea of purchasing concepts or designs that tie into their strategies and generate a healthy return on investment (ROI).
This wealth building option is very lucrative if executed properly and can set you up for life. We see this in the lives of people like Martin Cooper, who invented the first mobile cell phone in the world and is still getting royalties for his 1973 invention.
Remember: Make sure you patent your invention or copyright your ideas to avoid being the victim of stolen intellectual property.
If you are a fun-loving soul who enjoys entertaining people, you could consider marketing events for extra income. This wealth building option is purely for those who live to be the ‘’life of the party’’ and the dividends made can sustain your daily activities and also leave you with a couple rands to put away into your investment account. The key is to create niche events that draw in audiences with similar interests, for example: swap meets (sneaker exchanges, computer software trading, etc.). The more audiences you amass, the more word of your event promoting skills will spread like wildfire, and before you know it, you could be so busy you’ll need the services of a personal assistant to help you with the workload.
Profiting from your passion is a sure fire way to build financial wealth, much like always knowing and selecting winning lotto numbers. Keeping the profits garnered from doing what you love will serve as a true testament to your peers that you can manage your finances really well and is the kind of success that everyone longs for.