More Money Isn't Always the Answer…

Making money, and acquiring more money is a good idea, but don’t let a good idea trap you into a life of good intentions that have negative results!
Of course, the thought process begins with “if I just had a little more income I could solve my financial problems.” Studies show that this thinking prevails, regardless of the amount of income a person may make. Those that make $50,000 a year and those that make $150,000 each have the same lament … “if I just had 10 percent more!”  I teach my clients that they can build wealth on ANY income so long as they have a proper system for managing their money. That doesn’t discount the fact that sometimes having a bit more money can be very helpful, so long as you know how to control that which you already make! If you do not know how to manage what you already earn, making more money will not solve your problems, and in some cases can make things worse.
With that said, sometimes earning additional income is necessary to get in financial control and can help you ultimately earn a passive income. To make more money, many people start a home-based business. We have found with our coaching clients that many of these businesses are based on a hobby or enrolling in a network marking program or some other perceived opportunity. A side business can be a good way to save valuable tax dollars and help bring in additional income that can contribute to financial control. But starting and running a business takes planning, money and time, three things that many new business start-ups never think about.
Seventy-five percent of all new businesses fail within the first two years.  Why do they fail?  The biggest reason is the lack of consistent time and effort put into running a small business.  Most people I know who are running a small business have not reckoned the amount of time they can consistently put into the business. If you want to start a business, particularly while maintaining your W-2 job, more power to you! But be sure to figure the amount of time you have available on a consistent basis to run the business before you ever start out.  If it’s only five hours a week, that’s fine but be sure to then calendar that time and perform persistently within that time frame. If you do so you will have success in your new business. If you treat it instead like a hobby or an afterthought, thinking “I’ll work on it next week” or, “when I get some time,” or “after I get home from vacation,” or “on my day off,” it is sure to fail.
There are many good, often great business ideas.  Success comes, however, not from the simple brilliance of the idea but from a realistic assessment of the time and energy needed to make the idea successful. Money of course, is a big part of business, and obvious to most.  But time allocation and time management, if not well considered, will be the downfall of something that could generate more income and help you save valuable tax dollars.  Time is the Achilles heel of business failure. Don’t fall prey to it.