Finding Your Cash Cow
Most of us are looking for the way to generate more money on a consistent basis. We’re looking for the “cash cow”, “money machine”, “passive income” or the “money magnet”. There are literally millions of ways to do this. What is most important is that you make the distinction that YOU are the money generator, not the business or the investment.
Ten different people could start a widget company. They could all start with the same amount of capital, knowledge and resources and then experience very different results. Personality is not a factor. Nor is your descent or age. Here is what will make or break the success of your potential fortune:
- Passion behind the project, business or investment. You have to love the idea of it.
- Commitment. Are you truly ready to see this thing to the end result?
- Be willing to get help. You need to plug in people who have expertise where you do not.
- You must keep your eye focused on the desired outcome no matter the ups and downs. It’s easy to give up, but will that get you where you want to go?
- Have a plan with accountability. Follow the plan.
- Be scared and do it anyway. Having sweaty palms doesn’t mean that you can’t move your hands. Use them.
- Be honest. You need to have forthright conversations with your team. Even if you want to shut down, let people know what is going on. Be truthful if something isn’t working. Don’t keep hoping for the best.
- Be willing to switch strategies, if plan A is sinking the ship. Don’t let stubbornness (your ego) break the bank.
- Listen to your intuition. Yes, intuition does have a place it business. Know the difference between inner guidance and fear.
- Forecast your expenses and what will truly be needed to make the project it’s best.
- Make sure all the pieces work for you. Don’t enter a project that will have you working 60 hours a week for a long time, if time with your family is high on the priority list. Honor your values whether creating a business or picking a stock.
- Check in with people outside the project. Get feedback from folks who are emotionally tied to the project emotions or money at stake. They can be much more objective.
- Enjoy the process. If it’s not fun, why the heck would you do it?
- Be easy with yourself when you make a decision that bombs. Get back on the horse. You’ll have new clarity on what will truly work.
Your past does not determine your financial fortune. It can definitely provide you with clues about areas that are obstacles for you, but then you can seek a solution. Learn from the past about what works well, too. But you do have a choice in every moment to change your future. I taught my 17 year-old dog to stay off the new couch (she’s been a couch sleeper her whole life) in a week. You can surely create new habits around prosperity.
Change potential into cash. The time is now.
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