This is the last installment of our 4-part series on “10 PLACES WHERE THE RICH PLACE THEIR MONEY.” In our past discussions, one thing can be certain about the way the rich manages their finances. They put their money in places that can make it grow and earn more. In this way, the rich do not work for money; money works for them.
Let’s learn more about the secrets of the rich. Here are the two more, yet the most essential places, where the rich place their money.
9. Multiple sources of income
There is no millionaire or billionaire who has only one source of income. The known rich families in our country such as the Ayalas and the Sys have multiple streams of income. They are in retail, in food, in real estate, in banks, in gaming and leisure, and others all under their group of companies. They know that one stream of income may sustain them but it will not give them the wealth they have right now. Though you do not have that ambition of having a conglomerate empire, you must have that same mindset as the rich. Strive to have multiple sources of income.
The cost of living, especially in urban places such as Manila, gets higher almost every year. 10 years ago, a family of five can rent a house at only Php 3,000. But now, a decent house is priced at a minimum of Php 10,000 a month. A decade ago, a family can survive even though only one parent is working. Now, a family still has difficulties getting by though both parents are working. Because of the perpetual increase of cost of living and inflation, it is best to multiply streams of income.
You can start by getting side hustles such as online selling or part-time jobs. The internet gives endless opportunities to increase our income. You can keep your day job and do home-based or internet-dependent work after office hours. You can also create businesses. Many people do baking, crafts, and other made-to-order hustles to supplement their 9 to 5 work and to multiply their streams of income. Aside from increasing your earnings, you can consider these side hustles as your fall back in case of job loss. Office work does not always mean job and financial security. If you have other sources of income, you will no longer worry on how to get by. You can always have more options and more ways to get money.
10. Business
Do you know someone who became a millionaire merely by sticking to employment? Most employees just wait on the 15th and 30th of the month to receive their salary so they can spend it, and that cycle just continues. They just wait for their paycheck and only few think of multiplying their income.
The rich do not become rich by waiting for money to come. The rich create wealth. The rich create the paychecks.
One of the best ways the rich generate their wealth is through doing business or through entrepreneurship, and you can do this too!
Business? I do not have the money for capital!
I have heard many people whine about money whenever I encourage them to start their own business. But, let me tell you this. Business is not about money. Business is all about skills and ideas! If you have the brilliant marketable idea and the skill of running a business, money will just follow. Even if you have all the money in the world, yet your idea does not answer the problem of your target market plus you do not know how to turn that idea into a money-generating machine, that capital will just go to waste.
Think of the following:
What is the nature of the business you want to get into?
Have you done market research?
What are the pros and cons of your building that business?
What is the problem of your target market?
What is your solution?
Who are your competitors?
What is your structure?
One notable marketable idea is that of the famous Buy one, Take one Burger Chain in the Philippines. The chain’s burgers are so cheap because of its very low profit margin. Despite the low profit margin, the chain grew into hundreds of branches and having millions of consumers because of its marketing idea — the buy one get one scheme.
The burger chain knows its target consumer — the masses. The chain knows that its customers do not have the money to buy expensive burgers. So their goal became low product price but high product volume. This buy one, get one scheme is not a new business idea. Yet the chain sticks to it and made it their ultimate selling point. This is their secret why they crush their competitors, why they dominate their market, and why they have hundreds of branches nationwide.
Do you also want to have multiple streams of income?
Do you want to have your own business?
Do you want to have endless earning potential?
I can help you.
Through my special online course called “Juan Negosyo”, I will help and guide you start your business from scratch to success. Both of us will get through the process of creating a business — from ideation, conceptualization, product creation, branding, marketing, etc. This online course is a step-by-step guide aimed to make you a successful and smart entrepreneur. Just visit chinktv.com and learn how to join this online course.
I hope that this series has enlightened you about the mindset and the actions of the rich, so you can think and function the same and hopefully, soon, be rich too!
THINK. REFLECT. APPLY.
How many streams of income do you presently have?
Do you have a business idea?
Which among the points in this series are you most interested in learning and doing?
CHECK OUT the Chinkee Tan series on 10 Places Where The Rich Place Their Money Part 1, Part 2, and Part 3.
SHARE your thoughts about these income and business tips in the comments section below!
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