Tag: Money Page 2 of 3
The purpose of this article is to go over a few key points that are important if you are serious about adding new sources of income.
This information is an EXTRACT from the content of the Optima Business Archives from 2002. Still relevant today!
IF YOU ARE A BUSINESS OWNER, you need to add new sources of income personally — and also within your business. We have found that most businesses rely on one primary source of revenue, and if you look across your industry, you will find that most businesses within the same industry follow the same pattern.
HOT TIP: Look at the ways other businesses from different industries find new customers and sources of revenue. Ask yourself this question: “How could I apply the same method to my business?” Don’t say to yourself (like most people do) “that will never work for me, my business is different.” You would be surprised at how this one thought, can get in the way of new money-making ideas!
If you keep an open mind, you will discover new ways of marketing, and new sources of income that you had previously never considered before. And here is the best part — most other businesses within your industry won’t be doing it that way! So you will gain an instant advantage.
We have all heard it before. When a relationship fails, it is often stated that money problems caused the failure.
In many cases this is true, one partner loses their job or runs up unknown debts, which leads to relationship disharmony and eventually breakup or divorce. But what if there were a rarely discussed, often avoided cause that preceded the symptoms and was, in fact, the “real” culprit?
We all know that if you address symptoms and do not fix the cause, the problem won’t be resolved and it will continue… often from one relationship to another. Kind of like a silent serial killer that lurks in the shadows undetected, only to pounce at the most inopportune moment and wreak havoc.
“It is unwise to pay too much, but it is unwise to pay too little. When you pay too much, you loose a little money; that is all.
When you pay too little, you sometimes lose everything. Because the thing you bought was incapable of doing the thing you bought it to do.
The common law of business balance prohibits paying a little and getting a lot. It cannot be done.
If you deal with the lowest bidder, it is well to add something for the risk you run, and if you do that, you will have enough to pay for something better.”
– John Ruskin 1819-1900
Many people don’t understand the difference between taking risks and gambling. Here is the definition of gambling:
| Gambling | v. 1. To take risky action with the hope of a desired result despite very little chance of success. 2. The risking of money or other items of material value on an event, with an uncertain outcome with the primary intent of winning additional money and or goods of material value. |
For us, we don’t gamble. However, we do take a lot of risks. The difference is that when gambling, you have a high chance of losing, whereas with a calculated risk, you have a high chance of winning!
A calculated risk is where you give thoughtful consideration to the risk and for that which the potential costs and potential benefits have been weighed and considered.
Add to the mix one’s level of trust… we take risks and we trust. Many people gamble and have no trust… go figure!
© Goldzone Education. All rights reserved.
A little known Generalized Principle is “EXPANSION LEADS TO EXPANSION, CONTRACTION LEADS TO CONTRACTION.” This is similar to “WINNING LEADS TO WINNING, LOSING LEADS TO LOSING.”
The more you win, the easier it is to win. Most of us have experienced getting on a winning streak where one win leads to another, and each successive win becomes easier and easier.
Think about how you can apply these Generalized Principles to win more often – and to expand the things you want, while contracting the things you do not want…
© Goldzone Education. All rights reserved.
This graph is very interesting (from The New York Times). It shows the price-to-earnings ratio and gives us hope for the future as well as some relief that the bottom is not far away – if not here already. On the other hand, you can see that there is a possibility we will get to the lows of the 20’s, 30’s and 80’s – which means more pain on the way.
April 26, 2017 > Update > Wow, watching this video again eight years later is an eye-opener. The US Federal debt has climbed to almost $20 Trillion. Clearly, the core issue of too high spending and too low income has not been solved.
Government finances operate on the same principles as business and personal finances, with the exception that we don’t work for the stockholders, and don’t serve the interests of all citizens. It is possible to predict the future by looking to the past. get ready for another crash. Check out the US Debt Clock > here.
March 17, 2009 > This video is very well done. I.O.U.S.A. boldly examines the rapidly growing national debt and its consequences for the United States and its citizens. The graphics are awesome and the content is very well presented. The full version is available (highly recommended) on DVD from PBS.
Many people have their self-worth hardwired to their net-worth. I referred to this phenomenon in Towers of Glass, Feet of Clay. Perhaps this is the single biggest reason it is a good idea to build a glass tower around yourself in the first place. So, what happens when the waves of impact touch your reality and this tower is about to blow apart from the tension, shattering everything within its shadow?
Boom. Crash. Catastrophic failure and collapse.
History is littered with corporate failures that involve massive loss of jobs, investor, supplier, and client financial losses. Empires flourish for a while, then go into decline. Some last longer than others.
The larger the failure, the more complex and difficult it can be to trace back to the singular cause. Complexity can cover up the real issues. However, a thorough investigation by people who know what to look for can often reveal lapses in standards, honesty, and ethics long before the terminal collapse.
These lapses often (but not always) begin at the top – with the leadership, and then filter down throughout the organization.