How to turn your yearly income into your monthly income


Are you one of those people who feel you should be earning more than you do? Would you like to know how to turn your yearly income into your monthly income? To have enough money to enjoy the lifestyle you’d love?

Now you’d like a greater income but you don’t know how, right? Perhaps you feel big money never flows to people like you? Well don’t you believe it. With the right approach you too can have a lot more money than you have right now. You too can become wealthy.

The question is where do you begin? Well you can start be understanding the Law of Compensation. In the video included here the American, self-help guru Bob Proctor explains that income is earned according to the Law of Compensation.

The Law of Compensation

Bob explains that the Law of Compensation states that the amount of money you earn will always be in exact ratio to the following three points, namely:-

  1. The NEED for what you do.
  2. Your ABILITY to do it.
  3. The DIFFICULTY there would be in REPLACING YOU.

Now you have no control over points 1 and 3, so you must concentrate on point number 2. You must be constantly honing your skills and become a master of whatever you do.

That said, becoming a master of what you do is only part of the solution. To earn more you must decide on your strategy for earning money. In the video Bob Proctor explains that there are in fact only three strategies for earning money.

The Strategies for Earning Money

So what are they three income earning strategies? Bob Proctor describes these are M1; M2; and M3. In more detail that means:-

M1: Trading your time for money.

Essentially this is paid employment and it is the way that 96% of people earn an income. The problem is that, unless you’re a Wall Street banker, you’re unlikely to get rich this way. In fact it probably explains why you’re not rich right now.

M2: Invest Money to Earn Money

Assuming you’re working for the man as a salaried employee, you can start saving and gradually as your savings grow you can invest your money in stocks, bonds and property and over time your investments will start generating an income of their own. That’s great but you need to know what you’re doing and, if you have nothing now, it will take some time before you can start generating anything approaching a useful extra income.

Of course should you have a sizeable sum of money right now then this might be a solution but for most people it’s not really, which is why only around 3% of people make an income this way.

M3: Multiply your time with multiple sources of income

Establishing multiple income streams is where you can start making serious money. Even fewer people make an income this way, around 1%, but that has more to do with the fact that most people fail to recognise it’s potential.

Now let me make one thing clear, having multiple income streams does not mean working multiple jobs. It means having income streams that will earn money for you even whilst you’re sleeping. M3 is the income strategy that will help you earn far more than you earn now. Certainly it will if you do it right.

Bob Proctor offers the example of Network Marketing (also known as Multi-Level Marketing) whereby not only do you sell products but you also create your own network of sellers which means when they sell you get a part of the commission generated on those sales. The best network marketers have made a lot of money this way but it’s not the only answer to generate multiple stream of income.

The internet offers multiple ways of getting rich on line nowadays. For instance you can use Amazon as market place and sell products with fulfilment (delivery to customer) handled by Amazon. You can also generate commissions through affiliate marketing with Amazon, as well as others like Clickbank and Commission Junction (CJ). These can be great ways to make money whilst you sleep.

Blogging and Vlogging are other ways of producing income streams too. There are numerous ways for the ambitious and the determined. In fact it’s never been easier for people prepared to put in the effort.

So listen to what Bob Proctor has to say and be inspired to take action now.

Further Reading:

In the video, Bob Proctor makes reference to Think and Grow Rich by Napoleon Hill. Think and Grow Rich is a classic of the genre. Originally written in the 1930s but it’s still around today and still very popular. And it’s still around for a reason. It’s exceptional and definitely worth adding to your personal reference library. I have my own copy and you can take a look at the book if you CLICK HERE.

Bob Proctor himself has also produced some excellent self-help books too and you can take a look them if you CLICK HERE.

Other Articles:

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Visibility: Does it matter?

Life is short and it’s later than you think

Powerful words change lives

11 tips for improving quality of life

© Roy J Sutton and Mann Island Media Limited 2017. All Rights Reserved.


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