How to turn your yearly income into your monthly income

Would you like to learn how to turn your yearly income into your monthly income?

Perhaps you are one of those people who feel you should be earning more than you do.

To have enough money to enjoy the lifestyle you’d love?

You’d like a higher income, but you’re unsure how to achieve it.

Perhaps you feel that big money never flows to people like you.

A natural assumption, possibly, but it’s wrong.

With the right approach, you too can have significantly more money than you have now. Yes, you can become truly wealthy.

The question is, where do you begin?

You can start by understanding the Law of Compensation. In the video included here, the self-help guru Bob Proctor explains that income is earned according to the Law of Compensation.

How to turn your yearly income into your monthly income:

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:

The NEED for what you do.
Your ABILITY to do it.
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 constantly hone 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 only three strategies for earning money.

The Strategies for Earning Money:

So what are the three income-earning strategies? Bob Proctor describes these as 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. 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. If you have nothing now, it will take some time before you can start generating anything approaching a useful extra income.

Of course, if you have a large sum of money available right now, then this might be a solution; however, for most people, it’s not feasible, 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 a great way to start generating substantial income.

Even fewer people make an income this way, around 1%, but that has more to do with the fact that most people fail to recognize its 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 while you’re sleeping. And as the legendary investor Warren Buffett once said, “If you don’t find a way to make money while you sleep, you will work until you die.“

M3 Income Strategy:

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 a network of sellers, which means that when they sell, you receive a portion of the commission generated from those sales.

The best network marketers have made a significant amount of money this way, but it’s not the only solution to generate multiple streams of income.

The internet now offers multiple ways to get rich online.

For instance, you can use Amazon as a marketplace and sell products with fulfilment (delivery to the customer) handled by Amazon.

You can also generate commissions through affiliate marketing with Amazon, as well as other platforms like ClickBank and Commission Junction (CJ). These can be great ways to make money whilst you sleep.

Blogging and Vlogging are also other ways to produce income streams.

There are numerous ways for the ambitious and determined. 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.

The Game of Money-Making:

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