Basic introductory steps to building wealth Chapter 3

The economic downturn has taken its toll on Americans – business owners and workers alike. Many of those who lost their jobs had to take substantial pay cuts in order to work. Overtime is a thing of the past and many who would like a second job find they are few and far between. Just because times have been challenging doesn’t mean it’s impossible to build wealth. In fact building wealth can actually be enjoyable, even fun.
There are opportunities out there for everyone whether it is in an emerging industry such as “micro jobs” or using a special talent you possess and enjoy turning into wealth building opportunities. Here are some ways to build wealth either in a small way to make ends meet or in a big way that could be life changing, either way any of these could be a positive move in the

•Take a few micro jobs: With the economic downturn and the technology/social media upturn, a new industry has emerged that helps people with small jobs or tasks such as running errands or something more interesting such hiring a micro jobber to “ask someone for forgiveness” for you (that would certainly get their attention.) On the other hand, some jobs could actually lead into something else such as reviewing resumes for job seekers, or recording video testimonials for websites. The micro job site takes a cut of course, but you net out a profit for a few minutes of your time. When you take the micro jobs, invest the funds to build wealth. You’d also have some great stories to tell.
Resource – Micro jobs

•Invent something and sell the concept: One of my favorite inventions is the pool sweep, not that I have a pool but I just think it is an amazing invention. Millions of pool owners agree since every swimming pool owner I have ever met has one of these devices that crawls along the bottom of the pool vacuuming up leaves and debis for them. A penniless engineer named Ferdinand Chauvier brought his family from the Belgian Congo to South Africa and eventually invented the first automatic pool vacuum in 1974 when he came up with the prototype for the “Kreepy Krauly” as he called it. Pool owners everywhere gladly pay for this amazing device. If you are constantly coming up with new ideas or ways to dramatically improve things, in your spare time, make a prototype or sell the concept to a company who buys ideas.

•Negotiate: When you make negotiating a game to pay less for everything you purchase, you can not only save thousands of dollars on things you are purchasing anyways but you can make money by reselling. A friend of mine loves a deal and his idea of fun is calling his cable TV company to let them know he received an offer from a competitor to see what they will offer him to stay. I observed him getting a free month and a three month premium package for his phone call. The key for him is making it a game which he uses for every single purchase he makes and he saves thousands of dollars as well as getting free services along the way. He took it to a new level with his baseball card collection and resells cards he got amazing deals on and now makes enough to make his house payment every month. You can do the same.

•Start couponing: It may not seem like a $1 off coupon makes much difference in your grocery budget but the bottom line is saving money on purchases increases wealth. People who use a coupon system report saving as much as 40% on a regular basis on their groceries and household items. It takes less than an hour a week to organize and can make you $50 an hour because of the savings on the regular household items you are buying anyways. Couponers see it as a challenge to get the absolute lowest price on their groceries and many make it a fun competition by texting each other after leaving the store to compare how they did. Whether it’s a small item or a big one if you can pay less, you are ahead.

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Resources: Forbes.com