Jobs provide a sense of security. You can plan a budget around a paycheck, employer-paid health insurance provides a medical safety net, and a 401K helps secure your retirement.
But if you dream of becoming rich, and really living the American dream, your job isn’t going to get this job done.
That’s because when you work at a job, you’re trading time for money. You work an hour, and you get paid for that hour. The problem is, it doesn’t matter if you earn $15 an hour or $150 an hour, there are only so many hours in a day. That limits how much money you can make. Fortune 500 CEOs who earn millions of dollars a year get rich, sure, but they’re the exception. The vast majority of Americans can only dream of achieving a middle class lifestyle at best by working a job. It’s not some vast conspiracy at work. Companies have a financial obligation to their bottom line and their investors to pay employees the lowest possible salary the market will allow. That’s Business 101.
So how do you get rich? By creating a side gig in your spare time that can earn revenue without requiring you to work hours for dollars.
Technology has enabled people all over the world to launch online, automated businesses that sell content – ebooks, online courses and instructional videos – that earn them money without requiring eight hours or more every day for the rest of their lives. Make no mistake, these businesses require plenty of work up front and a willingness to learn new skills. However, with a modest investment, the right strategy and a can’t-lose entrepreneurial mindset, anyone can create and execute a successful online business.
Think you have nothing to offer? Think again. Self-made millionaire Jeff Rose, best known for his blogs GoodFinancialCents.com and LifeInsurancebyJeff.com and his best selling book, Solder of Finance: Take Charge of Your Money, got his start when he posted a YouTube video showing step-by-step instructions on how he taught his 5-year-old daughter how to tie her shoes. Rose didn’t invent a new way to teach kids; he simply researched shoe-tying methods online until he found one that seemed simple enough his daughter could learn it.
To date, that video has been shared nearly one million times. It was a lightbulb moment for Rose, and the rest is history.
The key to building a successful online business is finding your niche. The internet and social media are overcrowded with life coaches that offer the same, general service. Don’t make that mistake. Instead, find something specific you can do well – like teaching your kid to tie her shoes – and build from there. If you’re a teacher, maybe you’ve discovered a sure-fire method to teach basic algebra or how to write an essay. If you’re a fireman, you probably know exactly what families need to keep on hand to escape from a house fire or survive a natural disaster. Police officers are needed to create materials to teach people how to survive a live shooter situation. The possibilities are endless!
Ask your friends: What do I do better than anyone else that I could teach them? The answer may surprise you, but it could be the one big thing that makes you rich.