The 3 Pillars for creating wealth: Pillar 1, Pillar 2, Pillar 3
Everyone should own a business or a part of a business.
This is so important let me say this again.
Everyone should own a business or a part of a business.
Why You Should Own Part of A Business
Most millionaires and billionaires made the bulk of their money through business ownership (not the stock market) and other forms of investment (real estate, etc). However, running and owning a business is what generally created the capital that allowed them to purchase other assets.
I understand that not everyone has the business acumen and intelligence to be able to run a business themselves. But everyone has the ability to be an owner of a business.
Everyone should be working on a side hustle (a side hustle is a way to make some extra cash that allows you flexibility to pursue what you are most interested in) because having only one source of income that comes from an employer is quite risky. If the company decides to go in a different direction strategically, wants to cut costs, or merges or gets acquired by another company you could end up losing your job.
Where to Find Side Hustle Ideas
Don’t have any side hustle ideas? Check out the New York Times bestseller Side Hustle: From Idea To Income In 27 Days. For other ideas, you can look here for 99 side hustle business ideas you can start today.
A lot of people believe that they have job security or they believe that having a job and getting a paycheck every two weeks is more secure than being an entrepreneur when actually its very risky to have one job and one source of income. When you only have one source of income, you are vulnerable the very moment that someone cuts off the water faucet to your income.
Some people go to work each day absolutely mortified when they realize that their employer can shut down their whole life with one decision and one piece of paper.
This is not the way you should want to live; giving a person or a company this much control over your life and the way you live.
Look into getting a side hustle. If you can’t run a business on the side, look into investing in a business that can earn you income on the side. Make yourself a passive owner of the business so that you are getting a piece of the money earned. Meanwhile, your equity is increasing as the business retains its profits.
Change Your Thinking
Stop believing the notion that says, “Not everybody is cut out to be a business owner.” Reject this form of thinking and stop believing this lie. Everyone is cut out to own something. It doesn’t mean that everyone is cut out to run something, but everyone is capable of owning something.