If you’re curious about starting a business, you probably dream of making tons of money from it. However, some entrepreneurs and financial experts urge people to think of other ways to make money in conjunction with their 9-5 job or create multiple businesses. Luc Longmire is a serial entrepreneur, so here are his tips for making more money. Luc Longmire makes his fortune through a wide variety of sources. He’s a serial investor, entrepreneur, forex coach, international speaker, and mindset coach. He started with forex and network marketing, then worked to expand his income streams. “If the only way you make your money is through a 9-5 job, you really lack income security,” Luc Longmire said. “If you get fired or laid off, you won’t have anything left. The money will run out.” However, if you have several ways that money flows into your life, the failure of one of them can’t bankrupt you. Multiple income streams also means you’re always making more money than if you just had one job. You can try new things without having to worry about whether you’ll run out of money. “I also find it very fulfilling to try something new and fill my life with new potential. When you have multiple jobs or businesses, you’re much less likely to get bored.”
If you feel comfortable working a steady job, one way to diversify your income is to create a side hustle. “A side hustle is an extra job that you do while you’re still working and making a steady income. You can freelance or start up a business of your own.” Some of Longmire’s favorite side hustles are investing, creating websites, or doing anything that taps into one of your talents. While it might be tempting to choose something that’s similar to your day job, this might be a mistake. “You want to find something that fulfills you. You’ll probably get burned out looking at spreadsheets all night if that’s what you do at work.” It’s normal to feel tempted to quit your 9-5 job because your side hustle is booming, but remember that you’re losing out on a stream of income that way, unless you use this extra time and energy to start other businesses as well.
If you already run your own business, he suggests tapping into that to create even more wealth. “The easiest way to do this is to invest your profits and trade or earn dividends. But this is just one way to make extra money.” Entrepreneurs have many avenues for multiple income streams open to them. If you’re an expert in a field, you can create an online course to teach others how to follow in your footsteps. You can offer consulting services to other entrepreneurs. “But I think the best way to do it is to take your extra time and start another business. It may seem challenging, but once you outsource a lot of the work, you’ll have the time.” Luc Longmire advises against relying on one job to get all of your money. If you’re willing to diversify your income, you can reach new heights and bring in a lot more cash than you could ever dream of.
Presented by: DN News Desk