10/06/2023
ABUNDANCE…
Many self-help books talk about the importance of having an abundance mentality.
Reason?
Because when you focus on abundance, you attract abundance.
If you focus on lack, you attract more lack.
I believe it.
In my late 20s when I had lost lots of money in my first business, money which I borrowed, it wasn't easy to have abundance mentality.
But eventually I did.
These are the steps I have taken.
1) Build a reserve
It's hard to focus without any cash on hand.
The first thing I did when I kind of rebooted my life, was that I surrendered an insurance policy and got back $9k.
That was my first reserve.
Having a reserve is important, I feel, because that gives me the peace of mind that I don't have to worry about my basic expenses for a period of time.
Since then, I have been growing my reserve.
My minimum reserve now is 2 years of my expenses.
This means if I lose all my income today, I have 2 years to get it all back.
But losing all my income in one day is not quite possible, because of the second step below.
2) Build multiple sources of income
After failing my first retail business, I went into wholesale business.
Overhead for my second business was minimal, because I used my business partner's warehouse.
Most of the profit made from the wholesale business went to pay the debt from my first business.
In the mean time, I was actively exploring internet marketing at night.
I have shared with you my story at the beginning of this email series.
Eventually my online income surpassed my offline business income and I stopped the offline business completely.
Then instead of spending the money in big cars and big houses, I started purchasing small rental properties.
I also invested in stock indices, which generate consistent dividend.
Like a tree with lots of roots, if any of the income sources were compromised, I still have income from other sources, and I have time to do the necessary repair.
3) Keep the expenses down
I have a friend who run an offline business. His monthly business overhead expenses is about $10k.
Every month, he has to make sure that he has made enough sales to cover his expenses for the next month.
This has been going on for years.
Do you think it is easy for him to have abundance mentality?
I doubt so.
If you run a business of which the overhead is negligible, it is much easier to develop an abundance mentality.
Where can you find such a business?
Online business!
I love online business because the operating expenses can be very low.
Also, it gives everyone the opportunity to build secondary sources of income, without having to give up the primary source.
Thanks for the internet, building an abundance mentality is much easier than ever.
To your success!
https://www.myplatinumpartner.com
as an independent contractor, and will make my best effort to perform my responsibilities as this Platinum Partner as follows: