How to get WEALTH part 2
A couple post back we talked about wealth.
Who’s excited to learn more about the 7 different ways to make money? 🙋♀️
(Btw, if you missed it... you can go a couple post back. It’s the photo of me in front of a trail)
Let’s dive in, shall we?
- Pay per hour
Who knows what that means?
Who’s tired of getting paid for time instead of value?! 🙋♀️
Pay per hour, is exactly what it sounds like. You get paid for each hour you put in.
Employers don’t tend to pay a lot per hour, because they pay the amount of money it would take to replace that person.
- Pay for salary
Who makes a salary?
If you do, or ever thought about it, how do you feel?
Perhaps overworked and undervalued?
Salary is very similar to pay per hour. The employer pays what it would take to replace that employee.
Often times though, that means you work 50-80 hours a week. Since you’re salary, there’s no overtime wages.
Sometimes it means the salary person is working 2x-3x more than the hourly person, but not making that much more.
Unfortunately, these are the ONLY 2 ways we are taught in schools.
School only teach us how to be employees.
But, there’s more...
- Pay per project
You do a project, then get paid for the VALUE of the project.
Example, you edit a video for someone...
They pay you for the value you’re providing for editing that video.
It doesn’t matter whether it took 10 minutes, or 10 hours.
This is where you start getting paid for the value your providing, instead of for hours.
- Pay per recurring
This is where you’re getting paid automatically, every single month.
You get paid for the value you’re offering every month.
Some example are thing like Netflix or amazon prime, or a membership site.
You pay to have access to these services every month.
You could also be paying reoccurring for subscriptions.
Such as magazines or subscription boxes.
For these, you get paid every single month, for a product you’re sending out.
- Pay for royalties
Anytime you pay for a song, book, ebook or movie...
The creator/publisher gets a percentage of that (typically a large percentage)
This means, you create the value 1 time. But get paid for that value over & over again, without having to do any more work.
Royalties from that project, keep coming in for the rest of your life.
Take my single dream Big for instance...
I released it at the end of October. However, it is still available to purchase.
Every time someone purchases to song, or uses the song for their content, I get paid royalties for it.
Even though it was released 6 months ago, royalties still come in.
I put in the work once, and now I reap the benefits automatically.
- Pay per transaction
This is pretty straightforward...
You make a transaction, you get paid.
So, that lotion you bought yesterday...
You made a transaction, and then that company go paid for the lotion you bought.
- Pay for results
This is where someone wants results, and they will pay you to get them.
Say, you want to lose weight. You pay a trainer & or nutritionist, to get those results.
Say I want to scale my business. I pay an expert to get me to a place of making a 15% increase on profits.
Those are example of paying for results.
If you can guarantee (proven) results, people will pay you a lot of money.
When we start trading value for money, instead of hours for dollars...
That is when we can become financially wealthy.
Which one is your favorite? Which one would you like to learn more about?
Let me know in the comments down below!