The Financial intelligence series: Article one

This year I want to begin what I’m calling a financial intelligence series. Many people say that they want to be rich. However not many of them possess the financial intelligence required to do so and sadly not many people will achieve financial freedom and security. It is this reason why 80% of the wealth in the world and even in Kenya is controlled by 20% of the population. This series will explore various aspects of building your financial portfolio and highlight ways to make extra cash as well as use money to make money. Albert Einstein was once quoted as saying that the power of compound interest was the most powerful force in the universe. It would be wise to learn from him and grow.
As I have continued to study and learn about wealth I have come across several principles I would like to share on this series such as the importance and how to build multiple streams of income, using other people’s money, the mystery of giving among other topics that we will explore through out the year.
I begin by exploring some ways to create extra income on the side. If you have had the chance to play the financial intelligence game cash flow quadrant, then you know that the key to getting out of the rat race is getting income or an investment that puts money back into your pocket which you then use to invest, thus getting money to work hard for you and not you working hard for money. The process in real life will take a bit of time and patience is required but this is indeed the first step.
Below are some ideas you can use to build your income.

Consult In Your Field
There are many businesses that are outsourcing expertise due to lay offs that happened during the economic crunch. The internet is also full of opportunities you can use to make some extra cash such as www.elance.com, www.guru.com and many more so start surfing. If you are a designer you can help business develop sites, create leaflets etc. Search through various online vacancy sites there is always someone on the look out for a consultant.

Teach
Whatever your expertise is look for teaching opportunities at colleges and universities. You can also look at creating training modules and partner with professional organizations to provide training opportunities to corporate institutions. You can also create and package your material online and sell it. One of the websites that offers this opportunity is www.myknowledgegenie.com. There are other websites as well that provide the same opportunity.

Rent Space
Do you have an SQ or an extra bedroom or even wing in your house? Do you have a large office you can rent out to other businesses and share a boardroom and a receptionist? I know various business owners who have used extra space in their office to generate a sustainable income this way.

Make money from talent
Are you always being asked to Mcee at friends’ events. Start charging for that service. Are you an artist, singer, or great at designing clothes, sowing or creating jewellery? Find whatever it is you are good at and make money at it. I have a friend who paints in his past time and sometime this year I was able to hook him up with an art gallery that sells paintings for artists on commission. Were you an actor in school? There are many opportunities in arts and theatre to make some extra cash.

Buy a business
Do you know someone with a killer business idea that requires funding? If you have the money one of the greatest investment decisions you will ever make involves starting a business or investing in one. For tips on how to buy into a business visit www.businessbuyeradvocate.com.

Start a business
I know this is cliché but seriously, start a business. Does you estate need a dvd supplier, a grocery shop, a reliable garbage collector, a bakery, a kiosk, a chips shop, a butchery, a supplier for eggs? Do some market research right in your backyard and find out what you can do to meet the needs of the people living around you at a profit.