Random musings: Are you P.O.O.R.? #TBT

Thursday, February 21, 2019

Are you P.O.O.R.? #TBT

Today's blog post was originally published last year. I was actually thinking about this blog post a couple of days ago and here it is!

Today's blog post is inspired by a Facebook Live that Casey Eberhart did yesterday.

I hadn't heard of the acronym P.O.O.R. before seeing that video.

Are you the type of person who will at least look at an opportunity that presents itself to you or do you prefer to keep doing what you're doing?

There are lots of opportunities in the world, but we're going to be talking about financial opportunities here.

What kind of financial opportunities are there?

Job
Investing
Starting a business

Most of us have, or have had, a job. But what kind of opportunities are there?

We can get a raise at our current job
We can get a better paying job
We can get a 2nd (or 3rd) job

Suppose you want to make an additional $300 per month. If you have a full time job, you can ask your boss for a $2 an hour raise or you can find a job that pays an additional $2 an hour. Or you can find a part-time job for additional income. In California, the minimum wage is $10.50 an hour, so you could find a minimum wage job and work 28 1/2 hours a month...or about 7 hours a week. (On January 1st of this year, the CA minimum wage went up to $12/hour).

What about investing? If you get a 5% return, you need to save or invest $72,000. Most of us don't have $72,000 to save or invest, but if you did this is one way to make an additional $300 per month.

Or you could start a business. I'm not talking about a traditional business, but a network marketing business. Because with network marketing it's possible to create residual income, and another acronym I came across yesterday is R.I.C.H.

Elvis Presley earned $27 million in 2016, 39 years after his death. Fans still purchase a million Elvis albums a year. But you don't have to be a singer, songwriter or author to make residual income.

Most network marketers don't make that much money, although some do. The top earner worldwide made $4.8 million per month according to a list from April of 2017. While Jordan Adler, the top earner in SendOutCards, is number 121 on the list, with a monthly income of $150,000.

I'm not at the point of making $300 a month yet, but since I'm a Manager with SendOutCards, I make 7% of the sales from the members of my team. So, when my team gets to the point of generating $4,300 a month in sales, I'll earn $300...every month!

So, you can be P.O.O.R. or you can be R.I.C.H. The choice is yours.