Following a double edged business strategy

Discussion in 'General Advice' started by NetMecca, Jun 6, 2013.

  1. NetMecca

    NetMecca Member

    One of the things that have worked really well for me over the past 20 years have been to follow a double edged business strategy, devided into two categories.
    1. Fast Now money
    2. Slow retirement money

    The fast now money is the money you work for every day, and I suspect this will also be the money you chase every day. The easy money so to speak (well relatively speaking). Anyway this type of money often comes with increased risk and significant effort requirements. And they fail more often than not.

    If you have the time I would suggest that you create a few build and forget projects, that will grow slowly (even if it takes 30 years) without any significant input from you. These will often end up making you more money than the fast buck ones, and the best part, is these actually become like pension which is by any definition financial security.

    And if you are lucky they will overtake your earn fast businesses quicker than you expect.

    I think it would be great if we could share some ideas that could become build and forget projects. One of my favorites are dating sites. Build it, link it to google and forget about it. Takes time but they work!!

    Cheers!!
     
    Vishal P. Rao likes this.
  2. Vishal P. Rao

    Vishal P. Rao Administrator Staff Member

    Bang on target NetMecca. I use a similar mindset. My Internet ventures were always designated by me as fast now money avenues. Whatever money I had and continue to make though my Net assets, I invest a significant portion in mutual funds and properties. Over the years they have compounded well and provide me with great deal of security. I'll retire once when my passive earners will continue to provide me a sustainable fixed income and continue growing at the same time.
     
  3. MarieA73

    MarieA73 Member

    I agree, this is a great way to look at your activity. Distinguish in your mind if you current activity is contributing to short or long term earnings, and needless to say, if the answer is neither, perhaps you should re-evaluate that activity.
     
  4. whitney black

    whitney black Member

    I never thought about it this way, but it's great to have a strategy like this. Very helpful info!
     

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