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Megan Kiely

Meir Ezra: Steps for creating new income sources

Ten steps to work out new income sources

1. Figure out how much money you need to earn. Write the total at the top of a page. For example, "I need to earn $10,000 per month."

2. List all of your assets and resources. Include your possessions, skills, available time, knowledge, contacts and passions. These are the ingredients to your ultimate success, so make the list as complete as possible.

3. Write down every way you can use your resources to make money. Consider all options. Use your imagination and make a list. Include old methods, new methods or any combination of assets that produce income.

4. If you cannot work out a workable income source, work out a plan to increase your resources. If you have the right ingredients, creating new income sources is easy.

5. Select a method that is proven. Ask yourself, does this method already make money for people? If so, it is a good candidate.

6. Verify that others would pay you for the product or service.

7. If all the signs are good, test the idea in the real world before devoting much time or energy to the idea.

8. Once the idea is proven to work, then and only then should you invest significant time and money into the project.

9. Once you have a plan you are certain will work, work hard to make it happen. You will solve your money problems by making more money on your own.

10. This final step is rarely taken, but is key to becoming wealthy.