Cash In On Your Skills

In an earlier article, I talk about cash machines. The cash machine is a legally structured business entity you set up to profit from your existing skill set and experience.

It generates more money to fuel your wealth cycle, the self-perpetuating cycle of asset and income. Building and sustaining a viable business, or cash machine, is how you create and support your wealth.

To recap, a cash machine will:

• Feed your wealth cycle with cash flow;
• potentially grow and appreciate in value;
• provide you with experience in learning to earn; and
• provide you with the entrepreneurial skills you need to run a successful business.

My next book, The Millionaire Maker's Guide to Creating a Cash Machine for Life, out in June, is a step-by-step guide for launching your own cash machine and for fixing one you might already have. It's a "how to" for the entrepreneur in everyone.

Most people are so focused on debt and getting out of it that they forget about building wealth. The cash machine is about expanding your life, not scrimping and saving. It's about making money first, and then managing your debt second.

Unlike traditional entrepreneurship, the cash machine is simple to start and sustain. The first step is to identify your skill set.

Your skill set is different from your dreams. Your skill set is what you already know, your fastest path to cash and the key to becoming a successful entrepreneur.

Many entrepreneurs fail because they choose to pursue a business that requires a whole set of new skills, instead of utilizing their known skills. For instance, you (like many others) might dream of opening a restaurant one day. But let's say you are a school teacher. A more successful option, using your skill set, would be to open a tutoring company to start your cash machine -- that little Italian trattoria or French bistro of your dreams can wait.

Click here for a special offer on Loral's new book, The Millionaire Maker's Guide To Creating a Cash Machine for Life.