Use the “Spaghetti Strategy” for Wealth Building - Barbara Friedberg’s WEALTH TIPS #16

Published: Sun, 07/29/12

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Wealth Tip #16: Use the "Spaghetti Strategy" for Wealth Building

 

In The Start-up of You, by Hoffman and Casnocha, the respective founders of LinkedIn and Zynga shout that, if you aren't evolving, you are dying. In today's economy, you need to add to your skill base, seek new opportunities, and prove your value to your employer. Do not be shy about sharing why you are an important and valuable employee.

 

Learn how the spaghetti strategy will make you money.

 

It is a constant task to separate the important from the unimportant and attend to only the most productive tasks.


Here's what I'm involved in; Professional portfolio manager, editor of Barbara Friedberg Personal Finance, University Business School Instructor, fledgling wealth building book author.

 

My newest goals revolve around building the readership on my website and publishing a string of specific and targeted wealth building books. How does the spaghetti strategy help?

 

The Spaghetti Strategy Unleashed


When I was in my 20's, dating, and seeking a mate, someone said "just get on the bus and keep on riding the bus and eventually you will meet your mate". In other words, keep putting yourself in places where you'll meet someone, keep putting yourself out there and connecting with people, and eventually you'll find a partner. After joining countless community involvement groups, networks, and you name it, I eventually found and married my spouse.

 

The Spaghetti Strategy is this. Figuratively, throw a bunch of spaghetti at the wall and see what sticks. Literally, focus on a variety of wealth building activities, give them some time to pay off (measure time in years, not days or months), and see which ones are lucrative. Every strategy takes some time to work, so remember to remain patient.

 

You need to use restraint as there are scores of wealth building ideas, and if you try every one of them, you'll spread yourself too thin with no time to devote to any one task. Below are examples of various wealth building activities. Choose only a few.

 

I use this same strategy for commercial success. Over time, I've built wealth through investing, real estate, peer to peer lending, entrepreneurship, and consistent saving. Most of these endeavors pay off slowly over time.

 

My current initiatives are growing and paying off.... slowly. Here's my lifetime wealth building strategy.

 

Check out the various avenues and consider which one's might work for you.

1.       Income generation examples include; consulting or part time work, investing part of your earnings in diversified index funds, investing in rental real estate, putting extra funds in Prosper or other peer to peer lending, selling stuff on Craigslist/EBay, opening an online business, or blog.

2.       Devote your time and energy to those few activities that hold the potential for the greatest payoff. Be realistic in what you can tackle in your "free time." Don't the mistake of starting four or five money making ideas. You can't possibly follow through on more than one or two initiatives at a time. It's really important to prioritize and organize your activities.

3.       Write down the goals and initiatives that are most important to you, there is magic in writing things down.

4.       Remain PATIENT. Whatever activities you choose to boost your income, do not expect immediate results. Investing payoffs come after years of compound results. Part-time profits can easily evaporate if you don't save them.

Every six months to a year evaluate, and see what wealth building strategies are sticking to the wall or paying off. Increase your time and energies to those activities that have the best payoffs. The wealthy recognize and pursue opportunities. You never know for certain which activity will have the greatest payoff.

 

 Test the waters for wealth with the spaghetti strategy.


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