How to Become Wealthier in the Next Year by Creating a Second Income

I have a suggestion for your 2010 wealth goal: To create a second stream of income by starting your own business.

This is not the only way to get rich, but it is — far and away — the most reliable way. It’s also the way that most wealthy people got that way.

There are dozens, if not hundreds, of small businesses you could start. With the Internet, there is virtually nothing you like to do that can’t be turned into a business. And there is no limit to the number of new businesses the Internet, with its worldwide reach, can absorb.

If you have an idea for a product or service that is needed or simply wanted, you can be successful. And you will be successful if you make a commitment to become the smartest person you know about the business you want to start. You do that by reading the industry press voraciously, taking home-study programs, seeking the advice of experts, networking, and more.

Make yourself a promise to devote a good part of your time next year to starting a side business. Allocate learning time every week. Develop a business plan. Make at least one new contact every month — a contact that can help you build your business.

Set a specific financial target for your first year in business, and reach that target by figuring out what you have to accomplish every month to get there. Break those monthly targets down to weekly objectives, and the weekly objectives down to daily tasks.

Get going. Choose a business you like. Learn everything you can about it. Have fun with it. And make some money.

[Ed. Note: Mark Morgan Ford was the creator of Early To Rise. In 2011, Mark retired from ETR and now writes the Palm Beach Letter. His advice, in our opinion, continues to get better and better with every essay, particularly in the controversial ones we have shared today. We encourage you to read everything you can that has been written by Mark.]