Green Fairies are scary.
They are easy to uncover, but hard to shake.
I have put my trust in a few over the years and although I learned a lot of lessons, it has usually ended in heartache.
In the beginning, they are hard to resist. The lure of their charms promise gorgeous sunrises and excite your imagination. Their claims are fantastic and can be backed up by many people who have fallen under their spells.
Huh? By now, you must be thinking that I am talking about this Green Fairy. Although I sound like I am out of my mind, I am not talking about the Green Muse and I have no intentions of cutting off my ear.
The Green Fairies that I am talking about come in different species. They take the form of multilevel marketing, real estate investing, internet marketing, business franchises and even forex trading.
There are countless species and sub species that all promise freedom on so many levels.
All of these areas do have tremendous legitimate opportunities and can provide you a train ride to the city of Financial Freedom. But if I am telling you to stay away from Green Fairies and forex trading is one of them, what gives?
Well, what makes a business opportunity a Green Fairy is that it is something you are doing only for money and not because you absolutely love it.
If you have been searching for financial freedom, then I'm sure you have flirted with a few of these fairies. They whisper promises in your ear then quickly fly away.
Don't get me wrong, I think you have to try out different opportunities to see what is for you. But once you realize that it is something is not what you absolutely love, then you need to squash that fairy, pronto.
Also, beware of being friendly with too many fairies. You will never get to know any of them very well and financial freedom will continue to elude you.
How do I know this? I have been there and I still have to fight the urge to take on more projects.
Fairies I Have Squashed
Here are business opportunities that I have tried and decided were not for me. They are only two of the many opportunities that I have tried, but these were the ones that I stuck with for far too long before realizing that they were Green Fairies.
Keep in mind that the point of this post is to identify YOUR Green Fairies before it is too late.
However, they are legitimate businesses and there are many people that are successful at them. Just because they didn't work for me, doesn't mean that they won't work for you, so form your own opinion.
But I didn't like them and here is why.
Multilevel Marketing
This fairy has gotten a bad rap over the years because of illegal pyramid schemes. Multilevel Marketing or whatever you want to call it, is legitimate and a great opportunity to put your sales and people skills to work.
The Good
Potential passive income and an opportunity to meet different people. I know a couple of people who make very nice incomes with Amway and other such companies.
Not So Good
Your income is almost entirely dependent upon two things that are out of your control, other people and the products of your company.
If people in your downline are not hustling, then you are not making money. If your company is putting out crappy products or are messing up orders, you lose customers.
There also isn't too much creativity involved. You need to think of creative ways to get new customers, but that is not the type of creativity I enjoy.
In addition, you always have to be out pounding the pavement, setting up meetings, making presentations and continually motivating people. I have my hands full motivating myself, thank you very much.
Why It Didn't Work For Me
In addition, I didn't like the fact that I had to talk to so many people just to find someone who would be serious about the business. I'm not really an uber people person either and didn't enjoy it. I like meeting new people, but not to sell them something.
I saw the whole thing as a royal waste of time. Why can't I sit at home in my underwear and have the opportunities come to me? Is that too much to ask?
No Money Down Real Estate Investing
This is a fairy that is often ridiculed because of the number of late night TV commercials it but really does work. After doing this for several years, I can say without a doubt that you really can buy a house with no money or credit.
The Good
Tremendous returns for the amount of money you put up. Many people think that you need tens of thousands of dollars to get started in real estate investing.
This is entirely not true. There are many instances when you can put up as little as $10 and turn a profit of tens or even hundreds of thousands of dollars.
Other benefits include potential passive income from rents and favorable tax implications. There is also the added windfall of appreciation if the market goes up in value.
Not So Good
Of all the entrepreneurial options out there, this one takes the most guts, in my opinion. There is a HUGE leap of faith that needs to take place to be able to buy houses with no money down, especially if you don't have any money to start out with.
This may deter most people, but once you can overcome this roadblock, it can be a huge confidence booster. However, most people never get over that hump.
Secondly, there are too many people that can separate you from your money. You have to rely on Mortgage Brokers, Real Estate Agents, Lawyers, title companies, tenants, buyers sellers, banks and the list goes on and on. If one of these people slept on the wrong side of the bed last night or have less than noble intentions, they can destroy your deal.
In addition, because of how well real estate investing works, some slimy individuals have created scams that have forced some states to pass laws that are not investor friendly. These crooked investors never stopped to think that if they did things the right way, they could make way more money. Honest investors end up paying for it.
Why It Didn't Work For Me
First of all, I did get it to work a little. On my best deal, we put $1,000 in repairs on a credit card and made about $30,000 when all was said and done. Try getting that rate of return at a bank! It gave me a ton of confidence and made me realize, in actual dollars, that money truly is just an idea.
However, I did not enjoy showing properties, marketing for houses to buy and dealing with a lot of people who did not have my best interest in mind. There were people out there who were only looking to screw people and not negotiate in good faith. I know that this comes with the territory, but it wasn't fun to me.
Again, I go back to my point in the previous section. Underwear. Opportunities coming to me.
In addition, deals took a long time to do and I never knew when I was going to get my next paycheck. This was entirely my fault for not getting enough deals in the pipe fast enough, but I like to have opportunities available to me on a more frequent basis.
In the end, I ended up doing it all wrong and losing a lot of money. I learned some great lessons but from now on, the only houses I buy are ones I will live in.
Opportunities I Love
Now we get to the good part. There is one good thing to be said about all this experience, it taught me what to look for. The things that I look for in a business opportunity are:
- It can be done from almost anywhere in the world (with an internet connection)
- There is potential for large passive and/or active income
- I have fun doing it!
Forex Trading
Forex does not really lend itself to passive income unless you trade on a longer time frame, but it can create a lot of income and can be completely location independent. I love the constant challenge of it and the satisfaction of figuring out one of the biggest puzzles in the world.
There are opportunities every day, I do no have to go out and find them under a boulder. I am in complete control of what trades I take and how I mange my trades, no one else to stand in between me and my money.
Also, there is no overhead, no inventory and not much paperwork. Oh yeah, and I can wear my underwear to work.
Blogging
For me, blogging is largely a creative outlet and a way to turn my love of trading into a passive form of income. Like trading, blogging can be done anywhere in the world with an internet connection and can create a great income when done right.
I am always coming up with good ideas for new blogs and I start researching domain names, but then I stop myself. Concentrating on one project has never been my strong suit, but as I continue to focus my efforts, I start to see results.
It is also a great way to connect with people from around the world who share my interests. I have met and keep in contact with several great people from all over the world, all of whom I met through my blog.
Conclusion
I know that this was a long post, so thanks for sticking with me. I hope that this post can help you realize that what you are currently pursing may seem like the best way to gain financial freedom, but may not be your passion.
With all the opportunities available on the internet nowadays, there is no reason that you cannot turn your passion into a full time income. Take a step back and see if you are just spinning your wheels in one aspect of your business life.
If you are then I encourage you to squash that fairy! Your real passions (and hopefully your bank account) will thank you for it.
