inventorIf working hard, cutting expenses, and saving aren’t working for you, maybe it’s time to become an inventor.

An inventor has a day job but wants more. He figures out a way to use his strengths, passions, or expertise to invent something unique and make money from it. Maybe he’ll start a blog, as I have started on Formula for Success, work on an invention, write a screenplay, or open a part-time business. When you’re passionate about what you’re inventing during the hours when you’re not holding down your day job or sleeping, you can endure even the worst day.

Becoming a successful inventor isn’t easy and takes a lot of work. But by following these eight rules, which am tryning so hard to follow (even though I made them up), you’ll increase your chances of bringing in a new source of income:

  1. Keep Your Day Job: Stable income from your job will provide you with a safety net while you transform yourself into an inventor.
  2. Go Nuclear: The time, energy, and investment you put into your other eight hours should be disproportionate to the results you can achieve. Going nuclear is about extracting the greatest results from the least effort. Put simply, WORK SMART
  3. Know your HABU: The real estate industry has a concept called Highest and Best Use (HABU). Properties are based on the best use of the land that will produce the highest value. When you use the other eight hours to invent, you must focus on your HABU — your unique talents, skills, and experience that will produce the most value.
  4. Limit Risk: Instead of taking a lot of risk, the inventor’s goal is to limit the risk of a financial catastrophe. If you’re in the start-up exploration stage, don’t commit more than about 10 percent of your income or savings to any one project. If you pass this initial stage, you can commit a little more to the project — maybe 15 percent of your income/savings. Three other ways to limit risk, Enlist the support of others, Negotiate discounts and concessions on everything, Pull out of dead-end projects.
  5. Swing Often: If you’re trying to score a goal and catapult your finances to a whole new level, it pays to swing often. The most ambitious inventors will have two, three or more projects in the works at any time. The assumption is that just one will make it.
  6. Market: Even the best products won’t sell unless people know about them. There are loads of Premium Business Solutions at Magnolia Projects to help you get started as an inventor with minimum fuss.
  7. Monetize: The inventor has two objectives: to have fun and to make money. Too many people think the recognition of what you’ve created is the objective, but recognition can’t pay the bills. So figure out how you will convert your product or service into money.
  8. Have Ownership: Unless you’re a star athlete like Kanu or an A-list entertainer, you won’t get mega rich working for someone else. True wealth is from ownership.