I was doing some research on average national salaries for an upcoming presentation and it got me thinking about a fascinating conversation topic.
The ‘fastest path to cash’ conversation is one that I have at least a couple of times a year with different groups of entrepreneurs, friends and investors. It’s one of my favourite kind of chats, especially when in a nice setting with either a few beers/wine/gins. I love business and investing and I’m fascinated in understanding different models of value creation, and in turn wealth creation. That’s why this makes for such a great discussion, in my questionable view at least.
The best part is that everyone will have a slightly different perspective and come up with different contributions because of their respective world views and experience of life thus far.
So, I thought it would be both fun and interesting to see what ideas come from this group. And since we can’t logistically all chin wag over a Gin & Tonic, a virtual chat will have to suffice.
The average UK annual salary or monthly wage of full-time employees differs drastically across industries. However, according to the most recent Annual Survey of Hours and Earnings (ASHE), the median annual income in the UK is £28,677.
The concept of making an amount of money equivalent to a salary, but outside of a job, is an interesting one because it will mean different things to different people- it could replace a salary and make way for a new lifestyle, or if in addition to an existing salary could be directed towards a dream trip or new investment, bolstering a pension or paying down a mortgage. That’s why I felt the average salary figure would make a tangible reference point for this post.
Now lets say you accepted the challenge to make the average UK salary of £28K (or better surpass it) in 12 months or less using your own creative means. What would you do?
There are no set rules here ie for having to create a monthly income vs a one off lump sum. The target figure could be built up over the year gradually or the full amount could all drop in at the 11th or 12th month. You could employ some capital at the front end or start from nothing. The method, the vehicle, the industry space etc can be absolutely anything. It could be product, service, property, online, offline…..you get the idea. There are no right or wrong answers but they do need to be ethical and on the right side of the law.
In the spirit of fun, good natured capitalism and potential inspiration for yourselves or others, I invite you to unleash your inner entrepreneur and share your thoughts and ideas. Even if it’s just a few lines, Lets see what our Touchstone Community come up with.
So, if you had to make £28K (pre-tax profit that is) or more in 12 months or less what would you do in order to achieve that figure with your chosen blend of speed and certainty?
Send your answers with a self addressed envelope to Blue Peter, MediaCity UK, Salford, M50 2BH…., (sorry excuse my childish humour)
Please post your thoughts here and lets enjoy reading the varied responses