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How You Can Earn $1,000s By Following Jeff Bezos
7 Ways To Turn Your Expenses Into Income Sources
/THREAD/
7 Ways To Turn Your Expenses Into Income Sources
/THREAD/
Jeff Bezos, the visionary CEO of Amazon, made his company a global powerhouse by using the vertical integration system
But what is it and how can you utilize it for your finances?
But what is it and how can you utilize it for your finances?
Vertical integration is a strategy of a company that owns or controls its
• Suppliers
• Distributors
• Retail locations
to control its value or supply chain
• Suppliers
• Distributors
• Retail locations
to control its value or supply chain
This allows companies to
• Reduce costs
• Control processes
• Improve efficiencies
It was pioneered by John D. Rockefeller in the late 19th century to create the global behemoth Standard Oil
• Reduce costs
• Control processes
• Improve efficiencies
It was pioneered by John D. Rockefeller in the late 19th century to create the global behemoth Standard Oil
Amazon has used this strategy to turn its various costs into new businesses
• Product costs became Amazon Echo, Amazon Kindle, Amazon Basics, Amazon Fire
• Shipping and transportation costs became Amazon logistics
• Fulfillment costs became Amazon FBA
• Product costs became Amazon Echo, Amazon Kindle, Amazon Basics, Amazon Fire
• Shipping and transportation costs became Amazon logistics
• Fulfillment costs became Amazon FBA
• IT costs and server storage became AWS
• Payment processing costs became Amazon Payments
• Marketing costs became Amazon Prime
So how can you use this strategy for your personal finances?
Here are 7 cost categories you can turn into income sources
• Payment processing costs became Amazon Payments
• Marketing costs became Amazon Prime
So how can you use this strategy for your personal finances?
Here are 7 cost categories you can turn into income sources
1. Accommodation
You can rent an extra room on Airbnb
You can also rent your entire house when you go away on vacations
That way you can easily pay your property taxes and basic maintenance costs by renting out your house for 2-3 weeks per year
You can rent an extra room on Airbnb
You can also rent your entire house when you go away on vacations
That way you can easily pay your property taxes and basic maintenance costs by renting out your house for 2-3 weeks per year
2. Utilities
There are many ways to save on utilities:
• Solar panels
• Rainwater collectors
• Septic tanks for sewage
• Batteries to store energy
You can earn extra income by selling to energy companies your:
• Waste as biofuel
• Unused electricity
There are many ways to save on utilities:
• Solar panels
• Rainwater collectors
• Septic tanks for sewage
• Batteries to store energy
You can earn extra income by selling to energy companies your:
• Waste as biofuel
• Unused electricity
For more on utilities check this thread by @SteveOnSpeed who has built a fully sustainable house in the desert https://twitter.com/SteveOnSpeed/status/1345739488224563200?s=20
3. House Maintenance
You can save a lot by learning some basic craft skills for your standard maintenance
• Painting
• Plumbing
• Gardening
• Renovating
Not only you save money, but you learn skills that can earn you extra income from using them in a side hustle
You can save a lot by learning some basic craft skills for your standard maintenance
• Painting
• Plumbing
• Gardening
• Renovating
Not only you save money, but you learn skills that can earn you extra income from using them in a side hustle
4. Extra space
Use your extra space or spare room as the "headquarters" for your personal business
You can write off many standard housing expenses as business expenses and pay less in taxes
Plus you create additional income sources from your side hustles
Use your extra space or spare room as the "headquarters" for your personal business
You can write off many standard housing expenses as business expenses and pay less in taxes
Plus you create additional income sources from your side hustles
5. Payments
Use credit cards for all your standard monthly expenses
That way you take advantage of
• Discounts and offers
• Improved credit score
• Cashback and point rewards
Credit cards can be an extra income source if used responsibly
Use credit cards for all your standard monthly expenses
That way you take advantage of
• Discounts and offers
• Improved credit score
• Cashback and point rewards
Credit cards can be an extra income source if used responsibly
6. Backyard
Create a vertical garden in your backyard instead of laying grass
With the water you would use to water your grass and a few extra hours of work you can have fresh
• Fruits
• Herbs
• Vegetables
You save on groceries and can sell your extra produce
Create a vertical garden in your backyard instead of laying grass
With the water you would use to water your grass and a few extra hours of work you can have fresh
• Fruits
• Herbs
• Vegetables
You save on groceries and can sell your extra produce
7. Household tools
During the years you will accumulate a lot of tools and equipment for basic maintenance tasks in your house
There are many apps and social media groups where you can lease your tools to others for a fee and earn some extra money
During the years you will accumulate a lot of tools and equipment for basic maintenance tasks in your house
There are many apps and social media groups where you can lease your tools to others for a fee and earn some extra money
To Summarize:
1. Accommodation
2. Utilities
3. Maintenance
4. Extra space
5. Payments
6. Backyard
7. Household tools
These costs can become income sources if you follow the vertical integration system
This additional income can skyrocket your finances if invested correctly
1. Accommodation
2. Utilities
3. Maintenance
4. Extra space
5. Payments
6. Backyard
7. Household tools
These costs can become income sources if you follow the vertical integration system
This additional income can skyrocket your finances if invested correctly
Special thanks to @DanRose999 for his amazing thread on how Amazon created AWS, converting one of their biggest expenses to one of their biggest revenue sources https://twitter.com/DanRose999/status/1347677573900242944?s=20
If you liked this thread click below and retweet the first tweet, and follow me to stay updated https://twitter.com/itsKostasOnFIRE/status/1386655240250920962?s=20
Check below my master thread with all my threads on
• Finance
• Investing
• Stock market history https://twitter.com/itsKostasOnFIRE/status/1345790210441928708?s=20
• Finance
• Investing
• Stock market history https://twitter.com/itsKostasOnFIRE/status/1345790210441928708?s=20
