Don’t spend on playthings until Amazon dropshipping pays that cha-ching.
There’s no shortage of get-rich-quick schemes, from the latest crypto token to NFTs, AirBNB management, house-flipping, tech stocks, or becoming the next big coaching gurus… We all know what’s happening there. It’s Bubbles-ville and the dream is bursting.
What’s not on the decline — and won’t be for the foreseeable future — is eCommerce. Amazon and Walmart seller stores are growing exponentially while every other investment category is tanking, or about to tank.
So, before you go buy a bunch of beveled watches and the latest toys of the rich and famous, start banking money with an Amazon or Walmart store while the online shopping marketplace is gaining traction at a ridiculous pace.
The rule is: Before you act rich, get rich, and then learn how to keep it.
How? We just told you. But don’t just ask what is dropshipping Amazon. Know what is dropshipping on Amazon.
Besides our website and IG (@push_amz), there is a wealth of information out there to help you make an informed decision about which managed model is best for you.
Start with a store: Amazon FBM, FBA, a Walmart store (WFS), or hell, even go in on all three if you want to get the full windfall. Once the capital starts stacking, it requires you to make an investing plan and adopt a long-term mindset. Follow these seven simple steps to get started building sustainable wealth.
- Plan out your finances.
Building wealth starts with making a financial plan. That means taking the time to identify your goals and game out how you can accomplish them.
Evergreen revenue begins with a vision and a plan. Do yourself a favor and hire a financial advisor who has experience in the eComm space, especially someone who knows what is dropshipping Amazon. Another, more expensive option, is to consult an advisor who is a certified financial planner.
A more affordable option is a robo-advisor from services such as Betterment or Ellevest, both of which will manage investment portfolios and offer one-on-one consultations with advisors.
- Stick to your budget.
Plenty of people dread the “b” word, but budgeting is a foundational element of the wealth-building equation. Building a budget and sticking to it helps increase your chances of carrying out your plan and achieving your financial goals. Budgets also help you understand where your money goes each month and prevent behaviors that can endanger your goals, like overspending.
- Establish an Emergency Fund
When the unforeseen event happens — and they always happen — where does the money come from if you don’t have emergency savings? Usually, credit cards bear the brunt and cause you to incur extra costs and fees, as well as sky-high interest rates, which could cause problems. Because for those who know what is drop shipping Amazon, understand that their credit card balances are crucial to maintaining the liquidity needed to cover their Amazon inventory.
By building an emergency fund, you can protect your credit as well as reap the benefits of earning interest on an online savings account — all the while enjoying the peace of mind of knowing you have money in the bank to cover life’s surprises.
- Automate Your Finances
Just like working with a managed Amazon seller store partner such as PushAMZ that automates the operations of your store, it makes sense to have your savings, investments, and bill pay run automatically. That way, you can void any chances that you forget to set aside money for your goals or make progress on paying off your debts.
We recommend that you have the aggregate amount you’ve budgeted for your expenses and goals automatically deducted from your paycheck and applied to each expense.
This simple move allows you to resist the temptation to spend rather than invest in that Amazon dropshipping store. After a short time, you won’t even miss the automatic deductions.
- Deal with your debt
Don’t panic if you happen to carry a month-to-month balance. The average American is more than $90,000 in debt, according to Experian.
Of course, not all debt is created equal—and some, like mortgages, may even be considered “good” debt, thanks to their general low-interest rates and wealth-building potential. Some experts even think of a mortgage payoff as a type of forced savings account because you’ll likely see at least a portion of your monthly payment back when you sell. This will also help when asking your credit cards for higher balances to fund the inventory of your Amazon or Walmart stores.
But if you’re rolling over a lot of bad debt every month, like high-interest credit card bills, it’s not a good look. That’s why it’s important to plan for your repayment, with the ultimate goal of being debt-free.
- Diversify
If you’re clinging to the idea that people only become wealthy by having highly concentrated positions — like going all-in on the seller store model, or Bitcoin, or stocks, or real estate — consider loosening your grip. Diversified portfolios with a variety of investments can both protect the wealth you’ve accumulated and position you to reap rewards even in market downturns. But that doesn’t mean you have to stay in crypto, NFTs, real estate, or equities of they are about to bomb. It’s okay to get out before they crater and move a larger chunk into eComm and Amazon automation or Walmart automation.
- Maximize Personal Gains
It’s not something you can ask a broker to do, and you can’t just tell more customers to start buying from your seller store, but you can continually invest in yourself by raising your income as an important step when it comes to how you build wealth. The more you earn over your lifetime, the more money you have available to invest.
That’s why, even if you decide to keep your office job working for someone else, a passive income machine like an Amazon or Walmart seller store is a perfect side hustle to invest for you and your money.
Follow those seven steps, and then start planning your weekend on your new Sea-Doo with your friends.
