Based on that list, two hours were spent on actual paying work. The rest was administrative, overhead and wasted time. Although some of those other tasks are necessary (It doesn’t pay to do the work if you do not invoice and get paid for it.) it may be possible to have them done by someone other than you. Or you may be able to set up a more efficient system so you spend less time on those tasks.

Here is the really important part:

Ask yourself what you could be doing that would increase your revenues and profits. You may think you do not have the time, but somehow you find the time for the stuff that isn’t adding to your bottom line. You need to make time for the tasks that will make you more profitable.

Start scheduling one hour each day to be your “ROI Hour.” ROI stands for “return on investment” and this is where you focus on tasks with a high return on the time and money you invest in them. These tasks might include:

• Follow up on leads that will bring in new business.
• Create products to generate ongoing passive income.
• Implement an affiliate program to reward people who sell your products and  services.
• Identify and recruit affiliates who are a good fit for your program.
• Put a product or affiliate link or two on a high-traffic page.
• Create content to promote your product, service, business or website, then syndicate it through article directories and other sites.
• Set up an email list and autoresponder series to stay in touch with people who visited your site.
• List your products on a high-traffic site such as Amazon.com so more customers find-and buy-them.
• Distribute a press release about your business.
• Add upsells or product suggestions to your website or shopping cart.

These will not all be right for your business, and some will be better than others. For example, following up on leads to bring in new business may get some dollars coming in the door right now, but that is a one-time event. To earn more, you have to do it again.

Some of these will take a bit of work to set up, then just a little ongoing maintenance. To sell physical products on sites such as Amazon.com you will have to set up an account and add your product information, then ship product to them from time to time (perhaps monthly or quarterly). In return, you can receive some nice monthly paychecks.

Other ideas on the list may pay you back for months or years after you do them once. For example, by adding an affiliate link to one page of my site I generated nearly $100 a month for months. That may not sound like much, but it took all of 10 minutes to do something that has paid off with (so far) hundreds of dollars in pure profit. Does earning well over $2000 an hour sound good to you? That is what I call “high ROI.”

Also think about things that will free up your time and enable you to be more profitable in the long term. For example, you might spend time documenting how you do certain tasks so that you can easily turn those tasks over to a staff member or virtual assistant. That will give you more ROI Hours to make your business even more profitable.

How to Get Started

First, identify some high ROI tasks you can do. Look through the above list for ideas, or come up with one or more of your own. Next, block out an hour each day on your calendar to work on your high ROI tasks. Choose a time when you are at your best. Treat the appointment as seriously as you would a meeting with an important client.

Keep looking for more high ROI opportunities, then implement them. Do not limit yourself to one high ROI hour per day. Use some of your increased earnings to outsource some of your current tasks and use the time you free up for more high ROI actions.

This article originally appeared in my IdeaLady Insider newsletter. You can get ideas like this hot off the press with your free subscription. Sign up here.

These won’t all work for you, but chances are at least a few can put some extra cash in your pocket when you need it most. Maybe $20 or so, but more likely hundreds or even thousands of dollars. Give this a try and see how much money you can find!

Clean off your desk. Every professional organizer has stories of clients finding valuables as they get organized. Often, they find uncashed checks in the clutter, or even cash. Go through the piles of stuff on your desk and see what turns up. (Even if you don’t find money, you will have the satisfaction of getting your desk cleared off. That can make you more productive and save you time. Remember that time is money!)

Collect what you are owed. Some freelancers and small businesses are lax about billing clients. Make sure you have billed for the work you have done, and if you are owed money, follow up to collect it.

Check for unclaimed funds. You might be surprised to discover that your state (or one where you used to live) is holding money that belongs to you. If a company has money that belongs to you, and they can’t find you, they eventually turn the money over to the state escheat fund. The money may be from a forgotten bank account, insurance policy, utility deposit, etc. Learn more about how to find money online.

Gather up those unused gift cards and store credits. A check of your wallet may turn up gift cards from stores and restaurants, or even Visa or American Express cards that can be used almost anywhere. Spend them instead of cash the next time you make a purchase.

Cash in your credit card rewards. I checked my accounts recently and discovered that I have more than $500 available that can be converted to gift cards or cash, or used to pay my credit card bills. See how much you have coming to you, and put the value to work.

Call your utility company and ask for a refund of your deposit. If you had to pay a deposit to your electricity, gas or telephone provider, many will refund it after you have paid your bills on time for several months. But you will probably have to ask.

Use your change. Lots of people pull change from their pockets or purses every day and dump it into a jar. Over time, that change can add up. Take it to your bank and deposit it or exchange it for paper money. Your bank will probably be able to count it for you, so you won’t have to put it in rolls. And be careful about those machines in the grocery store that will give you paper money for change—they usually charge a fee.

Sell something. Chances are you have stuff around that you don’t need or use. Sell it on eBay or Craigslist and pocket the cash.

Return an unnecessary purchase. Did you start regretting the purchase of that jacket with the pink feather collar before you even got it home? Many people have stuff in their closets, unworn with price tags still attached. If you are within the store’s return period, take it back and get a refund or store credit.

Skip going to the grocery store this week. I’m not suggesting that you give up food, but most people already have lots in their freezers and pantries. Instead of buying more, shop in your kitchen, use up some of the food you have on hand, and pocket the cash you would have spent. You may need to buy a few perishables (e.g., milk, bread, produce), but stick to those items and stay out of the center of the store. “Finding” food in your own kitchen is just as good as finding that $20 bill in your pocket.

What are your favorite ways to find money?

Many cards provide year end reports that group types of expenses together, making it easy to see where your money went over the course of the year. Those little expenses add up–it can be a shock to discover that you spent $1000 on ink and toner, for example. But that kind of knowledge is helpful when you are looking for ways to cut expenses and use your money more effectively.

A business credit card can also make sure you track every expense. Cash receipts can get lost or forgotten, so that your expenses are not fully accounted for. The card tracks the expenses and provides a paper trail.

If you travel on business, you will find it difficult to deal with hotels and rental car agencies unless you have a credit card. Many require credit cards in order to hold a reservation.

Although it is best to pay your balance in full each month, a credit card can give you the flexibility to spread payments over time when absolutely necessary. Everyone has the occasional emergency situations or unforeseen expense. When there are large expenses that you pay once a year, you can use the credit card to break the payments into more easily managed payments. Of course, that comes at a steep price, but when an expense is necessary and you do not have the cash, it may be your best—or only—option.

When you must invest in services or supplies to meet sales demands, but you won’t be paid for several weeks, a credit card can help you obtain the things you need without depleting yourcash.

Many business credit cards, like personal cards, offer rewards. Using your business credit card to pay for as many things as possible can mean acquiring rewards, such as airline miles, that can reduce your business expenses in future months. When you have the option of paying a large bill by credit card or check, pay with a rewards credit card unless you can get a discount for paying by check.
If you pay off your credit card every month, consider getting a card that offers rewards. However if you know you’re going to carry a balance at any time, a low interest rate is more important than rewards.

It is likely, especially if you are a sole proprietor or your business is new, that your business credit card application will be judged by your personal credit. You may receive a small limit initially. Be sure to make payments on time, not exceed your limit and maintain a good credit history with other businesses, and your credit limit—and overall access to credit in your business—will increase over time.

You must learn how to use wealth wisely before you can know true financial security. To achieve greater prosperity learn how to use the gifts you now have; turn your talents into money; utilize the time you now waste to create something useful for the world. Instead of wishing for more and more, use the things you now have intelligently.

If you can turn your abilities into cash you will always be able to generate income. That is true financial security.

Your time, talents, and money are all interchangeable commodities. If you have a creative talent and do not use it, that talent will die. If you have money and do not circulate it or use it constructively, it will also stagnate and do no one any good.

Perhaps the assets you now have can be used to greater advantage than the large amount possessed by a more wealthy person. Money is valuable only when it is used creatively.

Here are the steps to achieving greater prosperity:

Find out your true heart’s desire, then never stop aiming all your efforts in that direction. Once you know what you want, make attaining your goal the focus of all you do.

Use the constructive power of your imagination to help you devise new ways for achieving financial security and greater success. Do not allow yourself to get locked in to old ideas—be open to new ways of reaching your goals. Focus on the goal, not the process.

Visualize yourself in the work you would like to do. This helps you obtain a concrete picture of what you are trying to attain.

Concentrate all the powers of your mind and all your energies in the direction of the success you desire. Remember that directed energy is more effective than scattered energy.

Learn to enjoy your work or find work that you can enjoy. If due to circumstances you can not do the work you love right now, learn to love the work you have. Look for the good in it.

Have a desire to share your gifts and talents with the world. Unselfish purpose will give you a stronger motivation for attaining your goal. Doing something “for the money” often results in little or no success, and no satisfaction.

Build your knowledge by studying and preparing yourself for success. However, do not feel that you have to wait until you know “everything” before you take action. That day will never come.

Adopt a positive attitude toward success. Your mental attitude will largely determine whether your life is a failure or a success.

Time is money, so use it wisely. Wasted time and energy can never be regained. You have twenty-four golden hours a day. Rather than spending time, invest eight hours in work, eight in sleep, and eight in study, relaxation and enjoyment.

Have respect for money and use it wisely. Do not expect to get something for nothing in life, and give full value for everything you receive.

Use your money to make more money, and to work for you. Most fortunes were not built by working for someone else. Go into a business at which you can excel and stay with it.

Live within your income. By decreasing your desires you can make your money go further, instead of increasing your desires so that you must make more money. We do not need many of the things we believe we do.

It is not all about the money. Do not neglect the mental and spiritual values of life. You can be happy with very little; but if your mind is torn with conflict, with feelings of guilt, all the money in the world will not make you happy.

Access the free calendar and other business resources at the IRS web site.

If you want to stay successful, no matter what is happening elsewhere in the economy, you need to look for opportunities and act on them. This is no time to accept defeat. See this article for ideas on how your business can do well, even in a bad economy.

Here are some things you can do right now to help your business not only survive, but thrive.

Listen to your customers because they will tell you what they need from you. They may identify opportunities for you to create new products or services, or move in to new markets. Pay attention.

Leverage your time. If you had someone to handle routine, repetitive tasks, could you spend more time on the activities that actually generate revenue for your business? Hire an assistant (it can be one of your kids) to take care of stuff you should not be doing. Paying someone else $10 or $20 an hour to free yourself up to bill $75, $150 or $250 an hour should be a no-brainer.

Leverage your assets. Do you have a piece of equipment you use only part of the time? Or an extra office? Consider renting it out to another business. Or sell things you no longer need.

Simplify. Get rid of parts of your business that do not earn their keep. Do you have a product line that has never done well? Instead of spending more time and money trying to make it work, get rid of it. Stop throwing good money after bad.

Enjoy small successes. If you are always looking for the big score, you may never find it. Do not focus on getting that one big client to the exclusion of getting several smaller ones. When most of your revenue comes from one or two major clients, your business is at their mercy.

Keep a positive outlook. You have more control over your life than you may believe, and bad economic times do not last forever.

Another way to leverage your time is to create passive income streams that allow you to do something once, and get paid for it forever. Learn more (and get a free audio course) at http://www.CashContentFormula.com/.

There are some bad things happening in the financial markets right now. And things may get worse before they get better. Especially if the government gets involved, as they always want to do. But we are not all using our last dime to fuel up our SUVs so we can drive over to the soup kitchen.

In fact, when you look at polls about the economy, lots of people say they are worried. However, when the questions are asked another way, they say they are doing fine—but they are worried about other people. You know, the people with the sad stories they keep seeing on the news.

Think about every story you have read about the economy over the last several years. For example, before every holiday season we get all of the stories about how merchants expect spending this year to be lower than last year. They are going to have to resort to sales (gasp!) to get customers into the stores. As if there were never sales at holiday times in the past.

The best part comes when the season’s spending is tallied up. We get the headlines about how spending was “only” 5% higher than last year, and what a disappointment that is. Huh? After you told us everyone was expecting spending to decline, a 5% increase is a disappointment? I am not a math whiz, but I understand that a 5% increase is better than a decrease.

Almost every story I read has a similar agenda: make people think things are terrible and there is no good news. I had this reinforced this morning when I saw a reporter’s request for people to interview for an upcoming story about whether or not workers will have enough money to retire. They were looking for people in three categories, and not one of them included people who feel comfortable that they do have enough money to retire. Every person they will interview will be someone who makes the reporter’s point about how bad things are.

Are there people who, whether through bad decisions or just plain bad luck, are hurting? Certainly. There always have been, and there always will be. We all feel for the people who fall on hard times and most of us look for ways to help them. But don’t fall for the lie that we are all “just one paycheck away from being homeless.”

There are things you should do to protect yourself. For example, you might want to reconsider having more money in any one bank than the FDIC will insure. Don’t spend money you do not have for things you do not need. Do not borrow to purchase depreciating assets, and that includes almost anything you would buy with a credit card. All of these things are good advice even when the economy is booming.

I am going on strike, starting now: I am not going to read any of the stories about how bad the economy is. ‘Bye, media. You will not be missed. Start the Great Depression without me.

Doing those things can definitely save money. If you are willing to do them, you will have more cash in your pocket at the end of the month.

But what if you want to save money without sacrificing the things you want? You may believe that you work hard and you deserve that latte, or going to your favorite restaurant with your friends.

Here are some ways you can reduce your expenses with giving up the things that give you pleasure.

Watch the scanner at the store. Get in the habit of watching the prices that ring up when you are checking out. If the price does not match the posted price, point it out. At the very least, you should get the lower posted price. Some stores have scan accuracy guarantees, and if the item rings up at the wrong price, they pay you. One store I shop at frequently will give you the item for free if it rings up at the wrong price. Another will give you the lower price, plus pay you $5. Even with those guarantees, it is amazing how often the prices are wrong. Watching the prices pays.

Ask about billing options that lower your costs. We got a letter from our satellite TV provider telling us that if we chose to have the billing handled by our telephone company our bill would be reduced by $5 a month. This makes no difference in our service, and just means making payment to one less place every month.

Look for package deals. When I called the telephone company to ask them to start billing the satellite service, they told me I would also qualify for lower pricing on my telephone and internet service because the bundled rate is less than the rate for each service separately. By having all three services with one company, I save about $15 a month. The same thing may apply with insurance and other services, too. Often, if you have multiple lines of coverage (e.g., homeowners or renters, auto, etc.) with one carrier, you get discounts.

Ask about insurance discounts. Most insurance companies provide discounts for things that lower your risk. For example, if you no longer use your vehicle to commute back and forth to work, or you have an alarm system installed in your home, or add other safety and security features, you may get a discount on your insurance. Taking defensive driving can also lower your rates. My husband and I were able to take a free defensive driving class from his employer several years ago, and it saved us at least a couple hundred dollars over three years.

Shop for lower rates. If you have not shopped for insurance recently, it may be worthwhile to do so. Several companies make it easy to compare rates, so make a few calls and see what turns up. Before switching carriers, make sure that you are dealing with a reputable company, and check their Best Rating to make sure they are financially sound.

Lower your interest rate. Of course, it is best not to carry credit card debt, but if you must, at least get the lowest interest rate you can. Watch for offers in the mail, do an online search for cards with low “teaser” rates, or call your credit card company and ask for their best rate. If you are an established customer with a good payment history, they may drastically cut your interest rate, at least for a short term of three to six months.

Ask for a discount given to new customers. You may be offered discounts to switch services, such as phone, Internet, cable TV, banking, electrical service and others. If you do not want to change to a new provider, contact your current provider, tell them about the offer, and ask if they can provide a discount to you as a long-time customer. Although they will probably not match the offer, they may do something for you.

Shop around. When making a purchase, especially a major purchase, compare prices before buying. I have bought several appliances over the years using my telephone, the Internet and a credit card. Recently I saved at least $200 when buying a new washing machine by comparing prices online and making a couple of phone calls.

Be willing to ask. Many things you may not expect can be negotiated. Ask. The worst thing they can do is say no, so what do you have to lose? That does not mean that you should be obnoxious or insulting, but simply asking what they can do for you on the price may net you savings you would not have gotten otherwise.

None of these techniques require you to give up anything you love or your little luxuries. They may take a few minutes, but often that few minutes will pay you back for months and years to come.

What is your favorite way to save money with sacrificing?

As usual, I don’t remember what my original purpose was, but in surfing around I came across a site where you could search for unclaimed funds. You may know that if a company is holding funds that belong to you, they eventually turn them over to the state escheat fund. The money may be owed because you did not cash a check that was written to you, or you forgot about a bank account, or are owed money on an old insurance policy or claim, or many other reasons.

The organization that owes you the money, and the state, are supposed to make reasonable efforts to locate you but they often do not. You may see special sections in your newspaper once a year when your state publishes the names of people for whom they are holding funds. But you can take action today to find money that you may be owed.

A warning: There are people who will notify you that you are owed money and ask you to sign papers so that they can claim it for you. They usually take a percentage of your money. A better way is to find out where the money is and file the claim yourself.

Here are some web sites where you can search for your money:

You can start your search at http://www.usa.gov/Citizen/Topics/Money_Owed.shtml. This is a Federal government web site, and it lists several reasons why the government might owe you money, how to find it, and how to claim it.

After clicking a couple of links from that site, I found http://www.missingmoney.com/. This is where I located the money owed to my mother-in-law. Only 39 states participate in the MissingMoney site, so you may want to check other states individually. You can find links at http://www.unclaimed.org/mainframe.asp?VisitorType=owner. Don’t forget to search in states where you used to live, as well as where you live now.

Along the same lines, do not forget to search under other names you have used, for example your maiden name or your name during a previous marriage.

You can see if you are owed pension funds from a former employer here: https://search.pbgc.gov/mp/mp.aspx.

Did you have an FHA or HUD home loan? If you paid it off early, you may be due a refund of some of your mortgage insurance premiums. Check here to find out: http://www.hud.gov/offices/hsg/comp/refunds/index.cfm.

Happy hunting! Who says that spending time on the Internet is a waste of time?

I got to thinking about this while reading a terrific article in Paul Myers‘ newsletter today. He posed the question, “Why do you want the money?” Although most people will tell you they want “more” money, very few can give a thoughtful and realistic reason why. Well, I have thought about it, and I can tell you what money means to me . . .

Money is freedom. Money gives you options and frees you from worries about being able to meet the basic needs of yourself and your family. Beyond that, money is not the point.

What is your money dream? Is it a dollar amount? According to a recent survey by Prince and Associates, the average amount it would take for someone to marry for money is $1.5 million dollars. Although that sounds like a lot of money (and it is) $1.5 million dollars will not get you the lifestyle of the rich and famous. If you are going to sell your soul (or at least your body) shouldn’t you hold out for more than a puny $1.5 million? What does money mean to the people who said they would marry for money? (Perhaps more importantly, what does marriage mean to them? But that is a subject for another day.)

Many people have the idea that if only they had more money, all of their problems would disappear. Well, some problems might go away. They probably would not have to worry about paying the phone bill, but that does not mean that they would be happy.

What would you do if you suddenly received a large sum of money? What changes would you make in your life? Some say that they would quit their jobs. They might start a business or go in to a new career. So what is stopping them? If you hate your job, find a better one. You may be saying, “Sure, but that is easier said than done.” Of course it is. “I am going to eat this ice cream,” is easier said than done, but you don’t let that stop you, do you?

If you think money will make you happy, you are wrong. I think it was Bruce Willis who said that money makes you more of whatever you were before. If you were a jerk, you will be a bigger jerk. If you were unhappy, you will still be unhappy. And it will be worse because you got what you thought you wanted (money) and you are still unhappy.

There is nothing wrong with wanting to have money, even wanting a lot of money. But understand why you want it. What will you do with it? What do you think it will do for you?

And realize that a life-changing sum of money does not have to a large amount, such as a million or more. A while back the A&E network did a couple of specials about lottery winners. The people they featured are not the ones you hear about who instantly blow all the money and end up with their lives in tatters. Most of these people were managing pretty well. One of the featured winners was former football star “Hollywood” Henderson. As soon as he won the money, and before he had even claimed it, he went back to the store where he bought the ticket and gave $10,000 to the clerk who sold him the ticket. The guy used the money to go back to school and become a teacher. How many lives were changed with that $10,000?

Ask yourself what changes you would make to your life if you had more money (whatever “more money” means to you) then start making those changes now. Chances are it is not about the money. Not having the money is just the excuse you use not to live the life you claim to want. Would $10,000 be enough to change your life? $5,000? $1,000? There are lots of ways to get your hands on those amounts. And most of them are legal. ;o)

And if you still think you need a lot more money to get what you want? Well there are 9.5 million millionaires in the world–maybe you could marry one of them.