A Huge Step Forward.....
Imagine how your life would be if you had enough money coming in every month to pay for your lifestyle without having to go to work anymore. That’s the goal here.
Remember in the last post where I wrote that most people don’t get what they want because they don’t know what they want?
Later, you read that in order to win the money game, the key word you need to focus on is CHOICE.
And when it comes to winning the money game, you read that the key to CHOICE is financial freedom.
Financial freedom is the ability to live the lifestyle you desire without having to work or rely on anyone else for income. This way, you work because you CHOOSE to, not because you have to.
So, by definition, financial freedom means having income without working. Income without working is called PASSIVE INCOME.
And so if you want to be financially free, you have to create enough PASSIVE income to pay for your desired lifestyle.
Unfortunately, virtually no one spends even a moment thinking about creating PASSIVE income. No one except the financially free! Everyone else spends all of their time focused on working income. We’ve already determined that the problem with working income is that you have to work to earn it. As soon as you stop working, so does your income.
But you are now equipped with the knowledge that for you to become financially free, you must begin to think about how you can create sufficient PASSIVE income to pay for your desired lifestyle.
So, how much income do you need every month to be financially free? How much do you need in order to decide that you don’t need to go to work tomorrow? Is it $2,000 a month? $3,000? $5,000? $10,000? $20,000? More?
You need to determine exactly what that magic number is. Also, remember that you reach financial freedom in stages. You’re first level of financial freedom may not include all the bells and whistles. It may not include driving the Mercedes or traveling first class around the world.
What is your magic number? This is the most important number you’ll write down this year.
Once you write down that number, you’ve got your goal.
You can begin at once to think about how much you’ll need to accumulate in order to create your amount of monthly income.
Let’s begin by assuming you want to generate $5,000 a month of pretax PASSIVE income. That works out to $60,000 a year.
How much would you have to accumulate in one lump sum (we’ll refer to this as your Golden Goose) if you earned 10% on your money and wanted to generate $60,000 a year?
By multiplying $60,000 by 10, you come up with $600,000. This now becomes the goal for your “Golden Goose”. That way, if you had $600,000 earning 10%, you would have $60,000 a year of income.
What can you invest your money in? CD’s. Money Market. Stocks. Bonds. Mutual funds. Mortgages. And some others that you've probably never even thought about! (I'll share more with you about them in another post) We’ll refer to these as “money working for you.” You will need to learn and study how to invest your money to get the best returns possible.
You might find that accumulating $600,000 is daunting. Would you like to reduce that amount?
You reduce it by also investing in businesses that can create PASSIVE business income. You can start or purchase a business that eventually can run without your having to be there. The key word to remember here is systemization. Any business that you can systemize so that it can perform successfully without your needing to be there will dramatically reduce the amount of time you need to reach your goal of $5,000 a month of PASSIVE income.
What businesses can you invest in to create PASSIVE business income? Today, the number 1 way to achieve this goal is to create an Internet web site using any number of systems offered these days. With a successful site, once it’s been set up, auto responders and fulfillment houses can take care of all of the work, and all you need to do is check in on it from time to time to make sure that everything is working right and to deposit your checks.
Another business many people are turning to for PASSIVE income is Network Marketing. While you get the business going, you’re working the business. And as you grow your organization, you get a residual, or a small commission from the sales of the members of your organization. But if you’ve set up your organization properly, and have trained your people the right way, you can eventually retire, and then the income will become PASSIVE income rather than residual income.
There are lots of other businesses you can get involved in that can create PASSIVE business income. You can invest in vending machines. You can buy storage units. You can write a book or a song and get royalties. You can buy video arcades. You can invest in rental properties with positive cash flow. Also, there’s parking lots, coin operated car washes, ATM machines. The list is endless.
We’ll refer to this as “business working for you.” You will need to learn and study how to invest your money in businesses to create PASSIVE business income streams.
Between your Golden Goose having money working for you and your PASSIVE business income, you can accumulate sufficient streams of PASSIVE income to reach your stage 1 financial freedom goal.
From this day forward, you should ask yourself on a daily basis, “How can I create streams of PASSIVE income?”
There’s an expression that goes, “where attention goes, energy flows, and results show.” Once you begin to pay attention to creating streams of PASSIVE income, opportunities that you never noticed before will present themselves to you. But before that happens, you have to make the conscious decision to really want to create streams of PASSIVE income.
By now, you should understand at the conscious level that your goal is to become financially free. You understand that to achieve this goal you need to create streams of PASSIVE income. You understand how much PASSIVE income you want to generate to reach your first level of financial freedom. You understand that you want to start stuffing your “Golden Goose” with as much money as possible. You understand that you want to have money working for you, and also that you want to have business working for you.
PASSIVE income. PASSIVE income. Focus your attention on creating PASSIVE income.
We’re going to go much further down this road in the next few posts. They’ll build on this concept.
But if you understand what we’re talking about here, you understand that for you to join the top 5%, the elite, the happy and productive group enjoying the life of their dreams, you know where you have to focus your time and energy.
I promise you, it’s worth the effort, and even more important, you’re up to it.
Namaste.
Jeff
Remember in the last post where I wrote that most people don’t get what they want because they don’t know what they want?
Later, you read that in order to win the money game, the key word you need to focus on is CHOICE.
And when it comes to winning the money game, you read that the key to CHOICE is financial freedom.
Financial freedom is the ability to live the lifestyle you desire without having to work or rely on anyone else for income. This way, you work because you CHOOSE to, not because you have to.
So, by definition, financial freedom means having income without working. Income without working is called PASSIVE INCOME.
And so if you want to be financially free, you have to create enough PASSIVE income to pay for your desired lifestyle.
Unfortunately, virtually no one spends even a moment thinking about creating PASSIVE income. No one except the financially free! Everyone else spends all of their time focused on working income. We’ve already determined that the problem with working income is that you have to work to earn it. As soon as you stop working, so does your income.
But you are now equipped with the knowledge that for you to become financially free, you must begin to think about how you can create sufficient PASSIVE income to pay for your desired lifestyle.
So, how much income do you need every month to be financially free? How much do you need in order to decide that you don’t need to go to work tomorrow? Is it $2,000 a month? $3,000? $5,000? $10,000? $20,000? More?
You need to determine exactly what that magic number is. Also, remember that you reach financial freedom in stages. You’re first level of financial freedom may not include all the bells and whistles. It may not include driving the Mercedes or traveling first class around the world.
What is your magic number? This is the most important number you’ll write down this year.
Once you write down that number, you’ve got your goal.
You can begin at once to think about how much you’ll need to accumulate in order to create your amount of monthly income.
Let’s begin by assuming you want to generate $5,000 a month of pretax PASSIVE income. That works out to $60,000 a year.
How much would you have to accumulate in one lump sum (we’ll refer to this as your Golden Goose) if you earned 10% on your money and wanted to generate $60,000 a year?
By multiplying $60,000 by 10, you come up with $600,000. This now becomes the goal for your “Golden Goose”. That way, if you had $600,000 earning 10%, you would have $60,000 a year of income.
What can you invest your money in? CD’s. Money Market. Stocks. Bonds. Mutual funds. Mortgages. And some others that you've probably never even thought about! (I'll share more with you about them in another post) We’ll refer to these as “money working for you.” You will need to learn and study how to invest your money to get the best returns possible.
You might find that accumulating $600,000 is daunting. Would you like to reduce that amount?
You reduce it by also investing in businesses that can create PASSIVE business income. You can start or purchase a business that eventually can run without your having to be there. The key word to remember here is systemization. Any business that you can systemize so that it can perform successfully without your needing to be there will dramatically reduce the amount of time you need to reach your goal of $5,000 a month of PASSIVE income.
What businesses can you invest in to create PASSIVE business income? Today, the number 1 way to achieve this goal is to create an Internet web site using any number of systems offered these days. With a successful site, once it’s been set up, auto responders and fulfillment houses can take care of all of the work, and all you need to do is check in on it from time to time to make sure that everything is working right and to deposit your checks.
Another business many people are turning to for PASSIVE income is Network Marketing. While you get the business going, you’re working the business. And as you grow your organization, you get a residual, or a small commission from the sales of the members of your organization. But if you’ve set up your organization properly, and have trained your people the right way, you can eventually retire, and then the income will become PASSIVE income rather than residual income.
There are lots of other businesses you can get involved in that can create PASSIVE business income. You can invest in vending machines. You can buy storage units. You can write a book or a song and get royalties. You can buy video arcades. You can invest in rental properties with positive cash flow. Also, there’s parking lots, coin operated car washes, ATM machines. The list is endless.
We’ll refer to this as “business working for you.” You will need to learn and study how to invest your money in businesses to create PASSIVE business income streams.
Between your Golden Goose having money working for you and your PASSIVE business income, you can accumulate sufficient streams of PASSIVE income to reach your stage 1 financial freedom goal.
From this day forward, you should ask yourself on a daily basis, “How can I create streams of PASSIVE income?”
There’s an expression that goes, “where attention goes, energy flows, and results show.” Once you begin to pay attention to creating streams of PASSIVE income, opportunities that you never noticed before will present themselves to you. But before that happens, you have to make the conscious decision to really want to create streams of PASSIVE income.
By now, you should understand at the conscious level that your goal is to become financially free. You understand that to achieve this goal you need to create streams of PASSIVE income. You understand how much PASSIVE income you want to generate to reach your first level of financial freedom. You understand that you want to start stuffing your “Golden Goose” with as much money as possible. You understand that you want to have money working for you, and also that you want to have business working for you.
PASSIVE income. PASSIVE income. Focus your attention on creating PASSIVE income.
We’re going to go much further down this road in the next few posts. They’ll build on this concept.
But if you understand what we’re talking about here, you understand that for you to join the top 5%, the elite, the happy and productive group enjoying the life of their dreams, you know where you have to focus your time and energy.
I promise you, it’s worth the effort, and even more important, you’re up to it.
Namaste.
Jeff
posted by Jeff Fagin at 6:43 AM
3 Comments:
Jeff,
Passive income, passive income, passive income, passive income, passive income.
I/we will soon be learning a system that will help to generate passive income.
Jeff
You can't be passive when it comes to getting a passive income stream.
Larry E.
Passive income sounds like fun.
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