Are you fit financially? Ask yourself the following questions:
- Do you work 20-90 hours a week as an employee on someone’s job?
- Is that your only source of income?
- What happens if you get laid off or fired?
That paycheck is out the door. While the thought of losing your job can be terrifying, it doesn’t have to be.
Did you know the average millionaire has SEVEN streams of income? Not seven JOBS, but seven sources of income? Yes, it’s true, and there’s a big difference between jobs and income.
This is a key for financial fitness.
The key to financial success and INDEPENDENCE is to create PASSIVE INCOME. This is money you can earn whether you are working or not. In other words, millionaires understand the key to financial freedom is to have money coming in from multiple, unrelated sources.
The logic here is simple: if one income source is not doing so well, you have several others pick up the slack.
Ask yourself: how stressful is it to rely on one job to pay ALL your bills? How much more relaxed would you be if you received checks from 3-6 sources automatically every single month?
And I’m NOT talking about working 2 jobs. That’s the beauty of passive income. This is money you can make while you’re sleeping. Literally.
We’re told to save money for retirement and live off those savings, but why spend your retirement savings when you can generate passive income from multiple sources? What would happen if you run out of retirement savings? You’d be right back where you started…
Think about that…
Too many people are working 2 or more jobs to make ends meet. It’s time we change that scenario.
While working multiple jobs is needed in some cases, ask yourself: what happens if you can’t work? What if you sprain your ankle and can’t go to either job, or perform your work duties? Do those paychecks stop? Do you have to rely on your savings to survive?
In addition to working hard, we MUST work SMART. The average millionaire doesn’t live that way. While many work long hours, they also work on creating passive income as well.
Examples of passive income include the following:
- Rental property
- Book sales/royalties
- Stock and bond interest
- Create a mobile app
- Dividend payments
- Website advertising revenue/ affiliate marketing
- Drop shipping
- YouTube videos
- Vending machines
This is just a small sample of legal and legitimate passive income opportunities. As you look at the list, as yourself: which of these can you work on and make a reality? Which of these ideas can you see implementing, and making passive income for the rest of your life?
These ideas are all doable, but making passive income can take time. It won’t happen overnight in many cases, so the key is to get started working on them NOW.
Imagine where you’d be today if you knew about this 5-10 years ago, and started working on it back then?
THIS is the key to wealth, Independence, and financial prosperity. Change your mindset and change your life. Start thinking like a business mogul. A RICH mogul.
Why rely on one income when you can create 6 more? Millionaires don’t and neither should you. Life is a hustle. Make your next move your best move.
Get more great tips in my books Invest For Success: Millionaire Wealth Strategies Not Taught in School, and Readi Set Go! A Simple Guide to Establishing a Successful Small Business, co-written with Stephanie A Wynn.