Let’s talk financial fitness.
Do any of these questions apply to you:
- Are you stuck in the rat race?
- Are you thinking about getting a second job to pay the bills?
- Are you working at a job you really don’t like?
If you answered “yes” to any of these questions, then you are working for money.
Caught in The Loop
One of the biggest problems in our society is we are taught to get ONE job, and that ONE job is supposed to pay ALL our bills and satisfy ALL our financial needs. One job is supposed to pay for all the following:
- Car payment
The list is endless.
There’s one problem with this scenario: for most people, that one job doesn’t pay enough money. If a person doesn’t make enough money, what do they do? They either get a job that pays more money, try get a second job, or work more hours at their existing job.
Before you know it, you’re living check to check, just paying bills. It’s critical we get out of this rat race.
This is when people like Dave Ramsey and Suzy Ormond say “live below your means!” While this is a good suggestion, that only gives one part of the equation. The second (and probably most important) part of the equation is to find ways to generate additional passive revenue streams.
The average millionaire has 7 or more income streams. Not seven jobs, seven sources of income. This is the key to living comfortably and having money work for you.
Making Your Money Work For You
Learning how to make your money work for you goes against everything we’re taught. Aside from our 401k, we are told via commercials and various advertising that we deserve the finer things in life, and if you work hard, you can spend money on things that make you feel good.
Unfortunately, many of those ‘feel good” items (cars, clothes, electronics, etc.) have zero value once they are purchased. The key is to purchase items that not only hold their value, but can generate revenue also. These would include assets such as the following:
- Rental property
- Dividend paying stocks
- Precious metals (gold, silver, copper, etc.)
- Small business
- Items that generate royalties (books, patents, music, movies, etc.)
- Monetized blogs and websites
By investing money into these types of assets, a person can spend more time doing thins they like and enjoy, instead of working at jobs they don’t like. Remember: wanting to work and having to work are two different things.
Here’s something else that’s not discussed: many wealthy individuals buy assets first, and buy the lavish items with the passive income generated from those assets.
Unfortunately, this type of information isn’t taught in school, but people need to know what their options are. By simply understanding the concept of making money work for you, a person is one step closer to becoming financially free.
Call To Action
Now is the time to learn everything you can about how money works and various ways to generate multiple streams of passive income. Get more tips in the books Invest For Success: Millionaire Wealth Strategies Not Taught in School. Available on Amazon.
Want more? Register for an online course from the Yes We Did Virtual Learning Center. We have several courses on business, entrepreneurship, and generating multiple streams of income.