My WOW 30-Day Challenge
So, now you know that having multiple sources of income is the way to begin to create wealth in your life. Have you started to look for other ways to create more income in your life? (Please say Yes).
In today’s lesson we are going to discuss the Power of Creating Passive Residual Income and How it Will JumpStart Your Life into the World of Financial Freedom. But first, let me explain these key elements.
What is Passive Income?
Passive income is money earned when you do not exchange time for money. Exchanging Time for Money, is called “Active Money” - like working a J.O.B. With Passive Income generation - Your money works for you.
You put your money into “something” and then that “something” creates more money. You don’t have to work for it.
What is Residual Income?
It is money created using a “system”. If you Find a “system” or Create a “system” to generate money, then it is Found or Created once. And once created, it then keeps generating income over and over again.
Do you understand?
A system is discovered once, and one time only.
Why just one time?
Because residual income keeps generating more and more money, time after time.
So Passive Residual Income is income generated without exchanging your time for money and it keeps on generating more and more money . . .
So now that you understand these key elements . . . How does this translate into debt elimination and wealth creation? Well, the answer is obvious. The more money you generate, the more money you can:
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save
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invest
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or, use to create a business
. . . and the more goes towards your “net worth”.
Wealth . . . begins somewhere . . . and do you really think it is created from just working a J.O.B? (Please say No). Do you think that even if you are making a six figure income and saving in your 401k that you will be well-taken care of in the future? I hope not.
I want you to create wealth, wealth beyond reason.
You desgin what a wealthy lifestyle means to you. You decide how much wealth you need to call yourself wealthy. Wealth is created by You and Defined by You.
Is it:
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producing an income of $100,000 a month or $200,000 a month?
Is it:
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having a net worth of $5,000,000 or 5,000,000,000?
What does it mean to you?
So to complete today’s lesson, I want you to follow these steps:
STEP 1 - Define what it means to you to be wealthy
STEP 2 - Identify passive residual income opportunities and implement them right now
STEP 3 - Use this extra income to eliminate your debts and then accumulate wealth in your life by saving, investing or creating a business
