Most of us have been programmed from the beginning of our lives on this earth to become employees. We are taught to get a good education, so we can get a good job and then retire comfortably on our 401K. Well, we all know that formula isn’t working for about 95% of the population. The key to success in the new economy is getting out of that employee mindset and expanding our minds and our income streams.
I enjoy teaching the necessity of producing multiple streams of income to create true and lasting wealth. What exactly is meant by “multiple streams of income”? For some people it may mean learning a little about real estate and owning rental property. For others, it may mean starting a home-based business that earns additional income. Still others may learn about marketing on the Internet. Why is this income from sources other than your regular job-also known as passive or residual income-so important?
Best-selling author Robert Kiyosaki says it is necessary for “getting out of the rat race.” In order to create a life of true control and ultimate freedom, you must reach the point where your passive income is greater than your expenses. Simply put, you could lose (or quit) your regular job and would be financially sustained by your passive income. How’s that for freedom?
For many people, that goal may seem unattainable or something that “other people” can achieve. Maybe current debts or a negative financial situation loom large in your mind. Having the right mind set you can start down the path to changing that destiny through education and action. And there are many different ways to create new streams of income. The seven I emphasize are:
1. Business Ownership
2. Real Estate
5. Internet Marketing
As you grow in skill and confidence, you can add more and more types of income to your overall plan.
See you again tomorrow,
Mark “Gunny” Thomas