Are you sick of surviving on what your company wants to give you? Are you unfulfilled in your job? Are you aware that there are hundreds of folks who have discovered how to quit their 40 hour a week career and completely changed their lives? How are they doing it? They are earning residual income to maintain their free and easy lifestyles. There are 7 tips used by the wealthy that provides them a lifestyle where a occupation, employers and worries about money are non-existent.
About 5 years ago, I hired a millionaire wealth coach for 18 sessions. He was a financier and commercial real estate investor. Our appointments were once a week and he would give me tasks to complete before the next meeting. During these sessions he also taught me principles and techniques used by the very well-to-do to take control of my finances, my time and to start earning residual income. It dramatically changed my life. Here are seven of the many lessons that I learned.
In order to transform your present situation you must have a clear vision of what you want out of life. What will you do when money is no longer the motivating factor for working? The more explicit you can be the better. Write it down, read it twice a day, once in the morning and once before you go to sleep.
When you focus on your new life, make it big. Having an abundant mindset means when you think about your worry free life, your thoughts must come from an “I deserve it” perspective. Live like you already have what you desire. Earning residual income is the key to your transformation.
The next secret is to find your passion. Do what you love and you will never work again, it will be pleasure. What do you enjoy doing? Find something that you would do even if you weren’t being paid. By doing something you love, your everyday life will be more exciting and truly enjoyable and you will find great success because you will approach it with a lot of energy.
Unearth what gives you pleasure and happiness and turn that into a business that generates money. To really begin earning residual income you must settle on a home business that has a recurring revenue model. That way your personal labors will be maximized. You do something once and get compensated over and over again. When you set up a residual income enterprise based on your passion, you are more likely to do well, because you are doing something that brings you pleasure. The cash generated from your business will fuel the creation of your financial portfolio.
The currency generated from your recurring revenue venture should be invested in assets that also earn you a residual income. The idea is to continue to acquire these income producing assets until the residual income you earn from your portfolio supersedes your monthly expenses. Once your asset portfolio starts earning residual income high enough to pay your bills, guess what? You can quit your job!
Earning residual income from your business will shape your lifestyle. The the place you live, the kind of car you drive, vacations, utilities, groceries etc will all be paid for from the residual income earned from your recurring revenue business and your asset portfolio. Your life will be under your control. Taking action to change your life will bring you happiness and financial peace.
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