There is a misconception believed by many people that in order to become financially free they either have to get rich quickly or put in long hours working hard until they retire.
Being rich and being financially free is not necessarily the same thing.
You do not have to work tireless hours and wait to retire in order to enjoy financial freedom.
Instead, you need to master the art of creating passive income, according to someone who has found a way to do it...
Want to know how T. Harv Eker, Author of Secrets of the Millionaire Mind, creates passive income with little effort?
We explore 2 of Harv’s heartiest suggestions and provide an analysis on his infographic to help you along:
The first method of earning passive income is familiar to most people, according to Harv.
These are investments.
These investments generally pay a fixed or standard rate of return monthly, quarterly, or annually.
This would include investment vehicles like government and corporate bonds, t-bills, or rental income from properties you own.
The second method of generating passive income recommended by T. Harv Eker is through passive business income.
This one is sometimes a little more difficult for people to come to grips with.
People assume that as a business owner, you need to constantly have your feet to the grindstone if you want to see any kind of success.
The truth is that what you need to do is create a business that can easily be systemized so that it can work in the absence of your presence, says Harv.
With this type of business, revenue continues to flow whether you are putting in massive hours or not.
Let’s explore Harv’s infographic, designed to give you some ideas on how to generate passive income and consider what may work for you...
Courtesy infographic from Harv Eker International
Here are 8 passive income options that Harv suggests are worth looking into and you’ll notice that the emphasis is on automation:
Look at the franchises around you that are proven winners and the kind of businesses that resonate with you.
It could be anything from fast food outlets to real estate brands or tax prep models that you can buy the rights to.
Whether it’s an eBook, an online course, or a membership site…
Consider what digital products you can develop and sell through something like an automated email funnel.
Part of systemizing something is automation which greatly reduces the need for management.
And there are scores of customers who will gladly help themselves to your car wash, gas station, or laundromat, provided it is high in demand and gets the job done effectively.
You can earn commissions by selling or promoting other people’s services or products, again with an automated system.
Examples include social media, blogging, online ads, email lists, and affiliate links in strategic places on one of your websites.
What happens when you place vending machines, ATMs, and arcade games in high-traffic spots?
You can collect the fees from providing convenience to the masses with virtually no employee overheads to pay, and the bare minimum of management involved.
Whether your thing is photography, music, or inventions, if you create something of value once, you could get paid for it forever.
This way you put your skills and talents to good use and make a mint.
If you know of a safe open spot where people can host events, park their cars or store their goods, you can easily turn available space into cash.
Whether the space belongs to you or to someone else, there’s always someone looking for more room.
Believe it or not, people are still doing this and they are still making money in commissions by joining a company, creating downlines, and selling products they feel are a good fit for them.
If you enjoy this kind of environment and are interested in things like essential oils, beauty products, or nutrition supplements to name a few, there’s a good chance you could do well in this kind of setup
Creating wealth with minimal effort is possible.
You are your habits and your money habits will determine the levels of wealth you'll enjoy because how you do anything is how you do everything.
You can achieve it by making investments work for you or by starting a business that can be systemized so it will continue working without the need of your constant attention and input.
It is essential for wealth creation that you earn passive income and your options are extensive.
If you really want to experience financial freedom through maximizing passive income, you want to have BOTH investments and businesses always working for you.
Your review is like a legacy, so if you liked this post, leave a good star rating, and if not, leave a poor rating - but good or bad, please leave a comment in the ratings, review, and comments section at the bottom of this post and let others know what you think.
Has your Mind ever wondered...
Millionaires are known for good investment decisions such as owning investment properties and rentals, among other assets.
Nurturing the habit of excellent money management by splitting your income between your needs and want to cater for saving and investing is most of the battle won.
Millionaires play the money game to win and a significant portion of their efforts are spent executing their wealth plans, setting new goals and finding new ways to build on their wealth.
They also have millionaire money habits to ensure they can maintain their lifestyle.
A diversified investment portfolio yields the best results.
Different people are drawn to different types of investments for different reasons - here are some examples:
Dividend Stocks
Real Estate for resale or rental properties
Creating Your Own online or tangible Products
The key is to not put all your eggs in one basket in the case of investments.
There are no reviews yet. Be the first one to write one.