Secrets of the Millionaire Mind - Wealth File 15
Rich People Have Their Money Work Hard for Them. Poor People Work Hard for Their Money.
In as much as working hard for money is important, you also need to learn to make your money work hard for you.Once you've earned your income, active and passive, how do you put it to work so it can earn you even more money? How do you get more returns for the same effort? How do you employ leverage to create your wealth?
Harv suggests using other people's work, creating systems to make your business more productive, and using investment capital to earn a return from other people's businesses. And you can also leverage other financial instruments such as bonds, stocks, money market, mutual funds, mortgages and other assets.
What Is Your Financial Goal?
Is it security? Is it to become rich?
Is it to become a millionaire, how many millions? Is it to create
so much passive income that your money works for you and you don'thave to work another day in your life unless you choose to?
Remember we spoke about your financial freedom number?
How much passive income do you need for you to hit your financial freedom number?
Harv Eker defines financial freedom as, "The ability to live the lifestyle you want without having to work or rely on anyone else for money."
What's your definition?
Harv says you become financially free when your passive income exceeds your expenses.
How Much Money Will You Need
to Get to This Level?
Do you know how much money you need every month to cover to cover all your expenses and still have a little left to stash away and invest?
Find ways to generate passive income if you want to be financially independent. Think long term. Forget immediate gratification. Invest today so you can reap the benefits later. Don't just ball out today and have a good time without considering the consequences for tomorrow.
Get your priorities straight.
" To increase your wealth, you either have to earn more or live on less."
And when you spend, spend on things that will likely go up in value versus things that will go down in value. Buy assets that produce positive cash flows. Harv says, "don't wait to buy real estate. Buy real estate and wait."
Here Are Some Financial Instruments
You Can Leverage To Earn Passive Income
Business passive income: rental real estate, royalties from books, music or software, licensing fees, franchise opportunities, vending machines, coin operated machines, network marketing.
He says, "While poor people see a dollar as a dollar to trade for something they want right now, rich people see every dollar as a seed that can be planted to earn a hundred more dollars, which can then be planted to earn a thousand more dollars."
Poor people work hard and spend all their money, which results in their having to work hard forever. Rich people work hard, save, and then invest their money so they never have to work hard again.
How committed are you to your financial independence? When will you invest in your first or next passive income stream? How much do you need for your first or next investment?
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