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Active & Passive Income Streams
“Start building wealth by developing a positive mindset!”
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Watch the following videos below to prepare your mind for success!
“Start building wealth by building your business acumen.”
“Building Wealth starts with the right Mindset.”
“Your income is directly related to your philosophy, not the economy.”
– Jim Rohn
What is "Wealth Building?"
Wealth building is the process of generating long-term income through multiple sources. This refers to more than job-based income and instead includes savings, investments, and any income-generating assets. The wealth building definition relies on proper financial planning and insight into one’s future financial goals. Many individuals will turn to wealth building as a way to secure a strong financial future.
“Success is something you attract by the person you become thru your own personal development.” – Jim Rohn
3 Steps to Financial Wealth Building
To build wealth over time, you must follow three simple steps: (1) make money, (2) save money, and (3) invest money. Before investing, it is essential to have a reliable income source that spans your long-term financial future. After a reliable source of income is assured, it is recommended to set a concrete savings plan. Finally, it is time to invest.
“Profits are better than wages; Wages make you a living and Profits make you a fortune; Learn how to make both a living and a Fortune.” – Jim Rohn
Step 1. Making Money
It is essential to state that a constant source of reliable income over time is fundamental to wealth-building. A small amount of regular savings from this source of income can compound into a substantial amount. An important question to ask yourself is whether or not your current job can provide you with a regular amount of savings for 40 to 50 years. If not, it may be time to look for ways to increase your income.
The two basic types of income are earned and passive. Earned income comes from your regular occupation, while passive income comes from investments. To increase your earned income, you may first have to make changes in your occupation. Once you find the proper financial stability, you can start saving and investing.
“What you become thru personal development is much more valuable than what you get.” – Jim Rohn
Step 2. Saving Money
Many people live comfortably after finding financial stability, but do not save their money well. The second key to wealth-building is setting aside a portion of your earned income regularly. Once you have saved enough, you can start investing to grow passive income. Here are a few ways to to start saving money:
- Keep track of your spending each month.
- Reduce your non-essential spending.
- Always have about 6 months worth of expenses saved in case of emergencies.
- Contribute to your retirement plan
“The major question to ask on the job is not what you are getting here; but, What am I becoming here.” – Jim Rohn
Step 3. Investing Money
Finally, once you have a stable foundation, you can start investing your money appropriately. However, to build a diverse investment portfolio, you will have to take a few risks. It is important to research how much asset allocation is appropriate for you. While you can do this research yourself, using a financial advisor is also recommended for new investors.
Once you have assured yourself of how much you want to spend, you can decide which wealth-building assets are right for you.
“Money is usually attracted, not pursued.” – Jim Rohn
Making Money in 3 easy steps:
Follow the steps below to start earning secondary income.
Start Your Business
Choose your Business Entity type and get necessary license(s), permit(s), and marketing materials made.
Grow Your Business
Make your business known to others. Develop necessary skills or obtain necessary professional licenses.
Start Making Money
Develop the necessary income streams to achieve your financial goals as defined in your financial plan.
” I am always ready to learn although I do not always like being taught.”
– Winston Churchill
Get Financially Literate!
How Financial Literacy Works
Because financial literacy begins with your first interactions with money, it is a lifelong journey—one that inevitably has good and bad moments. While you can develop financial literacy by consuming educational content about personal finance, you will also gain it through real experiences.
Financial literacy is the ability to understand the pros and cons of a money decision, weigh the costs, and confidently decide what to do. But being financially literate doesn’t mean you know everything about money; rather, it equips you to seek out the answers you need in order to make a good financial decision.
Here are some questions financially literate people often ask themselves when faced with a money decision:
- How much will this cost?
- How do the short-term and long-term costs of this choice compare?
- What are the rules that apply to this choice? For example, if I miss a payment, will I have to pay a fee?
- If I use my money for this, what will I have to give up? What will I gain?
- If this is a risky decision, can I afford to lose this money?
” No matter how small you start, start something that matters.”
– Brendon Burchard
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Start Your Side Hustle!
Definition of a Side Hustle
A side hustle is any type of employment undertaken in addition to one’s full-time job. A side hustle is generally freelance or piecework in nature, providing a supplemental income. Side hustles are often things a person is passionate about, rather day a typical day job worked in order to make ends meet.
A side hustle is not the same as a part-time job. While a part-time job still entails someone else (your employer) calling most of the shots (including hours worked and what you’ll be paid), a side hustle gives you the freedom to decide how much you want to work and earn.
With financial security a problem for nearly half of Americans, side hustles prove to be a viable option for many people working to get out of debt or testing the entrepreneurial waters.
” Patience, persistence and perspiration make an unbeatable combination for success.” – Napoleon Hill
Develop a Successful Mindset!
What is Mindset?
Mindset is an idea, based on decades of research, by Dr. Carol Dweck, a Psychologist, based at Stanford University. In her research, Dr. Dweck found that people generally have either a Growth Mindset or a Fixed Mindset. People with Fixed Mindsets believe that we are born with all of the intelligence, smarts, athletic ability, artistic ability, social adaptability that we will have for the rest of our lives. In other words, you’re either born smart, or athletic, or artistic, or personable, or not. People with Growth Mindsets believe that, with effort and hard work, we are able to grow and develop our intelligence, smarts, athletic ability, artistic talents, and social adaptability. In other words, we can grow our brains, make ourselves smarter, and become better athletes, artists, and social beings.
Recent research in the fields of psychology and neuroscience confirm the concept that we are, in fact, able to grow our brains! Our brains are constantly producing and growing new neurons when we learn something new, visit new places and develop new skills. These neural pathways are strengthened with repeated practice or reinforcement, making accessing newly learned information easier and quicker. Much in the same way our muscles grow and strengthen and we develop muscle memory with repeated practice.
- People with a Growth Mindset know that it will probably be challenging to learn something new. We might fail or struggle with new ideas, concepts, and skills at first. They know that they haven’t “gotten it,” yet. However, with repeated practice and effort, they will stretch and grow their brains, and improve towards achieving their goal.
- People with Fixed Mindsets often give up at the first sign of struggle. This is the case of people who consider themselves to be naturally “smart,” “talented,” or “gifted.” If they perceive that they might fail, then they often won’t even try, because failure might confirm that they are not as smart, talented or gifted as they thought they were.
” The size of your success is measured by the strength of your desire; the size of your dream; and how you handle disappointment along the way.”
– Robert kiyosaki
Examples of Different Mindsets!
” The money you make is a symbol of the value you create.” – Idowu Koyenikan
Rich Dad | Poor Dad
” The money you make is a symbol of the value you create.” – Idowu Koyenikan
Financial Success is achieved by having a Financial Plan!
A financial plan is a document containing a person’s current money situation and long-term monetary goals, as well as strategies to achieve those goals. A financial plan may be created independently or with the help of a certified financial planner.
- A financial plan documents an individual’s long-term financial goals and creates a strategy for achieving them.
- The plan should be comprehensive, but also highly individualized to reflect the individual’s personal and family situation, risk tolerance, and future expectations.
- The plan starts with a calculation of the person’s current net worth and cash flow and ends with a strategy.
“The journey of a thousand miles begins with one step.” – Lao Tzu
“Don’t compare yourself with other people; compare yourself with who you were yesterday… ” – Dr. Jordan Peterson
Dr. Jordan Peterson
“The way to get started is to quit talking and begin doing.” – Walt Disney