The idea of multiple streams of income sounds great, yes? If you lose one stream, you have others flowing in still. The problem is—especially with a lot of entrepreneurial-types—people don’t think about the kind of income they want to create.
You can have multiple sources of income and still play the role of worker-bee. Anybody who has had two or three jobs at a time knows that. Multiple incomes won’t mean much to your freedom if you still have to work like a dog for it. The difference is between linear and residual income.
Linear means you work once, you get paid once. That’s a job. Residual means you work once, and you get paid hundreds or thousands of times.
How do you know if you’re earning residual income? When you woke up this morning, were you richer than when you went to bed last night? If the money flows in while you sleep, this is a good thing. Duh! That’s always been the goal, yes?
It may sound like another one of those classic no-brainers, but frankly most people don’t get this concept. They end up working for years and years, trying to figure out how to make some money, but don’t ask the question, ‘Is it residual income?’ If it’s not residual income then don’t do it, because it takes you too slavery, not to freedom.
If you’re going to starve in order to do something—to create some kind freedom for yourself—then only do things that will take you to the kind of freedom you want. Most people end up starving doing linear income, so they have to keep going back to work. And every time they go back to work, they’ve got to get their daily fix of distraction after spending all their time making little money for themselves while the people who own the company they work for take the lion’s share. They don’t have any time left over when they get home to create any kind of streams of income that can last while they’re sleeping.
Here’s another problem people have—fear and uncertainty. You’re not going to know how to do what you want to do before you do it, and most people are waiting to know enough to be able to take action and go do it, which will never come.
You didn’t learn to drive a car by watching a video, did you? You got in the car, sputtered between the brake and the gas—driving your parent somewhere between frightened and resigned—but then you finally got pretty good at it. The things you want to do you have to do!
Everybody wants to be a millionaire, but only a few people will do whatever it takes.
Most people are stuck into these little straight-jackets about what’s right and what’s reasonable
A lot of people say, ‘Well, that idea I had to start a business was just a thought.’
Someone else once said, “No thought can reside in your brain rent free.” Every thought has a consequence. Some of those thoughts are very expensive!
And they cost our time, our enjoyment of life. A simple twist in how we look at the income game. How do you maximize your time and energy? How do you take what is already available to you right now to the next level?
Share your ideas or insights. We want to hear from you!
Working Richer, Not Harder,