Creating Wealth With Minimal Effort: Passive Income
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 are 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.
Want to know how T. Harv Eker, author of Secrets of the Millionaire Mind, creates passive income with little effort?
1 – Make Investments Work For You
The first method of earning passive income is familiar to most people. 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.
2 – Make Business(es) Work For You
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.
With this type of business, revenue continues to flow whether you are putting in massive hours or not.
Creating wealth with minimal effort is possible. 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.
If you really want to experience financial freedom through maximizing passive income, you want to have BOTH investments and businesses always working for you.