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?
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.
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.
Here’s a great infographic to give you some ideas on how to generate passive income.
Courtesy infographic from Harv Eker International
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.
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.