Ask yourself, why are you in business in the first place?
Most importantly, solve people problem, contribute to society
Passionate, Treat problem not a problem but growth
Compare you to other, are they 10 times smarter than you?
Reading book is good but you need to find time to apply or practice
Something is missing, but people is making money selling this crap
Meet mentor and webmaster
Intention to make money and spend more time with family
What does passive income mean to you?
Write down your total annual income
Categorize your source of income
4 types of income
http://creativeinventory.ca/dir/how-to-generate-massive-passive-income-with-dan-lok/
4 Sources of Income:
Linear Income: Trading hours for dollars. It’s predictable and give you money quickly but will never give you financial freedom. When you stop working your income stops.
- Salary
- Overtime
- Commission
- Consulting Fees
- Professional Services
Leverage Income: Using other peoples time, money, assets, connections, talents, expertise and resources to make you money. You are not doing all the work yourself.
- Strategic alliances
- You have sub-contractors
- You have good will
- You have client contracts
- You have salaries staff
- Sales based network marketing
Passive Income: The result from leveraging people and a system to make you money.
- You have commission staff
- Buying based network marketing
- Renewals
- Internet Income
- Dividend Income
Windfall Income: Getting a large sum of $ all at once
- Appreciation of RRSP’s
- Appreciation of Stocks
- Winning the lottery
- Selling a business
- Appreciation of real estate
- Inheritance
- Large bonuses
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