People with jobs believe that their income is representative of their wealth. The questions they ask are "Who do you work for?", "How much do you earn?", or "What car do you drive?" These people fall into the category of "looking good, going nowhere". They buy stuff to look and feel rich. To sustain their lifestyle, they continually work harder, longer hours and constantly educate themselves to become even more specialized.
A paycheck, no matter how big, cannot be defined as wealth or riches. Most people think that getting a bigger paycheck or salary is making them richer. Nothing can be further from truth. In fact 95 percent of people spend every dollar they earn. By the way, the acronym for job is "Just Over Broke".
We need "cash flow" to pay our bills, put food on the table, send our kids to school, and sustain any kind of lifestyle. But if your "cash flow" is solely reliant on your paycheck, then you are at grave risk. You can fall ill, have an accident, or lose your job. Ask millions who have lost their jobs in the financial downturn. Having a job severely restricts your cash flow capabilities. You can work for only a certain amount of hours in a day. Your pay check will be limited to the number of hours worked multiplied by your hourly rate.
Your first step to creating wealth comes when your "cash flow" starts coming from passive income rather than your paycheck. In other words, your investments and businesses pay you money whether you get out of bed or not.
You need to create long-term passive income cash flow backed by a solid asset base. Wealth is all about owning assets. However, an asset must have both capital growth and income. Don't buy property first if you want to become rich, or you will become "asset rich" and "cash poor". You must first concentrate on generating a rather large passive income.
©2015 DSK-Enterprise (P)2015 DSK-Enterprise
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"Finally! A book with great information!"
I've downloaded and listened to quite a few business books on audible already and every one of them has been filled with filler material and self motivational nonsense. This book as so refreshing as it gives multiple methods, in black and white, to create passive income. Fantastic material and I can't wait to implement a lot of these suggestions. A steal for the price.
"Just a general description of passive income."
This book only touched on ways to create passive income. There was very little detail or "how to" specifics given in this book. I would have liked to known more detailed steps pertaining to each passive income idea that was discussed. The reader was clear and precise, but no meat and potatoes as far as content.
"Short overview of what Passive Income is"
Not a bad book, but not what I was expecting. I'd say a good introduction into what Passive Income is and what it can do for you. Nothing too in-depth.
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