I started to be on this wealth building journey since 2008. I have tried so many different things from internet marketing, real estate to my current business. It is very typical but it is all started to from the book, “Rich Dad Poor Dad” by Robert Kiyosaki.
When I read “Rich Dad Poor Dad”, I was totally intrigued by the concept called “Passive Income / residual income”…
I felt “it is so cool to have the income that generated from the assets whether I work or not”
This is the time when I seriously started to explore what can I do to understand and create the passive income / residual income.
During that time, I was just thinking passive income / residual income as income that we don’t have to work for…
Recently, I found cool picture that explains about passive / residual income and I reassured myself how powerful this concept is…
Let’s dive in…
You can take a look at the picture in this blog and it stated
If you can earn $10,000 monthly passive / residual income, that’s mean that you own $2,400,000 asset generating 5% interest every year.
This taught me passive / residual income in totally different manner…
Let’s look our surrounding and think who actually owned $2,400,000 worth of assets?
It probably is very few…
Asking another way, how many middle class people who works diligently from age 25 to 65 can reach to that level?
Probably very few also…
I have been in this financial profession so I know the current situation. 30% of American age 55 don’t have any retirement saving at all. From this, for most people, it is extremely hard to save (Especially, out from paycheck…) $2,400,000 to build the assets where generating 5% interest.
This taught me another thing…
We cannot afford not to have some kind of residual income sources that create automatic income when we gets older.
There is two ways to create this. First way is already discussed. Save and invest to create $2,400,000 of assets or second way
Build your business that generate passive / residual income for you.
Realistically speaking, it is probably very difficult for most people to save money from the job to create $2,400,000.
However, it is at least doable to start your own business on the part time basis while you are working in full time.
You don’t have to quit your job. You can do your job and your business part time. This business will eventually be your asset to create your residual income for you.
Do you know what I got out of this residual income picture? I will tell you again…
We cannot afford not to have residual income…
I hope you got great value out of this blog post. If you want to get my detailed notebook, 9 Lessons to Become Successful Home Business Entrepreneur, you can just download by filling your first name and email address.
P.S1: My friend Russell Brunson just released his new book ExpertSecrets. It’s literally the underground playbook for creating a mass movement of people who will pay for your advice! You can get a copy of it here for FREE.
P.S2: If you are in the local in San Diego area, I delighted to announce that I now have cashflow game group in San Diego chapter. I am hosting Robert Kiyosaki’s cashflow game to foster financial education. If you want to learn more about it or would like to attend, you might want to check it out by clicking here.
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