Income, Assets, And Net Worth – What Do You Need?

““Wealth unused might as well not exist.”” – Aesop, The Miser and His Gold

In an issue of Strategic Opportunities, James Dale Davidson had this to say about building wealth: “Contrary to the misleading advice in "The Millionaire Next Door" and other best-selling books, the key to becoming really rich is not pinching pennies but . . . through ownership.” Jim makes an important point, although he misinterprets the 1996 best seller to do so. Dr. Thomas J. Stanley’'s Millionaire Next Door was a study of millionaires, not multi-millionaires.

The Miser’s Guide To Wealth Building

For this bottom tier of the American rich, working hard, living frugally, and saving money have been the three ingredients in acquiring a seven-figure net worth. And if your main goal in life is to retire comfortably, following this formula is absolutely the best and surest way to accomplish your mission.

But is that the way you want to live your life? Pinching pennies? What’’s the point in making money if you don’’t have fun with it. Don’’t get me wrong. I believe in saving. But since you want to live well AND have a comfortable retirement, you have to do more.

So what can you do?

First, you must increase your income. Bump yourself up to another income level and you and your family can enjoy a better life. But consider this before you do: There are basically only four lifestyle levels in America.

The Four Basic Living Standards

If you have a family income of less than $50,000, you are poor. Life sucks. If you earn between $50,000 and $150,000, you are just getting by. Your bills are paid and you can afford some small luxuries, but you have to be careful. McDonald’s is your favorite restaurant. You keep promising yourself you’’ll start saving but your bank account reads “nada.”

When your family income exceeds $150,000, you are comfortably middle-class. You don’’t worry about paying bills. You can save for college and retirement. You can go out to dinner and the movies. And you can take vacations.

Here’’s the interesting thing: This lifestyle doesn’’t change in any meaningful way when your income passes $200,000, $300,000 or $400,000. In fact, it doesn’’t really change until you are making more than a million dollars.

There are differences. If you are making, say, $750,000 a year, your house is nicer than that of the guy who makes $150,000 – but both houses are nice. Same is true of your cars and your furniture. And if you apply the SYTSF rules of Living Rich, you can have a better lifestyle earning $150,000 than does the garish jerk who’s making five times as much as you.

Keep in mind that the more you make, the less, percentage-wise, you keep. Make $150,000 a year and you’ll have more than $100,000 to spend. Make $750,000, and you’’ll have about $350,000. When you start making more than a million bucks a year, there is a big change. Unless you are completely out of control, you will be able to save most if not all of your after-tax income that exceeds the million. In other words, if you make $2 million you should save almost $500,000 a year. That can add up pretty fast.

So if you can get your income above a million, you can get rich by saving. But if you can’'t make more than a million bucks a year, you have to find another way to acquire wealth.

The Other Way To Build Substantial Wealth

How do you acquire the $4 million-plus liquid net worth that will allow you to retire with a post-tax income of, say, $250,000? For that, you need to own something. Forbes magazine put it this way: The very wealthy “typically own significant stakes in successful businesses in industries that are leading the economy forward. Great wealth, in other words, almost always springs from ownership, not income.”

I remember making this point to PH. Following some basic SYTSF principles, he had elevated his income from about $25,000 to more than $200,000. He was very happy but also interested in making more. I told him my theory about the four levels and suggested he start his own business. He did, and that business today is worth more than a million dollars.

Here’'s SYTSFs 5-Step Wealth-Building Program:

1. Get your income up to at least $150,000 so you will be able to enjoy life and save a measly million for retirement.

2. Live rich.

3. Get yourself equity in a business, –something that will be worth at least $3 million by the time you retire.

4. Gradually build a real-estate portfolio that can, itself, be worth a million bucks some day.

5. Invest the rest safely.

That’'s the plan. Stay with SYTSF and you will absolutely, without any doubt, make it.$

[Do you know how Facebook and Google became the most powerful companies in the world?

It’s NOT helping you share pics of last night’s dinner...
It’s NOT searching for drunken cat videos…

And it’s DEFINITELY NOT about free Gmail accounts.
 

The simple truth is Facebook and Google SELL TRAFFIC.

They SELL TRAFFIC to business owners, and that advertising revenue alone has turned them into billion dollar companies.
 

Traffic is the most valuable commodity on the Internet, and that will never change.
 

This is why using the Traffic Authority business system is the ultimate way to make extra income in your business…

Click here to watch the video and start your own premium traffic business today!]

How To Educate Yourself For Success – And Get Wealthy The Smart Way

““No matter what a man’s vocation or avocation may be, the nature of his progress through life is largely dependent on his ability to sell.”” – Frederick W. Nichol

It's no secret that countless studies show that better-educated people make more money. The question is, how you can YOU become richer by making yourself better educated?

Actually, this is a big topic, one that would take hours and hours to properly cover. I’'m not going to do that here, but I can give you the short and succinct version. And then we can go into it in a little more depth at some other time.

Let’'s start with this observation: Virtually all high-income individuals have two benefits. First, they are in positions of authority. (Think politicians and company presidents.) And second, they have a relatively high degree of knowledge about something valuable (as do, for example, lawyers, doctors, and engineers).

If you can get yourself into a position in which you have BOTH knowledge and authority, you can make a lotta, lotta money.

OK, So You Forgot To Get A Medical Degree . . . What Do You Do Now?

Here’'s what I would do: I would figure out what line of work I’'d like to be in and then become an expert at some aspect of it that would make me a lot of money.

What business or profession could that be in your case? Well, if you are already committed to a career, and you like it well enough, you could stick with that. If, on the other hand, you hate your work and everything about it, and everyone connected with it, you should look for greener pastures.

But for the moment, let’s say you work as a bookkeeper for a new-car dealership and are not satisfied with your $40,000 salary. You could dream of owning the business, but that’'s not likely to happen any time soon. You need money to own a car dealership. Money you don’'t have right now. For the immediate future, you have to set your sights on something that is attainable. So, look around. Aside from the owner, who else is making good money? Well, the sales manager is bringing down a steady $90,000 a year. That’'s not bad. And then there’'s Joe, the No.1 salesman, who is making even more than that.

You check it out and discover that you can’'t be the sales manager because the company has a firm policy of hiring only MBAs for that job. So that leaves you one option: becoming a salesman and going on to claim Joe’'s spot as Numero Uno Salespro.

You could tell yourself, “Forget about it! I am not a natural, and God only knows it takes a natural schmoozer to sell cars.”

But if you are smart, you will recognize that selling cars, like almost everything else in life, is a process that involves no magic, just specific actions –each of which can be studied and then learned.

Let’s say you become friendly with Joe and eventually gain his trust. You take him out for a drink one evening and get him to open up and reveal his secrets . . . the things he does to consistently outperform (and outearn) every other salesperson.

Learn To Sell Anything

I’m not an expert at selling cars, but I wouldn’t be surprised if the conversation went something like this:

Joe: “If I’'m selling to a couple, I always shake hands with the man first. That way, he feels important. Something he needs to feel to make the decision I want him to make.”

You: “That’'s neat, Joe. What else?”

Joe (smiling): “One thing I never do is say, right off, how much a car costs. If, before I’'m ready to close, a customer pops the ugly question, this is what I say: ‘Let me ask you something, Mr. So-and-So, how important is it to you to drive a car that is safe and comfortable for your family?’”

And then Joe would tell you a few more “things” he always does. Now, these “things” individually may not amount to all that much. But put together in a single presentation, they add up to this: how Joe manages to be the company’s No.1 salesperson month after month after month.

Since that – becoming as good as Joe – is your goal, these specific “things” he does are the secrets you need to learn. None of these secrets is magic. They are merely specific, “educated” actions that can be learned.

The great salesman, you now understand, is not somebody with supernatural powers but an ordinary person with specific, valuable knowledge.

The same is true of any moneymaking profession. People who actively earn high incomes do specific things that result in some desired outcome: a sold car or a perfectly designed microchip, for example.

Most people who aren’'t financially successful don’'t understand this. They feel they are adequately educated and blame their poor circumstances on factors that are either unrelated or only marginally related to their lack of success. They say their bosses don’'t like them. They claim to be victims of racism, gender bias, or prejudice. They say they are not understood. Or not properly appreciated.

If you find yourself talking that way, do yourself a favor. Button it up. Stop complaining. Dale Carnegie said the three worst things you can do are criticize, condemn, and complain. He was talking about how to win friends and influence people, but this is wisdom that can be applied equally to financial success.

Gripe Elsewhere. This Is Moneyville.

Stop complaining about your circumstances and start doing something positive. Say goodbye to the comfort of blaming others for your own shortcomings and say hello to the knowledge you need to succeed.

If you start today by identifying a specific, high-paying job that you want to do, you will have taken the first big step. Figure out what you want to do and then promise yourself that you will become an expert at it, even though you have no immediate prospects of doing it.

Starting tomorrow, learn something about that job. Find out what it takes in terms of hours and days. Find out what it typically pays and when it pays more and why. Ask about the daily routine, the common problems, the biggest challenges, and the best rewards. Ask. Observe. Read.

Keep it up, day after day, until you start to feel as if you understand the job. Then accelerate the process. Approach those, perhaps from other companies, who do the same job. Tell them what you know and ask their opinions. Admit your ambitions to them. You’'ll be surprised at how much they’'ll tell you.

As you become more and more of an expert, it will start to show. Even if you don’'t intend it to. You will be more informed. More confident. You will speak with greater authority and more clarity. People will begin to treat you differently. They will gradually come to regard you as a person who deserves their respect. You may find them asking you questions, seeking your advice. You will notice that your boss and other “superiors” will look at you and talk to you differently.

Ultimately, you will no longer feel ignored or unappreciated. Then, one day, the opportunity will assert itself. A job will open up. And you will be called in to fill it. Why? Because the word will already be out. You will have already demonstrated that you are “perfect” for the job, and so the decision to hire you will be an easy one.

In the case at hand, you will be hired as a car salesman because you know the cars– and you know their prices, and you know the selling protocols and procedures, the company requirements, the legal requirements, and so on.

Your next goal will be to outsell every other salesman. And you will do that by, again, studying the specific actions of the best salesmen and then learning those specific actions until you know them completely. That will give you the confidence to use them. And in using them, you will get the reward of seeing them work and this will give you the motivation to continue.

Before you know it, you will be at the top of the heap, earning the kind of money you are right now only dreaming about. And then you can start making promises to yourself. First to make a hundred grand. Then a million. Then 10 million. After that? Anything is possible.$

[Do you know how Facebook and Google became the most powerful companies in the world?

It’s NOT helping you share pics of last night’s dinner...
It’s NOT searching for drunken cat videos…

And it’s DEFINITELY NOT about free Gmail accounts.
 

The simple truth is Facebook and Google SELL TRAFFIC.

They SELL TRAFFIC to business owners, and that advertising revenue alone has turned them into billion dollar companies.
 

Traffic is the most valuable commodity on the Internet, and that will never change.
 

This is why using the Traffic Authority business system is the ultimate way to make extra income in your business…

Click here to watch the video and start your own premium traffic business today!]

How To Double Your Wealth Building Power

““I can’t say I was ever lost, but I was bewildered once for three days.”” – Daniel Boone

There is nothing more critical to your success than the choices you make about the people you work with.

Ask any honest businessman what accounts for his success and you will hear names dropping. No matter what career you choose – even something as solitary as being a writer – it requires the assistance and guidance of superlative people.

Michael Jordan is considered by many to be the greatest basketball player who ever lived. But would he have that reputation without Scottie Pippen? Or Phil Jackson? Or even Dennis Rodman?

T.S. Eliott is probably the most celebrated modern poet. His best poem, The Wasteland, would have been a shell of what it turned into without the editing of Ezra Pound.

In the world of wealth, the importance of excellent help is sometimes beclouded. Everyone knows about Warren Buffet, but few have heard of Benjamin Graham. Bill Gates is synonymous with Microsoft, yet Paul Allen was – by most inside accounts – equally responsible for its success.

Every successful businessman I know relies on one or several supporting performers. Those who rely only on themselves may have brilliant moments, but they seldom succeed in the long run.

It will be no different for you. The better your support group the further and faster you will go.

Finding your own Phil Jackson

So how do you get great people to work for you? How do you find a superstar protégé? How do you snag that rare person who can help you grow and improve your company? How do you find someone capable of doing what you do . . . when you don’t want to do it any more?

These are questions you should start thinking about today.

I should point out that your “support group” extends beyond key employees. It can also include certain vendors and advisors…certainly any partners…bankers, lawyers and so on.

Step One: Demand the Best

This is an important subject we will talk a great deal about in the future. For today, lets start with the obvious.

In order to get great people to work for you it is necessary to reject anyone who is less than great.

Getting an excellent supporter means everything will be easier. She will learn your secrets faster than you can explain them. She will take on any challenge. She will figure out solutions before she tells you problems. And most importantly, she will share your enthusiasm (maybe exceed it) and vision.

Right now I am lucky enough to be working with three superstars. Each is single-handedly running a business whose revenues, combined, exceed $30 million.. That’s a lot of business to feel good about.

In addition to the three superstars my partners and I rely on, we are in the process of grooming about six more. When (and if) they are fully fledged, I could (theoretically) kick back and cut coupons.

Step Two: Search and Cull. Search and Cull.

Getting a great person behind you is a simple three-step process.

1. Find someone as good or better than you.

2. Cut him in on your future.

3. Teach him everything you know.

Superstars, like good spouses, are few and far between. The good ones are previously engaged. Those who are available are usually defective. (If you don’t know when you hire them, you’ll find out soon enough.)

When you meet someone who seems great, don’t let him pass you by.

The Time to Start is Now

It doesn’t matter where you are on that ladder of success. You should be looking for (and educating) proteges right now.

You should have superstars helping you out in every facet of your career: strategic planning, marketing, product development and so on. When your future is at stake, there is no room for mediocrity.

Start by identifying the key functions you need to meet your goals. And then identify who you are now using (or thinking of using) for that role. Ask yourself honestly, “Is he/she really great?”

If not, resolve to replace him/her.

You can get the process moving today by making up a cut list. It should contain no more than a dozen names,– the most important names in your career. After the list is done, indicate next to each name whether you consider him/her to be adequate, quite good or excellent.

Do this carefully and truthfully. And then think about how much better things could be if you replaced all the “okay” people with great ones.$

[Do you know how Facebook and Google became the most powerful companies in the world?

It’s NOT helping you share pics of last night’s dinner...
It’s NOT searching for drunken cat videos…

And it’s DEFINITELY NOT about free Gmail accounts.
 

The simple truth is Facebook and Google SELL TRAFFIC.

They SELL TRAFFIC to business owners, and that advertising revenue alone has turned them into billion dollar companies.
 

Traffic is the most valuable commodity on the Internet, and that will never change.
 

This is why using the Traffic Authority business system is the ultimate way to make extra income in your business…

Click here to watch the video and start your own premium traffic business today!]

9 Tips for New Real Estate Investors

The following are 9 tips to help new investors:

1. Choose quality over quantity.

Beginning investors should do what they need to do to survive, keeping in mind that it is better to do one quality deal than a multitude of average deals. As a beginner, you must get into the game, but do it carefully with good deals. Then go from first to second to third to home, taking it one step at a time. Crawl before you walk and walk before you run. Otherwise, by rushing into things, you run the risk of making mistakes that will set you back months or even years.

2. Set goals and put them on paper.

I did not have concrete goals when I began, so two years after getting started, I was in about the same place as when I started. I ran around in circles and covered a lot of ground, but didn’t get too far from my starting point. Only then did I develop a plan. (Smart, huh? Only took a few dozen “seminars” and a few more whacks upside my head.)

Put together a plan sooner rather than later, preferably before you even start investing. Anyone who drafts a realistic plan and sticks to it can achieve as much in one year as I did in three.

Set realistic goals. Speak with experienced investors in your chosen field (e.g., wholesaling, rehabbing, lease-options, “subject to”) and get their honest opinions regarding profits per deal and the average time required to complete a deal. Then, based on this and your current resources of cash and credit, set your long-term cash, cash flow, and equity goals for one, three, and five years. Once you have these long-term goals, fill in your short-term three-month, six-month, and nine-month goals by outlining the steps you need to take to accomplish your long-term goals.

Unless you draft a plan similar to this and truly commit to it, you are going nowhere.

3. If possible, keep your best deals. 

Looking back, I have owned a lot of homes that I wish I had kept. I don’t regret having sold them since every sale contributed to my success, but I did have some gems that have more than doubled in value since I sold them.

When I sold, I just didn’t believe that those areas would take off (as realtors and others were telling me). So I cashed out and used the profits for other things. If I had held the 20 best deals that I have sold to others and done nothing else, my net worth would probably be three times higher than what it is today.

Sometimes, though, it is necessary and understandable to sell a property for cash profits – even though it would be nice to keep it. Use your best judgment.

4. Don’t limit your profits. 

When you purchase a great deal, don’t feel obligated to pass all of the savings on to your buyer. I could have generated more profits than I did from many of the properties that I wholesaled. Often, when I purchased a SUPER deal, I passed along the SUPER savings to my buyer with the attitude that I should only make $2k-$4k per transaction.

Well, this was a mistake. My advice to you is to take what you can get. Don’t inflate your prices above the market and gouge people. Give them a good value. However, don’t think it’s necessary to limit your profits just so a buyer can benefit. After all, this is business. Let the market set your price. There will be plenty of times when your profit isn’t as large as you expected. Take advantage of the big hits when they come.

5. Separate business and charity.

Sometimes, I used my business as a charity when I shouldn’t have. My recommendation for you is to never do the same. Don’t let someone live rent-free or give someone else more for a service than what it makes good business sense to give.

Don’t get me wrong. It’s okay to be charitable with your profits. I am. But you can’t be charitable with your business. If you give your business away before you make profits, that cuts your wellspring at its source. And you won’t have any profits to share.

6. Hold on to the J.O.B. as long as you can.

I know it’s hard to hear this, especially if you’re disgusted with your current position. But I recommend that beginners with good jobs hold on to them for a while. They provide a safety net while you are learning – and particularly allow you to establish yourself with banks and credit card companies. Convincing these organizations to work with you as a self-employed person is tough.

7. Start as early as you can.

I became interested in investing at the age of 38, and I wish I had pursued it from that age. Instead, I waited 10 more years to get started. As of this writing, I’ve only been investing for five years – and it’s hard for me to imagine, based on my current position, where I would be now if I had started when I was 38 years old. It’s never too late, but you need to start NOW!

8. Use partners wisely. 

Use partners only when you need them. In other words, choose people with time, money, knowledge, or skills that you don’t have. They should bring to the table something that you need. All too often, two people with a dream and nothing else decide to be partners. Not good. Partners need to complement each other, not have the same qualities.

9. Dare to dream. 

Finally, I’d like to stress that if you can dream it, you can do it through effort and perseverance. Having money, a decent job, and good credit make investing easier … but they are not necessary.

When I began my career as a real estate investor, I had little money, a full-time job, and poor credit. In the past five years, I have come a long way. So set your goals and start taking the steps necessary to achieve them. Reevaluate and adjust every so often … but don’t quit and don’t let anything stop you.$

“The man who does not make any mistakes does not usually make anything.”- William Connor Magee

[Do you know how Facebook and Google became the most powerful companies in the world?

It’s NOT helping you share pics of last night’s dinner...
It’s NOT searching for drunken cat videos…

And it’s DEFINITELY NOT about free Gmail accounts.
 

The simple truth is Facebook and Google SELL TRAFFIC.

They SELL TRAFFIC to business owners, and that advertising revenue alone has turned them into billion dollar companies.
 

Traffic is the most valuable commodity on the Internet, and that will never change.
 

This is why using the Traffic Authority business system is the ultimate way to make extra income in your business…

Click here to watch the video and start your own premium traffic business today!]

How a Poker Tip Can Change Your Life

A couple of years ago, I received a call from a good friend of mine from high school.

My friend said, “Ray, you have to start playing poker. It’s just amazing. You can play with us next week at Mike’s house or just jump online and join a game. It’s such a rush.”

He was excited. But I had to say, “Thanks, but no thanks. I’m not interested.”

I’m just not that much of a gambler.

But then, about two weeks later, I was late-night channel-surfing and I came across a poker tournament on TV. Because of my friend, I stopped and watched. I wanted to see for myself why he was so excited.

Poker has taken off. It has become a billion-dollar business and a worldwide phenomenon. So I wasn’t surprised to see the face on the cover of the May issue of Inc. magazine.

Who was it? You got it right. The guy who started the poker craze: Steve Lipscomb.

“Oh boy!” I thought to myself the day that issue landed in my mailbox. “This is going to be a great story!”

And I was right.

Let me share with you five success secrets that Lipscomb used to build a $300 million business and kick-start a multi-billion-dollar industry.

1) Do Something You Love.

Why did Steve Lipscomb get into the poker business? Because he started playing the game, LOVED it, and saw a better way for poker to be “sold.” So simple. Right?

What do you enjoy doing? What products or services have you bought in the past that revolve around your passion? How can you improve them and sell them to other enthusiasts? Those are questions I ask my clients to help them discover how to make money with something they love.

2) Find a ‘Model’ That Works and Emulate It.

After Steve decided to turn his poker passion into a business, he looked for a business model that he could emulate – one that he could learn from. He found the model of the PGA golf tour and used it to build his $300 million business. (Amazing what we can learn from businesses outside of our own!)

3) Ignore the Naysayers.

Nobody believed in Steve Lipscomb. I know how that feels – and it’s not good. The cable companies, production companies, even people around him thought he was crazy. They said, “Nobody will buy this.” But he believed in himself and his idea. And that’s what YOU need to do.

4) Sell Your Vision.

Steve Lipscomb is incredibly strong in selling his vision to others. When no one believed in him, the only way he could get backers and employees was to sell his grand vision of what would be possible with his idea.

People like to be involved in something that’s going to be great. So it’s your job to sell them on what will be possible when YOUR IDEA grows into a reality. When you sell your vision, make it bright, clear, and exciting.

5) Build a Team.

Steve Lipscomb has a great team around him – and this has been a critical part of his success. To find and pick the right people for your team, you’ll have to understand their individual strengths and weaknesses – and learn how to manage both.

By taking it one step at a time, celebrating each victory, Steve Lipscomb has built a publicly traded company worth $300 million.

Pretty good for a guy with nothing more than a passion and an idea.$

[Do you know how Facebook and Google became the most powerful companies in the world?

It’s NOT helping you share pics of last night’s dinner...
It’s NOT searching for drunken cat videos…

And it’s DEFINITELY NOT about free Gmail accounts.
 

The simple truth is Facebook and Google SELL TRAFFIC.

They SELL TRAFFIC to business owners, and that advertising revenue alone has turned them into billion dollar companies.
 

Traffic is the most valuable commodity on the Internet, and that will never change.
 

This is why using the Traffic Authority business system is the ultimate way to make extra income in your business…

Click here to watch the video and start your own premium traffic business today!]

Financial Independence: What Is It? Why Should You Want It?

“True individual freedom cannot exist without economic security and independence. People who are hungry and out of a job are the stuff of which dictatorships are made.”– Franklin D. Roosevelt

Twice a year, on January 1 and July 1, I review and revise my goals. When I think about Seven Years to Seven Figures — an important part of my life — I think about you and what I want for you this coming year. Here is what I came up with … You should be able to enjoy your life — whatever life you choose — without having a shroud of money-related problems over you at all times.

You should be able to quit your job if and when you want and start doing whatever it is you’ve been dreaming of doing.

You should feel confident that if something unexpected happens — an accident or illness in the family — you can take care of it.

I don’t want you to be rich, unless you want to be rich. I want you to have choices. That’s what financial independence means. Being able to choose or change your paths in life. Not being dependent on someone you don’t trust or don’t like. Having the power to take care of yourself and your loved ones. It doesn’t take a million dollars to do that. All it takes is a passive income that’s large enough to pay for your basic bills — housing, food, utilities, education, and entertainment.

Passive income — that’s the key. Passive income means income that you don’t have to spend 40 hours a week generating. It’s the income you get from your stocks, bonds, real estate, or a share in an income-producing business.

The traditional path to financial independence went something like this: Get a job with a good (preferably large) business and work hard for 40 years. Then retire on your pension and savings. You can still do that today, but it’s difficult. For one thing, there are very few businesses — large or small — that can offer you secure lifetime employment. For another thing, the cost of living is going up faster than average wage increases. Most people in the world who are strictly employees have been getting poorer, not richer, these past 20 years.

To become financially independent today, you are better off developing some kind of second income. That may be part-time consulting. Or a financially valuable skill that you can practice on the weekends, such as copywriting, resume writing, or graphic design. Or a side business like direct marketing. 

The idea is to add a second income to the income you currently have and to invest that second income in something safe and reliable that will give you passive income.

My recommendations for safe and reliable sources of passive income are bonds and real estate. The advantage of real estate is that you can generally get a much higher yield (ROI) from it than you can from bonds.

Your initial goal — in terms of becoming financially independent — is to generate passive income equal to the income you have now. If, for example, you are currently making (after taxes) $40,000 a year and that $40,000 is enough to cover your basic needs (as outlined above), your goal should be an after-tax passive income of $40,000.

To generate that much with bonds, you’d need about $800,000 in savings. To make that much with real estate, you’d need to have between $300,000 and $400,000 invested in income-producing properties. (Now you can see why I like real estate — even though it requires more work than holding bonds.)

Saving that amount of money may seem very difficult right now. But many of the people who have taken my advice about developing a side income were able to become financially independent much sooner than they expected. (All hit the mark in less than six years.)

Surprise Bonus: Once you’ve achieved financial independence, you can (and probably should) quit your job — even if you are years and years away from retirement age. The reason is that getting from financial independence to wealth is just a matter of doing more of the same thing. Not necessarily putting in a ton of extra hours but just doing more of what you like to do.

You should be able to enjoy the freedom of financial independence too. Every day in every message, I make sure that there is at least one bit of advice that will help you achieve that goal.

And every day I try to say something — or publish something that someone else has said — that will inspire you to get, and stay, on your own path to financial independence. No one cares as much about your financial future as you do. Use Seven Years to Seven Figures to help you and you’ll have helped me achieve my No. 1 SY2SF goal.$

[Do you know how Facebook and Google became the most powerful companies in the world?

It’s NOT helping you share pics of last night’s dinner...
It’s NOT searching for drunken cat videos…

And it’s DEFINITELY NOT about free Gmail accounts.
 

The simple truth is Facebook and Google SELL TRAFFIC.

They SELL TRAFFIC to business owners, and that advertising revenue alone has turned them into billion dollar companies.
 

Traffic is the most valuable commodity on the Internet, and that will never change.
 

This is why using the Traffic Authority business system is the ultimate way to make extra income in your business…

Click here to watch the video and start your own premium traffic business today!]

Can You Create Another Income Stream as a Consultant?

If you possess valuable knowledge and experience, you might be able to share it – and get paid for it – as a consultant. This could be a lucrative sideline to your current business or career. Consultants are well compensated – as much as hundreds of dollars per hour.

The word “consulting” might call to mind an image of a huge multinational firm sending teams of dozens of its staffers into Fortune 500 corporations. But many consultants have solo practices. Anyone who can help companies (or individuals) solve problems, avoid mistakes, or increase revenues deserves the title.

Companies often need expertise that isn’t available in house. For example, to handle a project for which they don’t want to hire a full-time employee. Or to offer a fresh approach to a problem.

Executives and entrepreneurs I've spoken to told me that the consultants they hire must have experience specific to the company’s needs, that they must be practitioners and not theorists, and that they must be able to supply direction and specific, useable answers.

Can you diversify into consulting? Quite possibly. Are you good at what you do, and do you have the ability and the enthusiasm to communicate your knowledge and skills?

Think about what sort of information and advice and intelligence you’re capable of offering, its value, what you could charge, how to identify prospective clients and persuade them to hire you.

Whom do you know who might be interested? Your employer? Clients? Contacts? Could you write an article or give a talk that demonstrates your expertise for an audience of qualified prospects?

Establishing your reputation, networking, and marketing are the keys to building a successful consulting practice. No one would claim that it can be achieved overnight. But I did it – and so have many others.$

[Do you know how Facebook and Google became the most powerful companies in the world?

It’s NOT helping you share pics of last night’s dinner...
It’s NOT searching for drunken cat videos…

And it’s DEFINITELY NOT about free Gmail accounts.
 

The simple truth is Facebook and Google SELL TRAFFIC.

They SELL TRAFFIC to business owners, and that advertising revenue alone has turned them into billion dollar companies.
 

Traffic is the most valuable commodity on the Internet, and that will never change.
 

This is why using the Traffic Authority business system is the ultimate way to make extra income in your business…

Click here to watch the video and start your own premium traffic business today!]