Day 3: How the rich & the wealthy make money in our society
Welcome back. We have made a tone of progress. I promise your determination will pay off BIG in both financial and time freedom.
Before we get started setting up and breaking down your 7 figure income blueprint, let me give you the big picture and remind you once more time why we are building your passion business. If I have to guise, your ultimate goal is to build a business that give you ultimate freedom. “FREEDOM” is the single word that sum it all.
Freedom to control time and money so that you can live your live on your terms.
For you to really understand how you can gain true time and financial freedom so that you can live life on your terms, like the top 10% percent of the rich and the wealthy, you must first understand how the rich and the wealthy make their income in our society.
Let Me Introduce You To Robert Kiyosaki - Self Made Millionaire || Investor | Author
When Robert Kiyosaki came along and wrote the books “Rich Dad Poor Dad that made him famous, he was able to give us a way to think about and talk about and look at how the poor, the middle class and the rich make their money. He explained to us the concept through his cash flow quadrant.
This book change my perspective on the concept of making money and creating wealth. I have never look at making money the same again. From when I finish reading this book, I became obsessed with moving away from the left hand side of the Cashflow Quadrant where you trade your time for money over to the right hand side of the Cashflow Quadrant where money work for you.
He simply said, there are four ways to earn money and each of us fit at least into one. Some people fit into two.
Let’s look at them one by one:
How You Can Create Passive Income & Make Your Money From The Right Side Of The Quadrant:
Let me give you an example, let’s assume that you’re coffee maker. And that you work at a coffee shop. Let’s assume you get $20 an hr for working at a coffee shop. But in addition to the $20 an hr income you receive for serving coffee, let’s assume that every customer that you sold a coffee to, was require to send you $5 a month for the rest of their life. Now, when you sold your first coffee, off cause the $20 an hr is way greater than the $5 a month. So, you want the $20 an hr too. It’s logical. But here is what happen, As you sell coffee, after coffee after coffee, and those $5 begin to compound or add up, what happen is, the $5 a month become your income. And eventually, you’re outta place where you no longer need to sell coffee anymore as you got all those $5 payment coming in from many customers called passive income. And this come in every month and they covered all your bills so you never have to work or worry about money again.
To summarise, today we have looked at the 4 different ways you can create income and how only 2 ways can give you the opportunity to become personally and financially free. Which explained how the poor, the middle class and the rich earn their income in our society.
We have looked at examples and scenarios so that you can see how simple it is for you to start thinking and acting like the top 10% do. This is some powerful stuff that if you understand clearly and take to heart, will alter both your personal and financial future forever.
Rich Dad Poor Dad, the #1 Personal Finance book of all time, tells the story of Robert Kiyosaki and his two dads—his real father and the father of his best friend, his rich dad—and the ways in which both men shaped his thoughts about money and investing. The book explodes the myth that you need to earn a high income to be rich and explains the difference between working for money and having your money work for you
All that will be reveal in our next session tomorrow. Make sure you do your assignment and join us tomorrow as we move forward step by step to setting up your passion business.