It’s practically universal to want to increase your income. Regardless of how much money someone has, they would still like to make more.
If you’re like most, you swap your time for money. Even highly paid, successful doctors and lawyers are limited because they have to trade their time in exchange for payment. Doctors can only see so many patients in a week. We call this linear income where you get paid one time for work performed. With linear or earned income, your potential income is limited by time.
Alternatively, we define financial freedom as “Residual Income exceeding expenses.” Residual income is income that continues to be generated after an initial investment of time, money, and effort. In other words, it comes from assets that you build or create one time, and then you keep getting paid from those assets whether you’re physically doing work or not.
You may spend some time initially, while you’re getting it all set up. However, once it’s up and running, you’ll continue to receive income for a long time to come.A few examples of passive income include:
Imagine the power of building a few residual income streams that will provide you with reliable profits for the next ten years, or even longer.
Residual income is one of the greatest ways to create wealth. You can create an unlimited amount of extra money in this way.
When your residual income is greater than your expenses, you no longer have to work if you don’t want to. You are free to spend your time the way you want to because your assets pay for your expenses, rather than you having to show up to work every day to get paid.
Many people don’t realize that strategies for growing wealth actually requires you to build up your life mentally, emotionally, spiritually, and financially. The words “health” and “wealth” actually come from the same root, which means “wholeness” in the sense of being complete. When we do things to make our lives wealthier, we should also be doing things to make our lives healthier.
Surely, to attract wealth we have to be in business in some way, shape, or form. If we aren’t doing some kind of work, we aren’t attracting wealth.
It’s necessary to do some sort of work in order to attract wealth. This is even true of those who are financially independent. Granted, financially wealthy people don’t need to work on anybody else’s clock, but don’t be fooled, they’re still overseeing to ensure that work gets done.
Also remember that people don’t get wealthy overnight. Yes, there are your lucky lottery winners who wake up rich after buying a single ticket, but more often than not, wealth is earned by hard work. Patience is just as important as charting your progress toward wealth. If your current job isn’t meeting your needs to reaching financial freedom, then take action and look for a job that will pay you more or start on your journey of business ownership.
Wealth is energy, and energy by its nature must flow. The independently wealthy people who keep money working for them are creating, maintaining, and growing an energy flow, and that is a spiritual endeavor. Another spiritual principle for wealth creation that is widely recognized amongst those who are financially successful is tithing, which isn’t necessarily tied to any religion.
Tithing is a principle that instructs a person to give away at least 10% of his money whether it’s weekly, monthly, quarterly, or annually to noble causes that have nothing to do with seeking profit. These causes are supposed to be things such as charities and philanthropic projects.
Those who are financially successful say that what you give away returns to you in greater measure. So when they do noble things with their money, they not only benefit others, but they benefit themselves, because that spiritual energy returns to them and brings them even more wealth than they give out. It’s an endless and beneficial cycle.
Take a look around your neighborhood for non-profit causes to support. Local schools, libraries, places of worship, park and recreation departments, or children’s organizations are all deserving of your support.
Mentally, we attract wealth by creating a positive mental state where we fully understand and believe that we deserve to be wealthy. Once we have created this positive image in our minds, we must have a clear vision of what our lives will be like when we are wealthy. What will we be doing with our time? Where will we live? What things will we do? What will we give to others?
Emotionally, we create within ourselves an attitude of gratitude. Having an attitude of gratitude (even for wealth that we don’t actually have yet) charges up our wealth attraction magnet and helps to bring about that which we know is coming to us.