Passive Income Streams – The Secret To Becoming Rich

Wealthy people understand how creating passive income streams is the secret to becoming rich. By spending some upfront time and effort in creating a system that automatically produces an income, they can move on and duplicate the process to create multiple income streams. When you learn how to produce passive income streams, you virtually have the power to print your own money.

What is passive income? It is the income that is generated with no or minimal work. Usually it requires some capital investment or doing work only once in order to continue to bring in profits. The best example of passive income is writing a best selling book. The author only has to write the book once, and as it continues to sell copies, the paychecks keep coming in. Another popular example is owning rental properties. Real estate investors do some research and purchase a piece of property that they can rent out for a profit, and month after month the checks keep rolling in.

When you can do this successfully one time, there is no reason you can’t replicate the process over and over again in order to bring in a tremendous amount of passive income. Notice, though, that even though most of the work is doe one time, it does not meant that no work is ever required again. The author may have to do some book signings to help boost sales and the investor may need to higher a management company or do minor maintenance.

Passive income can also come from interest or dividends from paper assets, such as stocks and mutual funds. For example, assuming the stock market returns about an average of 10% a year, you can expect a $100,000 investment to bring in $10,000 a year in passive income.

When you take your profits and reinvest it into more shares of stock, more rental properties, or hiring a ghost writer to produce your next best seller, you compound your earnings and greatly increase your ability to become rich. As a result of taking advantage of compound interest by reinvesting your profits, you can quickly double your money and continue to double it again over and over.

Why is producing passive income streams the secret to becoming rich?

1. You have the ability to earn more by doing less.
2. You have the freedom to work when you like and where you like.
3. Income is generated 24 hours a day whether or not you work.
4. By replicating the process, you write your own paycheck.
5. Your income is only limited to how many passive income streams you want to produce.
6. By taking advantage of compound interest, you can become incredibly wealthy.

These are just some of the reasons why producing passive income streams allows people to become incredibly rich. It does not mean that you do not have to work or put significant upfront effort into producing a cash producing system, but it does allows you the freedom to build one system and move on to building the next one.

Learn more about how to build passive income streams and transform debt into wealth by visiting Millionaire Money Habits. A free report to teach you how to become a millionaire is waiting for you at http://www.mmhabits.com

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The 6 Golden Rules For Building a Million Dollar Business With Integrity

By Yvonne McIntosh

If you are anything like me you have probably already invested a fair bit of time and money into your personal and professional development over the years. Maybe you have, like I did, made some great and some not so good choices when it comes to choosing the programs you attend. I am grateful for both they taught me some good lessons.

Have you ever asked yourself: Is it possible to build a million dollar business (or whatever figure is yours) with complete integrity and honesty?

I have created at least 3 times that amount in value for my clients.

That is my real aim and that’s what I am totally focused on. I happen to create monetary value for my clients so it’s easily measurable, and I believe that everyone can use this formula. Just think of the value you create for your clients in terms of health, happiness etc. What is that worth to them?

There are 6 Golden Rules that I am applying whenever I need to make a decision about how to act in any given situation. These rules make it simple (not necessarily easy) to make decisions, keep my conscience clear and give me the confidence needed to stretch myself out of my comfort zone.

Here are my six golden rules:

1. Be yourself at all times

That means ‘on stage’ and off. You have probably seen my videos, may have heard my voice on my blog or on a teleseminar. What you see/hear is the real me. I don’t put on a show, I am just myself. It works well, because I only attract those people to me that like who I really am. So I never feel pressured to ‘live up to expectations’ as far as my personality is concerned, because you already know what I am like. It also means that the people I attract will love being part of my ‘tribe’. That’s the group of people that I work with and communicate with on a regular basis (meaning you). Most likely all of these lovely people share my main values and are therefore easily going to bond with each other as well. And that group bond is a massively powerful thing! It creates a forcefield that can propel us all forward in a really exciting way!

2. Underpromise and overdeliver

I don’t believe in hype. The value I promise is the value I deliver. I like delighting my clients by giving them value they didn’t expect to get. I can’t see the point in promising people everything and the kitchen sink. I am clear about the value I deliver and will base it on what people can reasonably be expected to achieve. I always provide testimonials to back up these claims. Getting testimonials is my first goal when rolling out a new program. They provide proof from someone other than me which is much more powerful than me claiming things myself. Testimonials, when done effectively, are one of your most valuable assets in business. I will show you how to have clients write them the right way so they will work for you at my Market your Brilliance Intensive.

3. Make clear rules and stick to them

It is really important to be clear about the rules of engagement upfront. That includes the guarantee, the expectations you have of each other, payment and cancellation policies etc. This keeps you in a powerful position. The way you make decisions then is based on your rules, it’s not personal. This ensures everybody feels fairly dealt with and it also means you won’t be roped into making special arrangements for people where you really shouldn’t. This is important not only for your bottom line but also for your powerful role as a coach.

4. Be compassionate

While you want to stick to your rules to prevent becoming a pushover, you also want to be compassionate where appropriate. This is where you need to and can trust your own judgment. Not everything is black and white. If someone makes a substantial financial investment with you and then finds out they have cancer and can’t participate, would you refund their money? I certainly would. That doesn’t mean that every change in circumstance warrants a refund. Again it’s down to your judgment. I always remind myself, business is done with real people so I make decisions I can stand for as a person.

5. Ask for and be open to receiving feedback

This isn’t always easy, especially when you have just taken all your courage and stepped out of your comfort zone. Make sure you are selective about whose feedback you take on board. I suggest you listen to your most valued clients and the mentor(s) you trust and model and then still trust your own judgment. Feedback is really important for you to improve what you do, and therefore your bottom line. Learning to accept it gracefully is a skill worth learning and practicing for life.

6. Focus on reaching as many people as possible rather than focusing on selling what you have to everyone that presents themselves.

Not everyone will need your services right now, not everyone that contacts you is someone you will enjoy working with. The more people you can reach, the more you have the choice. My focus is not ‘where will I get the next client?’ it’s ‘how can I get my message in front of as many people as possible?’ Doing this means the people who are ready and suitable will be attracted to what you do and will come to you. That’s a much nicer way to do business, don’t you think?

Overall, nothing makes it easier to follow all the above rules as having more than enough clients and potential clients. And having a system that creates client abundance is what I teach.

Yvonne McIntosh is a solo entrepreneur business coach Australia specializing in helping coaches, consultants and wellness professionals to Brand their Unique Brilliance. Yvonne’s also provide business coaching services and business growth coaching for entrepreneurs to break through their limiting beliefs and growing their business.

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How To Get Rich

Google How to Get Rich and you will come up with over 54 million hits. Just browsing some of those hits I found one site that said I could “earn $300 in 7 minutes”, and another that promised a guaranteed $100,000 per month!

I wonder how many of the people selling these products are actually rich themselves? How many people do you need to sucker into buying your product before you yourself are actually rich?

I did some research and I found the top 3 ways people get rich. And by rich I mean have a net worth in excess of $1,000,000. Can you guess how they did it? I’ll give you a clue, not by spending money on a system that will help you “get rich FAST!”

I suppose I could write an ebook and offer to sell you my “system” for the low price of just $49.95, but only if you BUY RIGHT NOW! Because the price could go up at any minute. Or I could just tell you. So here it is, the top three ways people get rich.

#3. Get An Inheritance

Hope you chose the right family. Otherwise you are out of luck with this method. This is the easiest of the top 3 ways to get rich. Just inherit your riches. Of course, you have to spend your whole life watching what you do so that you don’t piss somebody off and get yourself written out of the will. Of course, if you weren’t born into a rich family you could try and marry into one. Just as long as you don’t mind being called a gold digger.

#2. Start Your Own Business

But make sure it is boring and very unglamorous. Plumbers do amazingly well.

#1. Real Estate

We are not talking house flipping here. Commercial real estate investors were the big earners here. Buy a commercial building, rent it out. Keep it for years.

There you go! Note that lottery winners and internet marketers did not make the list. (Neither did bloggers :( )

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