I've been traveling for a bit and hitting Palm Springs and Hawaii has been pretty fun. Check out my residual income model on how I use the internet to build my side businesses while I work a full time Mechanical Engineering job.
Do You Have A Residual Income Model In Place?
One of the truly obvious observations when traveling is that the rich vacation a LOT more than normal people. Is it because they have more vacation time or that they leverage different income streams to become what Tim Ferris calls the new rich?
It's not the whole thing about being a millionaire. I'm not a millionaire at all but I live a very active and fun lifestyle traveling the world with my family and living debt free. It just boggles the mind as I watch people work their jobs that it's a dead end for them. I mean who wants to clean rooms for a career? Sure cleaning rooms for a bit to get your feet under you to get a higher paying job but that is the type of mentality that will never get you to a point to flying first class.
Residual Income Model – Generate Income 24 hrs a Day
One of the traits of someone who is the “new rich” that Tim Ferris talks about is that most if not all have some sort of assets that are there to work FOR them. The new rich are not only there to trade their time for money. When was the last time you saw someone fly first class or pay off their car in cash by telling themselves “I just need to work overtime and get in 60 hours a week for the next 5 years”.
Being able to get to a point where you can leverage someone else's time or leverage MONEY is when you get it. Having the ability to transform the way you earn you money is the first step in being financially free. Paying for your vacations or just being able to make some extra income without using your primary source of income.
Many who get it understand you work during the day to make a living today but you work at night to build a future. With the invention of the Internet and Internet Marketing the ability to leverage the one employee that will NOT call in sick is ground breaking. How awesome is it to setup some niche marketing and/or build a network marketing opportunity (like mine in Numis Network) which grows to the size of being able to take you on vacation (and your whole family)?
If you have kids like myself, working hard today is so you can spend more time with them in the long run. Don't expect changed in your financial future by doing the same things your doing today. Your 5% yearly gains will not do it.
David Simmons · June 21, 2011 at 4:10 pm
Well put Lawrence!It’s all about having the right residual income model in place to obtain time & financial freedom. 🙂
Lawrence Tam · June 21, 2011 at 4:39 pm
understanding what income vehicles your rolling with is important. many rely on 1 (being the job) and others drift through part time gigs. getting a solid foundation to different streams with some automation can change the way you think about work.