How to Automate Your Income

I’m surprised by the amount of people that are so affected by the recession today.  It’s almost like a universally accepted notion that so many people base all their financial issues on a down economy.

 

However, here’s the secret – there’s been more millionaires and billionaires made in down economies than any other time in history.  What I would like you to instead focus on is building your own profitable micro-economy around yourself.  An existence where it doesn’t matter what’s going on around you, even if there is a recession or even a boom in prosperity, you can build your income on your own terms.

 

The first thing I would suggest is to get the mindset of a winner.  I’m talking about someone that has the confidence that they are a high roller and not so easily impacted with things going on around them.  A winner makes things happen, others end up wondering what happened.

 

Consider this fact, gung-ho and productive entrepreneurs build businesses that employ people and help the economy.  To simply have the attitude of an employee is just building your corporation’s business.  In any case, it’s important to adapt and develop a business mindset from the start even if you are just an employee now.

 

Work on Producing Assets

It’s no wonder that most assets produce wealth if they are worth their weight in gold.  Although housing maybe down now, it’s also one of the greatest times in history to invest.  The same goes for investing in a business that could reap you benefits down the road.  Treasury Bonds, CDs, Tax Liens, Precious Metals, Index funds, Product or Invention Patents and the list goes on.  Anything that can yield you a bigger net of return than you put in is fair game.  Look at stocks right now, many are shunning and turning away from stocks, yet some stocks can be bought at a deep discount for even fortune 500 companies right now.

 

Invest in Your Financial Education

There is nothing short of winning the lottery that will help your financial situation more than investing in your financial education – period.  Learn all you can about personal finance and wealth building and you will build a financial toolset that can make you a great earner even when you aren’t working for money.  Another good tip is to position yourself as an expert. How many experts that you know out there and respect deeply?  I can think of quite a few.  People are willing to exchange a lot of money for value so develop your financial prowess.

 

Build Passive Income

I remember learning how to really sell myself (expertise) when I first read Brian Tracy’s ‘The Psychology of Selling‘. It was in reading this book that I knew I had to first learn to sell yourself before people would buy from you.  Over the years, I’ve also learned that passive income can be built simply by doing the hard work once and reaping the financial rewards after.

 

For example, you may sell ad space online where someone is willing to pay you month after month on autopilot.  Maybe you could become an author on the best selling list and live on passive royalties.  Starting to get the picture?  They are literally many ways that you can build your streams of income and you could gain millionaire status or even greater if you are willing to put in the time and effort to get you there.  Also, in all of your financial endeavors, always remember to diversify your assets and income which could build wealth faster and mitigate your risks.

What about you?  Have you picked up the blueprint secrets that will help automate your Financial Independence?

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Category: Passive Income