Imagine it in your mind that
creating multiple passive income streams
can be easier. Isn’t it awesome? Yes, it is! But, do you want to turn the
imagination to a reality? I do, and I know you also do. Great! There you are –
I mean those that believe in creating passive income streams dream with me. I
remember; the good book says; one can chase one thousand…and two chase ten
thousand. What is the difference, you may ask? Do the arithmetic yourself.
Why am I writing this article?
Very simple! It is to expose the importance of building passive income generating assets to those that belong to
the employee and self-employed quadrants. I remember my dad retiring at 65
after thirty-five years in civil service sometime in 2002, while I was in my
second year in the university and all my three siblings were all still in
school. He had to take up another job in a smaller corporation. This thought
came back to my mind after a “setting
your financial goals for 2013” class that I attended in January 2013. It
pretty opened my eyes to the importance of having a planned financial life and
the major role that passive income can play in one’s life. This prompted me to
share my key learning with you; my reader.
In that class, I went into a
journey of my past, reflecting on my five years of working in a multinational
earning a 7 figure (NGN) monthly paycheck and I discovered that I have no asset
to prove for my income. I was working hard earning only active income which I spent
as soon as it hit my bank account. Though, I was living fine, busy spending my
hard earned income on luxurious liabilities. By the society standard, I am rich
and comfortable. It dawned on me that if I don’t make a fast and decisive
change, my final terminus at 65 will be the same as my dad. Shocking…isn’t it?
At a close look at my friends, I found out that what I am into is a common
disease which ember is fanned by our system; the go to school, study hard, make
good grades and get a good job with good retirement benefits mantra. What a
terrible path to the financial abattoir, it is. Financial freedom which comes
with time freedom, a kind of lifestyle dreamed by many but only lived by a few;
cannot be possible without financial intelligence. This is an important course
for an improved living which unfortunately is missing in the curriculum of our
education systems. It is only learned from those who are fortunate to know it.
And, thanks goodness, I was in the last Sunday class; facilitated by Deolu
Akinyemi, a young multi-millionaire entrepreneur who has taken it as his life
purpose to spread the good news of business and financial intelligence. He is
Robert Kiyosaki and Dr. Dolf de Roos’s protégé and a multi-award winning
ex-corporate slave, who fired his boss after only 7 year journey in the
corporate Nigeria, which saw him to the peak of Human Capacity Development
department of two multinationals.
To earn extra income, because I am afraid of being short of cash; I
thought is the way out of financial misery but I learned that it is not the
extra income from the active income that makes the rich to be rich but the
passive income that runs into their bank accounts from their numerous passive income streams – their assets.
If you dream to retire earlier and rich, you need to start building your asset
column by consciously creating assets that will continue to generate passive
income for you. The highly coveted secret that makes the rich to get richer is
that they spend by budget and they use their cash flow; that is the difference
of expenses from income, to acquire assets. Assets can be real estate – rental
property, paper investment, automated business, intellectual property or network marketing. Let me put it to
you, as the facilitator did to me in the class; if you want to be rich, stop
working for money and make money work for you. You may say these are some
impossible blabbing from the mouth of a privileged young man who does not know
the difficulties faced by many Nigerians. The fact is that what is impossible
is what is not in your goal. Let me give you an illustration. If it happens
that your apartment catches fire and you with your partner escaped. And you
noticed that your six month old baby, who you couple, gave birth to after fifteen
years of marriage without a child is still in the apartment, will you have a
course to rescue your most priced baby? I guess the answer is yes! Financial
intelligence is as important as that baby in that scenario. Just know that if
you set your sail, God will send the wind.
On a closing note, let me borrow
Dan Kennedy’s words; “you can choose to be unsuccessful, even in your financial
life, as long as you depend on people to become successful.” Also, the
difference between what you are today and what you will be by December 31st
2016 will be determined by two major factors; the people you meet and the books
you read. You can be part of the UltimateWealth Creation Mentoring Program. The choice is yours. Interested? Be part
of the forth-coming pre-qualification webinar tagged; The Ultimate Wealth Creation Plan. It is 100% free and we have
limited seat. Reserve yours here.
