I realized just the other day that I have been giving some very bad advice!
One of the best quotes on the planet. (at least on the planet Dagobah) Probably on planet earth too, is “Do…..or do not. There is not try”. I’ve found myself telling people again and again to “Just give it a try”. What a bunch of bad advice.
When it comes to big decisions and ones that involve financial freedom, “Giving it a try” is the same as saying “prepare to fail.” Whether you take on the challenge of real estate investing, or internet marketing, there is no “Give it a Try”.
I have been working with dozens of people for the past few years to help them move toward financial freedom and EVERY ONE that says they are going to “Give it a Try” so far have failed to produce their freedom. The few that have said “I’m going to do this” have been the ones who are still in the game and achieving results.
What a Powerful Statement
It’s amazing how one little statement can make ALL THE DIFFERENCE! The difference is that the statement reflects the belief. If you don’t believe you CAN, you will say to yourself and everyone around you; “give it a try”. If you believe you will no matter what, the phrase; “give it a try” doesn’t even enter into the picture.
I apologize to everyone I’ve ever said “Just give it a try”. If you still want to pursue a life of financial freedom, then “Do…or do not. There is no try” .
But WHATEVER YOU DO……….Don’t decide to “Give it a Try”……………..”Do….. or Do Not!”
How many different things can that possibly refer to? 7 is good, 10 is better! Well, cheese burgers and flavors of root beer come to mind. But no, I’m referring to something a real estate friend told me he had learned in a seminar once. He was taught that one should develop 7 sources of income. A few years later, I was in a completely unrelated seminar and the instructor stated that 7 is good, 10 is better. Also referring to sources of income.
Is That Even Possible?
Well, if you think like most hard-working, wage earning Americans……..No, it really isn’t. At least not if you are thinking in terms of doing that within the confines of a job. Or maybe more specifically, within the confines of earning wages. No, if one is to develop multiple sources of income, It must be accomplished outside the scope and limitations of exchanging time for money. There is only enough time in a person’s life for one or possibly two jobs before there just isn’t enough time to squeeze in any more. In order to develop multiple sources of income, it is imperative to find sources of passive income. The kind of income that comes in without exchanging time for money.
So, is That Possible?
Well, yes it is. It is not possible to just wave a magic wand and create passive sources of income. They must be developed. And it does take time to develop them. Here’s where the problem starts. To the average wage earner, time is money. To the average wealthy person, time is money too. But there’s a difference. To a wage earner, hours equate to dollars. If there is not an immediate pay-back, then the pursuit is costing them time that could be otherwise spent earning more dollars. To the wealthy, however, time spent developing an ongoing passive source of income is time very well spent, even if there is no immediate pay-off. They understand that if it takes three months or six months or even a year to develop one significant source of income it is well worth it. It represents an investment of time that will return a non-stop supply of income long into the future.
7 is Good, 10 is Better
If you have a job, you have at least one source of income. If you have a second job (or if your spouse has a job) you have two. They may not be “passive” but they are sources. I challenge you to count up your sources of perpetual income. If you only have 0-3, maybe it’s time to start embracing the idea that 7 is good, 10 is better. Today could be the day you start your passive income journey!