“If you want to earn more and pay less in taxes, you need to have people and your money work hard for you“   (Rich Dad Poor Dad, Richard Kiyosaki)

First rule of becoming rich in this world is: DO NOT listen to 95% of the people out there whether it’s friends, so-called experts on TV, and even famous authors except Rich Dad Poor Dad  (and a few others).

We all know what happened to the stock market in 2002 and recently the housing market.  Americans lost their savings, their nest egg, and their investments because they took advice from people who didn’t know what they were talking about.  

The rich are rich, stay rich, and get richer because they know who to listen to and more importantly, who to not listen to.  You ask “how do they know?”  Well, they know because they have done their own hard work of researching the facts before investing in stocks, real estate, or a business opportunity.  They know what to ask their advisors and when to trust them.

So where does this all lead to?  If you’ve read “Rich Dad Poor Dad” by Richard Kiyosaki or “The Richest Man in Babylon” by George Clason, you know what I’m talking about.  For those of you who have read these books and know the “secret”, what’s stopping you  from becoming rich?

We all have “EXCUSES”: not enough time, not enough money, too busy at work, too busy with family, not the right time, I’m not smart enough, it’s not God’s will, and the list goes on and on.  

Of  course, there are other ways of becoming rich: winning the lottery, becoming the next Brad Pitt or Oprah or Tiger Woods, receiving an inheritance, becoming a doctor.  I don’t want to sound pessimistic but for the most of us, the probability of these coming true is pretty slim.  The good news is: what I’m about to tell you can come true for most of us.  

How do we become RICH in 5 years $$$

Answer:

PASSIVE INCOME.  Basically, passive income is money that you make while you’re sitting around doing nothing.  The true financial experts are telling us to become entrepreneurs and investors.  So spend at least one hour a week either educating yourself or getting started on building a business, a company, or on investing.   

There are many different ways of achieving this.  Some require more time, money, and energy to start and maintain a stream of passive income while others only require a few hours and a few hundred bucks.  Just search the internet or go to your local Barnes and Nobles or Borders.  If you still can’t find the steps then come back to this website and I’ll post more details later.

Step 1

This weekend go to your local Barnes and Nobles or Borders bookstore.  Ask the nice customer service lady/guy to direct you to the section with books on passive income (or if you prefer audio, you can go that route).  Ask which ones are currently popular.  And if they have “Rich Dad Poor Dad” and “The Richest Man in Babylon” in stock.  Skim through about 5-10 books then pick 1-2 books that you really like.  It’s all about buying the one/s that’s RIGHT FOR YOU AT THIS TIME.  

Step 2

Read, read, and read.  Take notes.  Understand the main point of the book.  You should be able the summarize the book in 1-2 words or sentences. 

Step 3 

You can either go back to step one and read another book, or if you’re ready, you can search the internet (google it) for HOW to create passive income.  Then wait for Chapter 2 (c2) of this post.

“If you want to earn more and pay less in taxes, you need to have people and your money work hard for you“   (Rich Dad Poor Dad, Richard Kiyosaki)

Posted on April 21st, 2008 by Admin
Filed under: MONEY, passive income