Passive Income

The #1 Mistake That Will Keep You Broke

If you want to get rich, you MUST change the way you think.

The rich aren’t rich because they have a lot of money. They’re rich because they have a lot of assets.

Have you ever heard a story about a lottery winner that became a multi-millionaire overnight, only to lose it all and declare bankruptcy within a few years?

How about that professional athlete or rapper that used to have millions and is now working at a fast food restaurant?

Simply having money isn’t going to do anything for you if you don’t know what to do with it. Understanding the value of investing your time and money into building assets is the first step towards becoming rich.

Question: How many hours per week do the wealthiest people in the world work?

Answer: It doesn’t matter.

…at least not for the reasons that YOU likely get up and go to work everyday.

Why DO you get up and go to work everyday?

Sure… you may really enjoy your job. You may be passionate about the work you’re doing.

But could you QUIT tomorrow?

What would happen if you just decided never to go into work again?

If that thought makes your stomach tighten a little, that’s probably a good sign that you need to change the way you think about income.

You see… most people think of income an exchange of time for money.

The rich think about income as an exchange of money for money.

Most people work to get more money.

Rich people invest to get more money.

The wealthy invest in stocks, real estate, startups, and anything else that can generate income passively. They turn the money they have into more money, and then they take that money and use it to make even more money.

That’s not the way that most people think about money. Most people think that money is something you have to work for. In other words, something that you have to trade time for.

The problem with the way most people think is that time is finite. Money is not.

Once you understand that concept, the next step is to stop trading time for money. You MUST start thinking about how you can generate income without trading time.

Now you might be thinking…

“How the HECK am I supposed to do that? I barely make enough money to pay my bills already?”

That’s okay. That’s normal.

Most of us aren’t born with a silver spoon. In the beginning, most of us have to start by trading time for money. But if your only source of income is a paycheck from your employer, you’ll never escape the rat race.

So what’s the solution?

If you have a little bit of extra money, you could start with small investments into stocks or index funds… but that’s a complicated topic and not something we’re going to get into here.

Instead, I’m going to assume that you currently have more time than money. So you may not have money that you can invest in income generating assets…

BUT you probably have time that you can spend creating assets.

Let me give you a few examples…

1. You could start a blog.

You could write blog posts like this one and monetize it be linking to affiliate offers that will pay you for referrals.

With every article you write, you would be building an asset that could potentially pay you commissions for weeks… months… years… even decades.

There are plenty of free blog platforms like Blogger, WordPress, or Tumblr just to name a few. So you could literally start without spending a penny, and any revenue you generate would be all profit.

2. Start a YouTube Channel.

If you already have a phone that can record videos (which I imagine you do… you may even be reading this article on it right now) you can start a YouTube channel without spending a dime.

You can monetize your channel by running ads, promoting affiliate products, or even asking for donations.

3. Create a course on Udemy.

If you have knowledge about a particular subject that others would like to learn, you could create a video course and publish it on a platform like Udemy.

…just a few ideas off the top of my head, but there are a ton of ways that you can create income generating assets if you don’t have money to invest in assets just yet.

Income University has a number of courses that will show you how to create passive income generating assets even if you have no money to invest.

There’s even one called 5 Ways To Earn Passive Income Online which (if you’ve read this far) I’m sure you’ll find extremely helpful.

So if you would like to finally escape the rat race and get started creating assets that will earn money for you I would recommend getting started with these 5 Ways To Earn Passive Income Online.

I hope that after reading this article, you can see how important it is to stop trading away all your time for money. And now you won’t make that all too common mistake.

Even if you don’t have money to invest in assets like hedge funds, tech startups, and commercial real estate… there are ways that you can start building your own income generating assets without any startup capital.

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