The first thing you have to do is set a goal. Is $1 million dollars in the bank considered being rich to you? What about $100,000, $10 million, or even a $1 billion.
To me, being rich means to be able to live off of my residual income. For example, if my total monthly expenses are $5,000 and I generate $5,000 in residual income, then by my own personal definition, I am rich.
If you work the formula backwards (see "Formula for Getting Rich" blog) you will see it takes millions of dollars in the bank to build a $5,000 per month residual. Getting rich is one thing. Staying rich is another. This is why many people who win the lottery lose it and end up where they were before they hit the jackpot.
Different ways to stay rich?
- invest cash into dividend producing stocks
- focus on one multilevel marketing company and build residuals via your downline
- buy real estate and generate rents
- Create a subscription based business (for example, run a member driven web site where people have to pay monthly or annual fees).
- Sell commodity based products where the sales become automatic, they include upsells and reorders.
The point is to pick two things and do it. Why two? you will need a job with a steady paycheck to guarrantee that your bills are going to be paid.
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