Have you ever wondered why after doing so much work, ethically, passionately but still it does not pay off well?
ONLY EARNING MONEY WHILE YOU ARE AWAKE
Many people believe that they can only earn money for the work that they physically do every time, but in reality, the ones who have more wealth than some of us can even think about it because that they found a glitch in the system, and learned how to earn money while they physically do nothing. Some might say that cannot be true, but it is and the earning you get from the process is called PASSIVE INCOME.
Basically, Passive Income means a type of income that you earn consistently from a source for which you either work once or work less than any other major activity.
Find Sources of income for which you have to work once, therefore, PASSIVE INCOME.
If by reading, you (the reader) think that this is something that is really easy or like 'Get Rich Quick Scheme' then I want to tell you, it isn’t. It actually is something literally opposite of it. For creating a source of passive income people work hard and create those sources. Well, I have some ideas for you relating the sources that have proven themselves to be a great source of passive income for young age millionaires and even some billionaires.
Starting with the ideas, you can,
- Start a Blog.
- You can create an Online Course for some topic you might be really good at.
- After starting online courses, you can also start making E-Books. These are really great for sharing the content in a form of books.
NOT INCREASING YOUR VALUE
By increasing your value, we mean that every person has some kind of value that they add either to the group they are in or the organization they work with. In reality, no company would want someone who does not add any special value to their treasure trove, but if you have some special quality that they do not have they would be willing to pay you more than they would have been paying someone else for the same position.
For example, most people would love to pay more money for refrigerated water than for one from the self. The reason is the value of refrigeration. The value of refrigeration has been added to the product making its price higher as well as at the same moment making it more appealing.
Here are some ways we think that you can increase your value, easily and effectively;
- Decrease the time taken by you for a particular job or work.
- Improve the quality of the services you render.
- Analyze your low-value and high-value activities.
The 80/20 RULE
This is a basic rule that many successful people follow to categorize their activities and manage their time and resources. It is a normal statistical rule which suggests that in a normal average person life.
There are two types of activities, namely;
(1) High-Value Activities, and
(2) Low-Value Activities.
HIGH-VALUE ACTIVITIES.: These are the activities that contribute most to the productive work in a day of a person. These high-value activities lead the person to a better lifestyle as well as help them professionally as well as personally.
LOW-VALUE ACTIVITIES.: These are the activities that do not mostly contribute to the production work of a person but might be essential for a person, these types of activities can be helping a person with their high-value activities like a good shower does not add to your productive work but it is essential for good health and therefore leads to a good productive work done in a day.
Explaining in simple words, this rule shows that about 20 % of activities done by a person give about 80 % of the productive outcomes and about 80 % of the activities give about 20 % of productive outcomes.
Learning from this, you need to find your Low and High-Value activities, this should be re-occurring activity in one’s life because using the method, a person is able to know that what are activities he should mostly focus on.
So, at the end of your day, plan your next day using the 80-20 Rule, if you know what are your high and low value activities it will help you achieve more.
RAISE YOUR INCOME CEILING HIGHER
Sometimes we know how and when to work but then also we are not able to achieve more, why? For most of us, it might be just a mind benchmarking issue. You might have listened that children of billionaires are most often more successful even though they are not that good at their work. It is just because that they have been trained from early on in their lives, this helps them make better financial decisions from the start and be more money minded. Most of the people do not belong to a family where you would have been able to learn how to invest money or how to manage it. These are basic financial knowledge topics that we all should be able learn, but we do not. Therefore, this ultimately makes our perspective smaller making us never think big.
So what can be the solution to this, we often have heard, ‘If you sit with 9 fools then you sure to become the 10th one’, but what if you sat with 9 people who earn more than you, then you are sure to become the 10th one’.
ASSOCIATE YOURSELF WITH THE PEOPLE WHO ARE MORE SUCCESSFUL THAN YOU.
SCARED OF TAKING MORE RESPONSIBILITY
Sometimes, we are scared to take responsibility, but more earning more you have to take more responsibility. Luckily, it is reasonably easy to overcome the fear of taking more responsibility, just by trying bit by bit. Just increase the pressure lightly but in the end, you will see you have come way further than before.
AT LAST, THERE IS ONLY ONE THING WE AS A GENERATION UNDERSTANDS AND THAT IS👇
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