Create residual income?
Like I said in my last post, my next big thing is to decide where I need to start...
I will admit it, I didn't thoroughly read Robert Kiyosaki, Steve Crooks and Tim Ferris blogs or books, nor I have make very much investigation on the topic yet... I kinda read pages there and there, posts there and there, read reviews about them and listen to my close friends talking about them (while I was taking mental notes heeheehee)
The only thing I know... I need to create a residual income. I currently work, but in the future, I would like to be able to generate and collecting money from "X" while doing "Y" in "Z". Now I need to fill out those blanks... Easy to say... less easy to do...
Their secret
So what does Robert Kiyosaki, Steve Crooks and Tim Ferriss all do in common?
They all have very different background, different interests, even different ways of getting there...
How do they achieve to all three, be independently wealthy?
The answer lies behind these three words:
Create Residual Income
.
To create a residual income consists in creating circumstances or conditions where a first boost of effort is needed. After that first boost of work, income keep flowing in, no matter what, with you needing doing minimal or no work at all. In summary, you are earning a passive income for your initial work.
There are many ways to make residual income, most people do it the traditional way, by investing their money in mutual funds, stocks or saving accounts. However, by reading Robert Kiyosaki, Steve Crooks and Tim Ferriss and similar authors, I realized that many more options were available, such as making websites, owning real estate, etc.
The next step is to choose where to start...
My New Year’s resolution
This year's resolution is to become independently wealthy by age 30.
26 of age, I currently work at the hospital. The reason I am doing this is not because I actually hate my job, but mostly because I like the idea of independence. My vision of life is not too work hard and maybe early retired at 55... But more to create a situation in which I will be able to generate money with the freedom of doing what I want to do, where I want to, but no constraints.
Nevertheless, because I've always been in my own cuddly bubble, my knowledge of the world is fairly limited. Therefore, to assist me in achieving my goal, I will follow three gurus of wealth independence:
1. Robert Kiyosaki author of Rich Dad Poor Dad
2. Steve Crooks from the 100 bucks challenge blog
3. Tim Ferriss author of 4 hour work week (blog and book)
Keeping a blog will help me set goals and stay on track. Also, this will be a diary I will refer to to assess my progression toward being independently wealthy at age 30.