There are quite a few individuals that think they know the equation for how to be rich in life, but in reality, few actually know what it takes.
“Work Harder, and work more hours!” – these are the ideas of many for building extreme wealth. While working more frequently may increase your income from week to week, there is still a ceiling there because one can only work so many hours each day. You might think that there’s a huge difference between a Walmart greeter and a well-established lawyer, but they both have a time for dollar exchange. If the Walmart greeter decides to call in sick for the day, they will not earn an income. The same story is true for the lawyer. If they don’t meet with any clients or perform at any trials that day, their paycheck will show some big zeros as well!
In order to create a large amount of wealth, one should create a passive income. When you develop an income that is truly passive, it won’t matter whether you’re working or not, you’ll still earn that paycheck!
So How Does This Make You Rich?
You now understand that passive income can allow you to work much less, but how does this create wealth? The answer lies within what you do with that spare time. If you lay back and watch TV all day, then wealth will not find you, but if you use that additional time to create another source of passive income, and then another, and still yet another, your income begins to grow exponentially!
Passive Income with Side Income
Most people don’t have the luxury of creating a passive income while having no other responsibilities. In order to survive this game of life, almost everyone creates an income with a job. So how can wealth be created with such a limited amount of time? The answer: Side Income.
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