All You Need Is To Dream Have you ever dreamed of earning a SIX FIGURE INCOME someday? Bet some of you do. But only a handful of us would actually commit ... into making our dream comes true. In
All You Need Is To Dream
Have you ever dreamed of earning a SIX FIGURE INCOME someday? Bet some of you do. But only a handful of us would actually commit ourselves into making our dream comes true. Instead of committing to pursue our dream we often just sit back and do nothing about it.
"The future belongs to those who believe in the beauty of their dreams." Eleanor Roosevelt "
Well, for some people, earning a SIX FIGURE INCOME seems to be an impossible dream to attain. It appears that such belief is absolutely pessimistic. To earn a SIX FIGURE INCOME is possible and within our reach if we possess the fundamental understanding of how wealth is created and accumulated.
By the same token, the depth of our financial knowledge and planning will determine our financial future whether we will retire broke, debt-ridden or leave a huge amount of wealth for our dependence. The choice is ours because we are the navigator of our own destiny.
As Burke Hedges the author of the book The Parable of the Pipeline eloquently writes , " becoming a millionaire is a matter of choice, not chance."
How To Achieve A Six Figure Iincome And Be Financially Free
Most of you must have heard of people saying; you either be a professional or run your own business to earn a SIX FIGURE INCOME. It is true to a certain extent however, a profession per se does not guarantee one a brighter financial future. Why? Because no matter how much we earn as an engineer, a manager, an accountant, an architect, etc. you will still depend on a paycheck or a fee for a living. So the moment when we stop working, our income will stop flowing in.
Thus, being a professional with a big income is never going to make us financially free. He/she will never make his or her family safe and secure. Burke Hedges calls this group of people a "bucket carrier". He writes," as long as you carry buckets, you have to show up and do the work in order to get paid".
Sound familiar isn't it. This is how the rat-race world works. Instead of working for the money as Robert T. Kiyosaki the author of the best selling book Rich Dad and Poor Dad has pointed out, we should make the money work for us. A brilliant saying!
So how do we get out of this rat-race world? The answer is we need to start thinking on how to make the money work for us. Have you heard of the concept of leverage? It is a concept that is widely applied in all fields of work including the financial world. So what is it all about?
What is leveraging?
Leverage is a phenomenal concept that has been known to people throughout the ages. The root of the word leverage, lever is originated from an old French word that means, "to make lighter." Say, if we want to move an object, which is many times heavier than us, what do we do? That's right. We place a rigid bar on a pivot to lever it and the object becomes so light that even a child can lift it easily.
" Give me a lever long enough and a fulcrum on which to place it, and I shall move the world." - Archimedes
This is the power of leverage. In today's financial world, we apply the same principle of leverage to time and money, and the outcomes are exponential. Leverage allows people to work smarter, not harder, and it is the reason behind the creation of so many millionaires in the last century.
Leverage: The Source of Residual Income
Residual income, which is also known as passive or recurring income, is an income that will continuously generates inflow of money to us after the initial effort that we have put to work or money we have invested in an investment fund. Alternatively, if you are an inventor, your residual incomes will basically derived from the rights and patents of something you have invented and used by others. The same goes to an artist or a musician.
Two Types of Leveraging
Leveraging Money
Have you heard of Warren Buffet? Yes, the second richest man in the world and a legendary figure in the stock market that earn six figure income by leveraging other people's money and as result he made himself and his investors rich in the course.
Check this out. One share of Buffet's Berkshire Hathaway stock was worth around $19 in the mid 60s and by the end of 1998, the value of that single share has shot up to $70,000. Say, if you have invested $ 10,000 back in 1965, your investment at the end of 1998 would have been worth a whopping $ 51 million. WOW ! That's unbelievable. The money was left to compound [1] by itself as time went by. That's how money-leverager makes their millions.
Nevertheless, most of these 'money-leveragers' would only get to see their wealth touches the million-dollar mark after they have reached their 50s or 60s. Though it's a long wait before they could see the result, it is worth the wait anyhow. Wouldn't it be great to be a money-leverager?
Ok, let's be honest to ourselves. Not everyone of us has the patience to wait, not to mention, some of us even find it hard to come up with the initial capital to invest. So, if we don't have the money, what do we have to leverage then? The answer is TIME !
Leveraging Time
A day has 24 hours and all of us regardless whether we are rich or poor, have that same amount of time in a day. Time helps us to level the playing field. We can no longer give ourselves excuses not to get rich. We have been given an equal opportunity in this age where every one of us can have easy access to information and knowledge on wealth building.
All we need to do is to leverage an iota of our leisure time and spend it wisely to build our pipeline [2] that will continuously pay us day and night. Always remember - pipelines are no longer an affair of the rich. Pipeline belongs to people who believe that they CAN do it.
Why Leveraging Time Not Money?
"Life is a waste of time; time is a waste of life; so why waste your time when you could be having the time of your life?." - Unknown
Why leveraging time not money? Well, if you were a money leverager, you wouldn't be here reading this article in the first place. You would probably surfing the net now scouting for stocks to invest or busy looking for real estate properties to add to your investment portfolio. Right? So I believe you are here because you do not have enough financial means to leverage money to build pipelines of ongoing residual income.
Up to this point, I hope that you understand the difference between leveraging time and money. Let us put aside the latter and pay more attention on the concept of leveraging time as I have mentioned earlier that building pipelines through leveraging time is within everyone reach.
In the next few hundred years from now, believe it or not, many millionaires will be created through either one of these two systems; E-Marketing or Network Marketing. Keep your mind open to ideas and let not prejudge it just because that you think it is not your cup of tea.
Perhaps, some of you will comprehend what is written here and proceed to set your own financial goal. Others may just call it a quit before even trying it. Whichever path you decide, always bear in mind this saying by Napolean Hill, "winners never quit, and quitters never win." End
Best Wishes,
EdChew
FOOTNOTE:
1. Do you know that ALBERT Einstein once said, "Compounding is the eighth wonder of the world." Although he was referring to atomic energy, we know that the law of compounding applies just as astonishingly to the financial world as it does to science.
2. "Pipelines are designed to take the worry out of people's lives by putting profits into their pockets. But most of all, pipelines are designed to give people personal and financial freedom and lifelong security." - Burke Hedges, The Parable of the Pipeline
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Copyright © 2004 by EdChew. All rights reserved. The author authorizes you to post the above article on your Web Site or E-zine solely for personal and non-commercial use. A link to author’s website www.sfidgroup.com is very much appreciated.
