5 Steps to build Passive Income and Leverage Income




Do you depends on your income?

It seems like a silly question. Of course yes, all of us depends on income. But what if suddenly lost a job, became disabled and no longer earn that income? Could you able to survive? The answer is likely "No", unless you are independently wealthy.

The need for income protection is also greater today than ever before. The weak jobs market and shaky economy make it more likely you will be without income for a significant amount of time.


  1. Learn the Right Thing and Do the Right Way.

    Look for experienced and knowledgeable mentor that able to help speed up the process of learning instead of try an error of your own way in:

    Personal Development
    Financial Education
    Sales Skill Set
    Investment


  2. It's not what you know but who you know

    "The better people connected, the more they flourish". Network with people who are more successful than you are. These individuals are the ones that can help you out significantly. People who are influential have large spheres of influence, so they can help you.


  3. Increase your income rather than save your income.

    How much that can you save from your monthly income? Especially with high inflation, our living espenses was higher compare with 10 years ago. If your income was totally depend on your working salary, I believe you can only enough for your living espenses but what will happen to next 10 years? Does your salary enough to cover living espenses from year to year? Snow ball your income allow to earn more cash flow from current income which we called it as "Passive Income"


  4. Borrow intelligent to invest (OPM - Other People Money method).

    Use other people money and resources to build up your passive income.
    Why I should borrow? and What is the easily way to borrow money from bank? You will get the answers from my coming post.


  5. Invest wisely as much as you can to generate more passive income.

    Investing isn't just for the wealthy. If you are able to invest in correct timing and way will enable you to generate more passive income. Diversity of your investment will minimize your risk. "Never put all the eggs in a basket".


     

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About Doris Lai

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3 comments:

  1. Something to add:-
    FOCUS (Follow One Course Until Successful)

    ReplyDelete
  2. Hi Doris,

    Nice post.

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    ReplyDelete