A game-changing concept

Want To Become Rich? How I TRIPLED My Income by Learning This 1 Concept

It Changed My Whole Perspective Of Money

Who doesn’t want to earn more money & become rich? What is holding us back? limited day hours and wrong money habits; that was my excuse to never make enough money until I read this:

“You will never become rich until you get paid while you sleep”

It took me a pandemic to realize the one clear fact: you can never rely on a specific source of money to get your needs fulfilled. The whole world crashed in weeks and no one saw that coming.

If you are getting out of 2020 with no new lessons, different perspectives & a revolutionary look at the concept of money; then you need a redo, pal!

I decided it was time to go back to school, and by ‘school’ I definitely mean Medium!

I read articles written on passive income by Jon Brosio, Jordan Fraser, Amardeep Parmar, Dave Schools, Shaunta Grimes — you name it! If it had “passive income” or “income stream” anywhere in the article, then it’s 99.9% guaranteed that I read it. This was my conclusion:

You need to find your financial stability, and the stability will never come from one source of money that once gone, will eliminate your hardly-earned savings through years of struggle in a job you probably hated, to find yourself the first thing kicked out of the door when things went left.

You know better now, and you won’t let that happen again.

Let’s start first by talking about the three sources of income that exists:

P.S. I swear I had an open mouth & a huge “What?” on my face when I first heard of this; because it was too obvious that I had no clue how it was possible for me to miss this!

Income source One: Earned income

The money you get from a work effort you’ve put; aka your day job for which you get a monthly salary.

This is the only path I was told about in my whole life, and I nailed this one! First in my class, started work immediately after graduation at a highly prestigious Telecom company, then went back to school for a fancy MBA.

What possibly could go wrong, right?

✅ Less risk + familiar career path.

❎ Not a great pay + high taxes + nothing much left to save.

Income source Two: Passive income

Some people think when they hear the word ‘Passive’ that this is money made from nothing. NOPE! Passive income is money coming from efforts not regularly made; you work on a service or a business once & maybe revisit once or twice, but it requires no daily involvement like a full-time job.

This is income earned from rents, royalties, stakes in limited partnerships, and any kind of online product.

P.S. The income you get from rental real estate is not subject to high tax rates; it’s actually sheltered by depreciation & amortization, aka fewer taxes.

✅ High returns + you get money while you sleep!

❎ High risks + requires knowledge & time.

Income source Three: Portfolio income

This is the money you get from dividends, interest, and capital gains from stock sales. Some people argue that dividends are a source of low income; I’d say: it’s low, but it’s steady. Add to that the compounding factor if you are reinvesting money in your dividends & you are all set for an extra source of money in the long run.

✅ Steady income + low risks + you get money while you sleep!

❎ Low income (in avg.)+ requires knowledge + takes time to reap benefits.

So the question is: which income stream is the right one for you? The answer is:

The Three Streams

To get ahead in your game, you need to find the magical formula for you that combines the three streams of income to best match your skills, time availability & current financial capabilities. I’m not an expert in stocks & dividends, so I will not preach there, but I mentioned a great & straightforward newbies’ source to start from.

Here are quick ideas for the most neglected sources of income. I tested some of them myself, and those can be a starting point for you to discover, experiment, and -by time- master. And REMEMBER: when it comes to Passive income, the main factor is no longer the effort, it’s time:

1. Sell information online

Online courses on Coursera, Udemy & Skillshare can sell at a great rate and compound a sound money income over time.

2. Affiliate Marketing

Whether it’s a blog, Youtube channel, or your personal website, Affiliate links are the best way to get paid while basically.. doing nothing! Your visitors will do the heavy lifting for you.

3. Invest in dividends

Be it an ETF, SPHD, or VTI. Pick the right dividends for you, and start with low-risk dividends for testing. A great source of education on this topic would be Andrei Jikh channel.

4. Start a blog

Whether it’s self-hosted or part of an existing online platform like Medium, writing can actually pay you money!

5. Sell an online service

This can be an e-book, photo stock, tutorials, or ready-to-use templates, whatever you are mastering.

6. Start a side-hustle

While not all hustles are passive income sources, most businesses do have digital services that are created once, then generate money for 0 effort made at your side -excluding marketing efforts, of course-. The point is: this is money coming your way from an effort put once, and that’s what you are after.

7. Create a Youtube channel

This is the trend now with everyone being at home: get paid from other people watching your channel. You ask: what kind of content should I share? You’ll be surprised what people are getting followed for, just search ‘ASMR’ or ‘haegreendal’ to get an idea of what I’m talking about.

8. Start a consultancy service

We all know something a bit better than others, and that’s all you need: read, educate yourself, reproduce your brand & start a consultancy service in your area of expertise. I read it here on Medium:

“Your 80% good is someone else’s 100% Perfect”

9. Mix all the above

If you can, why limit yourself? Just be concise on the hour's worth of each item above, and build a portfolio -like the stocks one- that will maximize your profit while allowing for backup other sources of income to live as a current supportive source of income, and a future plan B if things went wrong.

Before I leave you…

One thing you need to do now besides adding habits that invite more money into your wallet is ditching habits taking away from it.

Here’s a quick example if you really want to make the transition:

I love shopping -> I tried to minimize it -> I couldn’t -> I did is this: when I go downtown, I only carry the minimum needed amount of money for coffee or a meal -> Result: if I see something I like, I can’t buy it cause I don’t have enough money -> Problem solved!

Got the picture? Yes, of course, it’s extreme; that’s the point!

Action Plan

Make sure to know your hourly productivity worth, use your time wisely, experiment between the different income sources until you find the right combination that works the best for you, and always: have some fun!