To earn safe passive incomes in 7 years, I clearly understood that it would require the best strategy that I could possibly develop. When I started on this journey, I had limited financial resources and was running out of time already being in my 40’s and a stay-at-home mom all my life. I had to come up with a cost effective plan to leverage my time and money to achieve financial independence in 7 years.
This brings us to Part 2.
I got more educated in finance. I began working for Primerica where I learn about personal finance, about investing and insurance and about how to build a home-based business. I spent hours drawing up mind maps, writing meticulously each step I would take every calendar quarter of each year, interviewing financial experts and underground 6 and 7-figure earners who would share with me what they learned on their journeys and devising my own plan given my particular circumstances and the information that I learned.
These efforts strengthened my resolve to keep focused toward my goal of earning safe passive incomes that would retire me in 7 years.
Before I outline the 6-step strategy that I developed, let’s recap Part 1 – the foundation to understanding how to make safe passive incomes by increasing your earning power.
In Part 1, we have covered the basics to the safest way that I’ve discovered to increase your earning power in a very systematic way that will finally relieve your financial worries. This strategy entails these 4 key foundational pieces of information regarding earning power:
1. Understanding the 4 Phases to Increasing Your Earning Power —This is the foundation to understanding that your income is not suppose to be stagnate and that landing a j-o-b should not be an end all, be all goal. The lack of this awareness and understanding is where the lie that financial struggle is inescapable breeds.
2. Knowing Where You Are in These 4 Phases – This is critical knowledge. Knowing where you are within the levels of increasing your earning power is knowing where you need to start in order to move systematically and strategically up the income ladder.
3. Knowing the Basic Rules to Increasing Your Earning Power – These rules gives you a guide for evaluating how well you are doing as you transition between the phases of increasing your power. They will prevent you from getting lost along your way and becoming discouraged and confused.
4. Knowing Which Avenues to Income Are Suited for Each of the 4 Phases — This makes you aware of the exact avenues to pursue that will get you exactly to the income level and level of freedom that you really want to achieve.
Now that the understanding that increasing your earning is the foundation to earning safe passive incomes is laid, we are ready to entertain how to move systematically and strategically through the 4 phases in an “ACTIONABLE” way.
I go in-depth with how to implement each step of this system in my comprehensive strategy guides series. Click Here if you want the details to my system.
Here is a summarized version of my 6-step strategy that takes you from where ever you are right now financially…in whatever circumstances you are dealing with to achieving whatever level of financial independence you desire.
6-Step Strategy to Safe Passive Incomes
Step 1: Earn income via a job or an entrepreneurial venture as you hone your skills and expand your knowledge in your area of expertise. If you don’t have a job, get a job doing anything that you can reasonably tolerate doing and at the highest hourly pay rate that you can find. This means you don’t have to just take any job. Weigh your options.
If you are the risky, entrepreneurial type, find a friend, family or resource where you can get the finances you need to fund an entrepreneurial venture. You had better make sure you are determined to make it work or you will lose trust and credibility with them if you don’t.
Step 2: Get promoted to a higher pay level or make more income. On a job, this may mean you will need more training or schooling. As an entrepreneur, this may mean you may need to diversify your supply line or find a partner with resources that you can leverage to get you to the next level.
Step 3: Invest in some coaching for yourself so you can make a transition from employee to entrepreneur then to business owner or from entrepreneur to business owner. Buy trainings on disc, go to seminars, read books, and join mastermind groups. If you can, get one-on-one coaching or mentoring as often as you can with someone who has arrived at where you want to go.
You will need to transition from being an employee to being an entrepreneur if you haven’t already, in order in establish solid, unlimited passive income in phases 3 and 4. You will need to work on your inner being because who you are becoming will hold you back or propel you forward. So you need to keep a conscious awareness of how you are directing yourself. Learn to develop the traits of a successful entrepreneur.
Step 4: Look for opportunities to increase your earning power as an entrepreneur/business owner. Create ways to increase your earning power as an entrepreneur. Use your intuition in selecting the best ones suited for you. Be prepared to “live and learn” because you may make some bad choices but learn from them and keep going forward to your ultimate financial goal.
Missed opportunities will prove to be your worse enemy. So when you are inspired to act on an idea, don’t hesitate.
Step 5: Learn about personal finance and the proven financial strategies that the big boys use to build their financial empires so you can design a passive income business model and identify some solid passive income investments. This is critical.
Don’t overlook the strategies of the “internet millionaires.” Millions are still being made on the internet.
In order for you to get the most out of your money, you will need to know how it’s done. So you will need to learn from the experts.
Step 6: Design a blueprint of how much money you can generate, doing what, and how you can best leverage your time and money so you can establish, scale and diversify your passive income business model into multiple passive income streams. You should know enough now about how to do this. You need to know how to invest for the long term while maintaining a plentiful, liquid cash flow for today. This is the ultimate end goal.
Following this 6-Step strategy will prove to relieve your financial stress once and for all. However, these six steps to moving up the income levels are meant to be just general guidelines. The particular steps in between will depend on what you have already to bring to the table in the areas of knowledge, resources and determination.
In closing, I am keenly aware that I need a both a plan and a strategy to establish safe passive incomes in 7 years to become financially independent. I also am aware that everybody’s circumstances and financial state are different, but the components that I have developed my plan and strategy are sound financial practices that works across the board regardless of what unique situation you are in. How long it takes any one of us to become financially independent using my strategy will be determined by our individual resourcefulness.
Here are the details to how I am doing given my resources and circumstances>>>>CLICK HERE.
The video below is to share with you how the desparation that I was feeling and maybe you are too that inspired me to come up with a solution to my financial stress. Watch the video and see if you can relate then move on to Part 3.
In closing Part 2, I want to be transparent here. I knew that the strategy that I had developed would work because this information was what the experts were teaching and because the underground financially independent people that I had interviewed had testified to the fact that it did. So I knew the components that I put together to make up my strategy worked.
The more important question then for me was: “Could I make it work for me?”…and “Could I do this in 7 years…if not in 7 then maybe in 10…or in the worse case scenario, 15?”
I was willing to give it that long to finally see my independence day and live out my retirement comfortably. It was worth that much to me.
So I took my action plan to the next level…Part 3 – a passive income business system. This is the component of my strategy that would be the deciding factor on if I make it or not.