Extra $1000 in Residual Income Per Month
"I need to be a millionaire to retire."- a common belief
Suppose you had a million dollars. You would want that to last forever. That way when you die the money could be passed on to your kids.
But unfortunately most Americans will not get to enjoy that state. So can we come at the problem from an opposite angle?
Suppose we did have a million dollars. Most advisers would recommend that you do not take more than 4-5% out per year. So let us use 4.8%. In other words, 1000000*0.048= 48000. You will get 48k per year for your ability to save a million.
48000 is 4000 dollars per month or lets keep it simple at 1000 per week(I know that there are 52 weeks in a year but suppose you do not work 4 weeks per year) So if we could figure out how to get 1000 per week of residual income to come in then we could retire as if we had 1 million in the bank.
Now we are getting somewhere. How do we get to earn 1000 per week in residual income? Well, you have to look at your strengths, passions, motivations, and products that you can offer. Notice I did not say services because we are not looking for a part time job.
Unfortunately the answer is unique to you and only you. You only know the talents that you have and could use to derive the products. The best resource on this topic is the book Millionaire Maker by Loral Lingermeier.
Today's question is:
"How can you generate 1000 per week in residual income?"
"I need to be a millionaire to retire."- a common belief
Suppose you had a million dollars. You would want that to last forever. That way when you die the money could be passed on to your kids.
But unfortunately most Americans will not get to enjoy that state. So can we come at the problem from an opposite angle?
Suppose we did have a million dollars. Most advisers would recommend that you do not take more than 4-5% out per year. So let us use 4.8%. In other words, 1000000*0.048= 48000. You will get 48k per year for your ability to save a million.
48000 is 4000 dollars per month or lets keep it simple at 1000 per week(I know that there are 52 weeks in a year but suppose you do not work 4 weeks per year) So if we could figure out how to get 1000 per week of residual income to come in then we could retire as if we had 1 million in the bank.
Now we are getting somewhere. How do we get to earn 1000 per week in residual income? Well, you have to look at your strengths, passions, motivations, and products that you can offer. Notice I did not say services because we are not looking for a part time job.
Unfortunately the answer is unique to you and only you. You only know the talents that you have and could use to derive the products. The best resource on this topic is the book Millionaire Maker by Loral Lingermeier.
Today's question is:
"How can you generate 1000 per week in residual income?"
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