What Is Residual Income And Why Do You Want It?

You have probably heard the expression that “the rich get richer while the poor get poorer.” It’s often used to explain the unfairness when it comes to money.

However, I don’t think this is unfair at all. The reason it happens is that the rich focus on a completely different way of earning money. There are thousands of stories about poor people who accumulated great riches and this choice is available to all of us.

Warren Buffett, Bill Gates, Richard Branson, and Oprah were not born into riches. Yet over their lifetimes, they’ve amassed huge personal fortunes. This is because they understand and use the power of leverage through residual income like we’ll talk about today.

What Is Active Income?

Active income comes as a direct result of our efforts. This is when we work for one hour and get paid a certain amount for that hour’s of work. This can be seen in wages, salaries, and self-employed service providers like lawyers or doctors.

There are many people who get paid vast amounts of money to become the CEO of a company, play professional sports, or star in a movie. Earning a high active income is often a lot of hard work and requires a dedication beyond most of us. It’s also limited because no matter how much money you get paid you still need to show up to work to earn your money.

What Is Residual (Or Passive) Income?

Residual income is when you continue to get paid after the work is done. This includes royalties from books, movies, or songs and also income that comes from real estate or business investments where you don’t actually have to be present to earn it. For example, Bill Gates is still making a residual income from Microsoft even though he isn’t working there anymore.

Residual income comes from building an asset that continues to pay you after the work has been done. A book, movie or song is an asset to the people earning royalties from it. A house is an asset to the landlord being paid rent and a business is an asset to the business owner who does not need to be involved in the day-to-day activities anymore.

The Passive Income Myth

Many people talk about passive income and create the impression that you never have to do anything to keep that income going. The truth is that you will normally have to keep your eye on things if you want it to run smoothly. For example, Richard Branson doesn’t run any of the 400+ companies he started but he goes over the numbers each day to make sure they’re performing well and calls the CEO if there are any problems.

There is also an idea that we should work to build a passive income asset and then sit on the beach relaxing for the rest of our lives. The truth is that most people would get extremely bored with this scenario and will be eager to find something to do. That’s why the world’s billionaires continue to work… they love what they do and it stopped being about the money a long time ago.

How To Build Residual Or Passive Income

The key idea here is leverage. You must be able to leverage other people’s time or other people’s money in order to create a residual income. Richard Branson can run 400+ companies because he isn’t actually running any of them at all. His CEOs are.

To create residual income, you need to create something that people will continue to buy on a regular basis long after you’ve created it. A house is a prime example of this as people will continue to pay rent for the right to live in the house. A business needs to have products that are sold over and over again rather than trading the business owner’s time for money.

The product might be an item that has been created and can be duplicated or it might be the time of other people. For example, a dentist can only make so much income trading their time for money but when they bring on other dentists they will start to leverage their results to build residual income.

The First Steps To Creating Residual Income

The first thing is to be aware of how you work for active or residual income. Then you want to decide on a path that transitions from active to residual income over time. It’s hard to start a new business and create residual income tomorrow so you have to have some patience.

As you make more residual income you can start to scale back the hours you put into active income. This will mean your residual income will grow even faster once you pay it more attention.

As Jim Rohn was famous for saying:

“I’m working full-time on my job and part time on my fortune. But it won’t be long before I’m working full-time on my fortune. Can you imagine what my life will look like?”

Source:  Lifehack.org ~ By: Craig Dewe  ~  Image: Canva Pro

The 3 Decisions That Will Change Your Financial Life

There’s nothing worse than a rich person who’s chronically angry or unhappy. There’s really no excuse for it, yet I see this phenomenon every day. It results from an extremely unbalanced life, one with too much expectation and not enough appreciation for what’s there.

Without gratitude and appreciation for what you already have, you’ll never know true fulfillment. But how do you cultivate balance in life? What’s the point of achievement if your life has no balance?

For nearly four decades, I’ve had the privilege of coaching people from every walk of life, including some of the most powerful men and women on the planet. I’ve worked with presidents of the United States as well as owners of small businesses.

Across the board, I’ve found that virtually every moment people make three key decisions that dictate the quality of their lives.

If you make these decisions unconsciously, you’ll end up like the majority of people who tend to be out of shape physically, exhausted emotionally, and often financially stressed. But if you make these decisions consciously, you can literally change the course of your life today.

Decision 1: Carefully choose what to focus on.

At every moment, millions of things compete for your attention. You can focus on things that are happening right here and now or on what you want to create in the future. Or you can focus on the past.

Where focus goes, energy flows. What you focus on and your pattern for doing so shape your entire life.

Which area do you tend to focus on more: what you have or what’s missing from your life?

I’m sure you think about both sides of this coin. But if you examine your habitual thoughts, what do you tend to spend most of your time dwelling on?

Rather than focusing on what you don’t have and begrudging those who are better off than you financially, perhaps you should acknowledge that you have much to be grateful for and some of it has nothing to do with money. You can be grateful for your health, family, friends, opportunities, and mind.

Developing a habit of appreciating what you have can create a new level of emotional well-being and wealth. But the real question is, do you take time to deeply feel grateful with your mind, body, heart, and soul? That’s where joy, happiness, and fulfillment can be found.

Consider a second pattern of focus that affects the quality of your life: Do you tend to focus more on what you can control or what you can’t?

If you focus on what you can’t control, you’ll have more stress in life. You can influence many aspects of your life but you usually can’t control them.

When you adopt this pattern of focus, your brain has to make another decision:

Decision 2: Figure out, What does this all mean?

Ultimately, how you feel about your life has nothing to do with the events in it or with your financial condition or what has (or hasn’t) happened to you. The quality of your life is controlled by the meaning you give these things.

Most of the time you may be unaware of the effect of your unconscious mind in assigning meaning to life’s events.

When something happens that disrupts your life (a car accident, a health issue, a job loss), do you tend to think that this is the end of the beginning?

If someone confronts you, is that person insulting you, coaching you, or truly caring for you?

Does a devastating problem mean that God is punishing you or challenging you? Or is it possible that this problem is a gift from God?

Your life takes on whatever meaning you give it. With each meaning comes a unique feeling or emotion and the quality of your life involves where you live emotionally.

I always ask during my seminars, “How many of you know someone who is on antidepressants and still depressed?” Typically 85 percent to 90 percent of those assembled raise their hands.

How is this possible? Drugs should make people feel better. It’s true that antidepressants do come with labels warning that suicidal thoughts are a possible side effect.

But no matter how much a person drugs himself, if he constantly focuses on what he can’t control in life and what’s missing, he won’t find it hard to despair. If he adds to that a meaning like “life is not worth living,” that’s an emotional cocktail that no antidepressant can consistently overcome.

Yet if that same person can arrive at a new meaning, a reason to live or a belief that all this was meant to be, then he will be stronger than anything that ever happened to him.

When people shift their habitual focus and meanings, there’s no limit on what life can become. A change of focus and a shift in meaning can literally alter someone’s biochemistry in minutes.

So take control and always remember: Meaning equals emotion and emotion equals life. Choose consciously and wisely. Find an empowering meaning in any event, and wealth in its deepest sense will be yours today.

Once you create a meaning in your mind, it creates an emotion, and that emotion leads to a state for making your third decision:

Decision 3: What will you do?

The actions you take are powerfully shaped by the emotional state you’re in. If you’re angry, you’re going to behave quite differently than if you’re feeling playful or outrageous.

If you want to shape your actions, the fastest way is to change what you focus on and shift the meaning to be something more empowering.

Two people who are angry will behave differently. Some pull back. Others push through.

Some individuals express anger quietly. Others do so loudly or violently. Yet others suppress it only to look for a passive-aggressive opportunity to regain the upper hand or even exact revenge.

Where do these patterns come from? People tend to model their behavior on those they respect, enjoy, and love.

The people who frustrated or angered you? You often reject their approaches.

Yet far too often you may find yourself falling back into patterns you witnessed over and over again in your youth and were displeased by.

It’s very useful for you to become aware of your patterns when you are frustrated, angry or sad, or feel lonely. You can’t change your patterns if you’re not aware of them.

Now that you’re aware of the power of these three decisions, start looking for role models who are experiencing what you want out of life. I promise you that those who have passionate relationships have a totally different focus and arrive at totally different meanings for the challenges in relationships than people who are constantly bickering or fighting.

It’s not rocket science. If you become aware of the differences in how people approach these three decisions, you’ll have a pathway to help you create a permanent positive change in any area of life.

Source: Entrepreneur.com ~ Author: Tony Robbins – Image: Tony Robbins

18 Signs You Have High Emotional Intelligence

Measuring emotional intelligence can be difficult because of its intangible nature. But Dr. Travis Bradberry has analyzed the data from the million-plus people that TalentSmart has tested for EQ to help identify the behaviors that are sure signs you have a high EQ. He shares them with us in this article, originally published on LinkedIn Pulse.

When emotional intelligence (EQ) first appeared to the masses, it served as the missing link in a peculiar finding: People with average IQs outperform those with the highest IQs 70 percent of the time. This anomaly threw a massive wrench into the broadly-held assumption that IQ was the sole source of success.

Decades of research now point to emotional intelligence as being the critical factor that sets star performers apart from the rest of the pack. The connection is so strong that we know 90 percent of top performers have high emotional intelligence.

Emotional intelligence is the “something” in each of us that is a bit intangible. It affects how we manage behavior, navigates social complexities and makes personal decisions to achieve positive results.

Despite the significance of EQ, its intangible nature makes it very difficult to know how much you have and what you can do to improve if you’re lacking. You can always take a scientifically validated test, such as the one that comes with the Emotional Intelligence 2.0 book.

Unfortunately, quality (scientifically valid) EQ tests aren’t free. So, I’ve analyzed the data from the million-plus people that TalentSmart has tested in order to identify the behaviors that are the hallmarks of a high EQ. What follows are sure signs that you have a high EQ.

1. You have a robust emotional vocabulary.

All people experience emotions, but it is a select few who can accurately identify them as they occur. Our research shows that only 36 percent of people can do this, which is problematic because unlabeled emotions often go misunderstood, which leads to irrational choices and counterproductive actions.

People with high EQs master their emotions because they understand them, and they use an extensive vocabulary of feelings to do so. While many people might describe themselves as simply feeling “bad,” emotionally intelligent people can pinpoint whether they feel “irritable,” “frustrated,” “downtrodden,” or “anxious.” The more specific your word choice, the better insight you have into exactly how you are feeling, what caused it and what you should do about it.

2. You’re curious about people.

It doesn’t matter if they’re introverted or extroverted, emotionally intelligent people are curious about everyone around them. This curiosity is the product of empathy, one of the most significant gateways to a high EQ. The more you care about other people and what they’re going through, the more curiosity you’re going to have about them.

3. You embrace change.

Emotionally intelligent people are flexible and are constantly adapting. They know that fear of change is paralyzing and a major threat to their success and happiness. They look for 4. You know your strengths and weaknesses.

Emotionally intelligent people don’t just understand emotions; they know what they’re good at and what they’re terrible at. They also know who pushes their buttons and the environments (both situations and people) that enable them to succeed. Having a high EQ means you know your strengths and you know how to lean into them and use them to your full advantage while keeping your weaknesses from holding you back.

5. You’re a good judge of character.

Much of emotional intelligence comes down to social awareness; the ability to read other people, know what they’re about, and understand what they’re going through. Over time, this skill makes you an exceptional judge of character. People are no mystery to you. You know what they’re all about and understand their motivations, even those that lie hidden beneath the surface.

6. You are difficult to offend.

If you have a firm grasp of whom you are, it’s difficult for someone to say or do something that gets your goat. Emotionally intelligent people are self-confident and open-minded, which creates a pretty thick skin. You may even poke fun at yourself or let other people make jokes about you because you are able to mentally draw the line between humor and degradation.

7. You know how to say no (to yourself and others).

Emotional intelligence means knowing how to exert self-control. You delay gratification, and you avoid impulsive action. Research conducted at the University of California, San Francisco, shows that the more difficulty that you have to say no, the more likely you are to experience stress, burnout, and even depression. Saying no is indeed a major self-control challenge for many people. “No” is a powerful word that you should not be afraid to wield. When it’s time to say no, emotionally intelligent people avoid phrases such as “I don’t think I can” or “I’m not certain.” Saying no to a new commitment honors your existing commitments and gives you the opportunity to successfully fulfill them.

8. You let go of mistakes.

Emotionally intelligent people distance themselves from their mistakes but do so without forgetting them. By keeping their mistakes at a safe distance, yet still handy enough to refer to, they are able to adapt and adjust for future success. It takes refined self-awareness to walk this tightrope between dwelling and remembering. Dwelling too long on your mistakes makes you anxious and gun shy, while forgetting about them completely makes you bound to repeat them. The key to balance lies in your ability to transform failures into nuggets of improvement. This creates the tendency to get right back up every time you fall down.

9. You give and expect nothing in return.

When someone gives you something spontaneously, without expecting anything in return, this leaves a powerful impression. For example, you might have an interesting conversation with someone about a book, and when you see them again a month later, you show up with the book in hand. Emotionally intelligent people build strong relationships because they are constantly thinking about others.

10. You don’t hold grudges.

The negative emotions that come with holding onto a grudge are actually a stress response. Just thinking about the event sends your body into fight-or-flight mode, a survival mechanism that forces you to stand up and fight or run for the hills when faced with a threat. When the threat is imminent, this reaction is essential to your survival, but when the threat is ancient history, holding onto that stress wreaks havoc on your body and can have devastating health consequences over time. In fact, researchers at Emory University have shown that holding onto stress contributes to high blood pressure and heart disease. Holding onto a grudge means you’re holding onto stress, and emotionally intelligent people know to avoid this at all costs. Letting go of a grudge not only makes you feel better now but can also improve your health.

11. You neutralize toxic people.

Dealing with difficult people is frustrating and exhausting for most. High EQ individuals control their interactions with toxic people by keeping their feelings in check. When they need to confront a toxic person, they approach the situation rationally. They identify their own emotions and don’t allow anger or frustration to fuel the chaos. They also consider the difficult person’s standpoint and are able to find solutions and common ground. Even when things completely derail, emotionally intelligent people are able to take the toxic person with a grain of salt to avoid letting him or her bring them down.

12. You don’t seek perfection.

Emotionally intelligent people won’t set perfection as their target because they know that it doesn’t exist. Human beings, by their very nature, are fallible. When perfection is your goal, you’re always left with a nagging sense of failure that makes you want to give up or reduce your effort. You end up spending your time lamenting what you failed to accomplish and what you should have done differently instead of moving forward, excited about what you’ve achieved and what you will accomplish in the future.

13. You appreciate what you have.

Taking time to contemplate what you’re grateful for isn’t merely the right thing to do; it also improves your mood because it reduces the stress hormone cortisol by 23 percent. Research conducted at the University of California, Davis, found that people who worked daily to cultivate an attitude of gratitude experienced improved mood, energy, and physical well-being. It’s likely that lower levels of cortisol played a major role in this.

14. You disconnect.

Taking regular time off the grid is a sign of a high EQ because it helps you to keep your stress under control and to live in the moment. When you make yourself available to your work 24/7, you expose yourself to a constant barrage of stressors. Forcing yourself offline and even—gulp!—turning off your phone gives your body and mind a break. Studies have shown that something as simple as an email break can lower stress levels. Technology enables constant communication and the expectation that you should be available 24/7. It is extremely difficult to enjoy a stress-free moment outside of work when an email that will change your train of thought and get you thinking (read: stressing) about work can drop onto your phone at any moment.

15. You limit your caffeine intake.

Drinking excessive amounts of caffeine triggers the release of adrenaline, and adrenaline is the source of the fight-or-flight response. The fight-or-flight mechanism sidesteps rational thinking in favor of a faster response to ensure survival. This is great when a bear is chasing you, but not so great when you’re responding to a curt email. When caffeine puts your brain and body into this hyper-aroused state of stress, your emotions overrun your behavior. Caffeine’s long half-life ensures you stay this way as it takes its sweet time working its way out of your body. High-EQ individuals know that caffeine is trouble, and they don’t let it get the better of them.

16. You get enough sleep.

It’s difficult to overstate the importance of sleep to increasing your emotional intelligence and managing your stress levels. When you sleep, your brain literally recharges, shuffling through the day’s memories and storing or discarding them (which causes dreams) so that you wake up alert and clearheaded. High-EQ individuals know that their self-control, attention, and memory are all reduced when they don’t get enough—or the right kind—of sleep. So, they make sleep a top priority.

17. You stop negative self-talk in its tracks.

The more you ruminate on negative thoughts, the more power you give them. Most of our negative thoughts are just that—thoughts, not facts. When it feels like something always or never happens, this is just your brain’s natural tendency to perceive threats (inflating the frequency or severity of an event). Emotionally intelligent people separate their thoughts from the facts in order to escape the cycle of negativity and move toward a positive, new outlook.

18. You won’t let anyone limit your joy.

When your sense of pleasure and satisfaction are derived from the opinions of other people, you are no longer the master of your own happiness. When emotionally intelligent people feel good about something that they’ve done, they won’t let anyone’s opinions or snide remarks take that away from them. While it’s impossible to turn off your reactions to what others think of you, you don’t have to compare yourself to others, and you can always take people’s opinions with a grain of salt. That way, no matter what other people are thinking or doing, your self-worth comes from within.

Source: success.com ~ By:Travis Bradberry

Best Career Decision I Ever Made

When I made my decision to leave Corporate America I knew I had to find a Financial Model that could meet my goals.

I also knew that I could only sell a product that I believed in and had the highest level of Integrity ( have you seen my background) I am so proud to work as a distributor of quality products and take them every day ( 12 years now).

As I grow I am challenging myself to leave my comfortable financial blueprint with this compensation plan (because it allows a no ceiling for income) I am learning to have audacious financial freedom.

The Art of Well Being

Once I reached the executive ranks I thought I could slow down and enjoy my success….yet, instead I found myself working harder than ever.

I had worked my butt off to get there and I thought the higher up the ladder I went, the easier my life would be.

I was wrong. On paper, my life was amazing. I had a beautiful home, a big bank account, and a family that loved me.

Yet inside, I was dying. I couldn’t enjoy what I had.

I was stressed every single day. I snapped over the smallest things. I put my personal life on the back burner using work as an excuse. I released the tension gorging on cheesecake and fine wine – only to feel miserable when I looked in the mirror.

Over and over again, I put my career first and my family second. I was overweight, exhausted, and not the woman I wanted to be.

I should have been the happiest woman in the world. Instead, I felt guilty as hell.

Stepping back was out of the question because I loved my work, I loved my colleagues, and I loved the freedom of my paycheck.

I tried changing jobs, changing bosses, and moving to a company with a better culture, but nothing made a difference.

It was then I realized the only chance left was me. I needed the mindset and the outlook to approach my success in a completely different way.

To the rest of the world, I appeared hyper-confident, yet on the inside, I was scared as hell. I’d spent the majority of my career proving my worth because deep down I couldn’t see it myself.

My inner self-talk was critical at best and while this fear drove me to become a success, my own self-doubt blindly led to the behaviors, choices, and actions that created the burnout and limited life I was desperately trying to avoid.

Today, I enjoy inner calm, peace of mind, and confidence inside and out. I own the room, call the shots, and influence my workplace as an authentic, comfortable leader who is stress-free.

No matter how challenging it gets, my career no longer owns me.

Today, my company is dedicated to helping high-achieving professional women develop the mindset, emotional resolve, and skill set necessary to stop chasing success and simply enjoy it!

I’ve been teaching my methods to clients working in high-pressure industries, male-dominated companies, and workaholic cultures for the past 4 years and I’ve helped hundreds of women go from a story like mine to SUCCESS WITH EASE without stepping back at all.

If my story sounds familiar, and you want to know if it will work for you too, then I invite you to watch my free presentation on the 4 shifts every successful professional woman MUST make in order to avoid burnout and enjoy your success once and for all.

Watch the training right now – I think it will be eye-opening and save you from walking away from your incredible career 👉

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