Here are 10 tips on creating residual (recurring income):
1. Invest more time building assets than exchanging time for money
2. Set up systems & processes to replace you NOW, as you go
3. You have to work hard enough not to have to work hard, & set to forget
4. Your role should be an inspirer of a compelling vision & a leader to nurture other leaders
5. If you hire well, you earn on people as well as physical assets, so always monitor rev/staff member in your biz (gross & net)
6. Income is the only recurring type of money, capital & equity are delayed/lumpy/infrequent; always have income as well as capital strategies
7. If you make yourself mobile/remote, you can work less & earn more
8. Assets (that produce income) come in so many forms: property, stocks, ISAs, songs, books, audiobooks, podcasts, websites, brands, licenses, franchises, IP (See point 1.)
9. Ensure that any asset you create has a LONG life. The longer the life of the asset, the more the residual income (Think & Grow Rich has been selling since the early 1900s, property has been rising for nearly 1000 years)
10. If anyone tells you there's no such thing, it doesn't mean it can't be done, it means they don't know how
This is my very worn copy of The Seven Habits. I must have had this copy for 15 years, and it still inspires me every time I open it.
Habit 1: Be Proactive
Habit 2: Begin with the End in Mind
Habit 3: Put First Things First
Habit 4: Think Win/Win
Habit 5: Seek First to Understand, Then to Be Understood
Habit 6: Synergize
Habit 7: Sharpen the Saw .
“But until a person can say deeply and honestly, "I am what I am today because of the choices I made yesterday," that person cannot say, "I choose otherwise.” ...
A book shelf of material to help you get shit done.
I mainly listen to audiobooks now, but you can’t beat a proper paperback. ...