Leaping Off The Time For Money Treadmill!
Posted on January 31, 2012 by Carol Joyce, One of Thousands of Career Coaches on Noomii.
The importance of creating a passive income strategy to achieving financial independence.
Research shows that 80% of people will never achieve the financial success they want. That’s an astounding percentage of people not fulfilling their earning potential! Why? They are relying solely on the Time-For-Money Treadmill for their income.
So, what is this Time-For-Money Treadmill?
In a nutshell: you give an hour of your time and you get an hour of some agreed upon pay. Let’s face it, most entrepreneurs or employees put in 10-plus hour days…..leaving you little time for anything else! So you can pretty much bank on earning a fixed sum of money every year. This translates into: you can pay your bills, save a little, and maybe take an occasional vacation. Is this the life you dreamed of?
So how do you leap off the treadmill
If you feel your worth more than you can eek out on the time-for-money treadmill, then you’re going to need a strategy! A strategy to develop a very lucrative second-income stream.
That’s what I did!
I looked at my business model and decided I could not be my primary product or service and achieve financial freedom. I needed a business model that used my expertise for what I loved, helping small business owners and self-employed professionals soar to their potential, but one that did not necessarily require my presence. And if my presence was required – it needed to be to a larger audience versus one-to-one.
What happened next?
I watched my income increase! I found myself becoming more creative! With more time for myself, I could envision new ways to serve larger groups and yes, make more money!
So, where do you start? Here are a few tips:
1) Take inventory of where you are right now. Do a little self-discovery around your values. Honoring values is important to your strategy because it increases personal happiness and satisfaction.
2) Design a course of action that also includes your financial and personal goals. Ideally, this second revenue stream requires little or none of your time, known as “passive” income.
My FREE webinar “Conquer Your Mind, Conquer The Money Game – The Psychology of Money” shows you the 5 reasons you are saying no to money, teaches you the ancient money laws and principles that really work, and reveals exciting ways to help you create a wealth-attracting mindset.
3) Next, hold yourself accountable for accomplishing your mini milestones. Did you know most people fail because they do not follow through? If this is a weakness for you, work with a mentor or hire a coach so you stay focused, laser-like, on your goals. Focused, joyful, enthusiastic energy tends to trigger manifestation.
4) Don’t get overwhelmed. This is critical. Keep things bite-sized, look at it as baby steps and just keep putting one foot in front of the other. Before you know it – you will have a business or second income stream that honors your values and personal goals. Now you’re on your way to happily leaping off the treadmill!
If you’ve got any creative ways of leaping off your own treadmill, I’d like to hear them. E-mail me at: carol@coachingbycarol.com
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