"Worthy Goal or Cold War Challenge!?: US President John F. Kennedy announces on May 25, 1961, his goal of putting a man on the moon and return him safely to Earth before the end of the 1960s. Bold and audacious, this announcement jump-started NASA's Apollo program resulting in Neil Armstrong & Co hitting lunar dirt on July 20, 1969...forever altering the course of humanity (Photo: NASA)" ~ Keelan

I believe that the best way to measure your own success is to measure your progress against your own set of predetermined goals in line with your values. When you do this, you stop the comparison game, and carve out your own form of true and meaningful success.

I’ve found that success in life is intrinsically linked to fulfilment and fulfilment comes from filling the voids in your life (which are determined by your values) whilst focusing on the progressive achievement of worthy goals (in line with your values). We’ve all witnessed someone who has all the external trappings of success but deep down inside they feel unfulfilled and even unhappy. There’s typically a values/goals discrepancy at play when this happens.

I recognize that this sense of discontent is rooted in the hard-wired human need to have purpose and meaning in their life. So, the goal setting methodology in my ULTIMATE Goal Setting Success Manual is not only firmly about clarifying and documenting your life goals but also about drawing out from within your own life purpose, clarifying your own values and making sure you goals are in line with them.

Life is not just about what you have or achieve; it’s also firmly about who and what you’ve become. Sometimes when we cast an eye over our past we disregard all that we’ve achieved/become so far on our life’s journey. Hopefully, this article has highlighted why success leaves clues and needs clues!

Good luck in your goal setting. You can do it! 

‘Success leaves clues’ is one of those stock phrases used by personal development legend Tony Robbins. Most often it’s associated with modelling the mindset, behaviour and actions of someone who is successful. But not only does success leave clues but it also needs clues.

What I mean is that success needs success; it requires reference points in the past to know that you have already been successful so that you develop the belief that you can achieve even greater success. The problem is that many people don’t acknowledge their successes to date and so they approach future success from a position of lack rather than abundance.

Many high achievers rarely take the time to acknowledge their success to date. This is a mistake. Taking stock of your successes to date is a seriously important part of setting the overall tone of your life. Taking the time to write down your recent successes is actually great for your state of mind.

Rather than chasing new goals all the time, appreciating what you have achieved to date will support and endorse your ability to set and achieve more lifetime goals. When you look inside your mind, what do you see? Ideally it should be an image of both past successes and even greater future success to come. Have a look on my new posts

‘Success leaves clues’ is one of those stock phrases used by personal development legend Tony Robbins in his talks and seminars. However, not only does success leave clues but it also actually needs them too when it comes to the mad science of goal setting!

But what kind of clues exactly does success leave and why does it need these clues in order to set future goals? Read on to find out more about this intriguing goal setting tip!

Success is a misunderstood concept if you ask me. Becoming an overnight sensation on X-Factor, or a partner in a law firm, even running a multi-million dollar business etc., may all be worthy examples of what’s commonly thought of as “success”. But in a way these are very clichéd, stereotypical examples of success. What we want to do is define what success means to YOU.

Working Towards Worthy Goals

So, how do you know if YOU are successful? For me, this is an easy question to answer. I’ve long ago given up on comparing my level of success with that of other people. Why? Because my definition of success is based on my values, my purpose etc., and therefore is entirely unique to me. If you’re honest and true to yourself, so is yours…

I know very little about the deep inner drives and true measures of success adopted by my next door neighbours, my work colleagues and friends. I might have some idea alright but I don’t really know everything about their full background, their psychological make-up, their hierarchy of values, their innate skills and talents. In my view, success is achieved by working towards worthy goals that are personal to you and in line with your values and life purpose.

I will be writing more about success & goal setting in my next posts: Success Leaves Clues, Success Needs Clues & Fulfilment, Voids and Values

In my previous posts I reviewed various aspects of passive income – what is passive income, how to cross the chasm between relying on earned income and creating multiple streams of passive incomes, how “passive” passive income really is and reviewed some possible sources of passive income.

Today’s post will give you a quick look at how to use other people’s resources & money to build strong passive income streams.

Use of Other People’s Resources and Other People’s Money

Use of Other People’s Resources and Other People’s Money are key ingredient required to generate passive income. Other People’s Money buys you time (a key limiting factor of earned income in wealth creation). In a sense, use of other people’s resources gives you back your time. When it comes to raising capital, businesses that generate passive income usually attracts the largest amount of Other People’s Money. This is because it is generally possible to closely approximate the return (or at least the risk) you can expect from passive investments and so banks etc., will often fund passive investment opportunities. A good business plan backed by strong management will usually attract angel investors or venture capital money. And real estate can often be acquired with a small down payment (20% or less in some cases) with the majority of the money borrowed from a bank typically.

P.S. Visit www.MillionaireMindsetSecrets.com and sign-up for FREE insights, tips and exclusives on Passive Income Streams – utilizing our powerful income and wealth creation strategies can fast-track your wealth building so that you get rich for life and build wealth that lasts.
P.P.S. Why not signup NOW for more insider secrets on Passive Income Streams at www.MillionaireMindsetSecrets.com for FREE & download for free the “The 7 Secrets of Wealth Creation” e-book

Related Posts:

Multiple Streams of Income: Earned Income – Can It Make You Wealthy?

Can You Become Wealthy from Earned Income?

Multiple Streams of Income: Time & Tax

Passive Income Streams – The Master Key to Wealth Creation and Financial Freedom?

Passive Income Streams – Crossing the Chasm

Passive Income – A Misnomer?

Passive Income Streams – Sources of Passive Income: Real Estate & Business

Passive Income Streams – Tax Benefits of Passive Income

Last week we discussed various aspects of passive income – what is passive income, how to cross the chasm between relying on earned income and creating multiple streams of passive incomes,  how “passive” passive income really is and reviewed some possible sources of passive income.

Today I want to outline the tax benefits of the passive income.

Tax Benefits of Passive Income

Passive income investments often allow for the most favorable tax treatment if structured correctly. For example, corporations can use their profits to invest in other passive investments (real estate, for example), and avail of tax deductions in the process. And real estate can be “traded” for larger real estate, with taxes deferred indefinitely. The tax paid on passive income will vary based on the individual’s personal tax bracket and corporate structures utilized. However, for the purposes of illustration we could say that an average of 20% effective tax on passive investments would be a reasonable assumption.

In summary:

For good reason, passive income is often considered to be the holy grail of investing, and the key to long-term wealth creation and wealth protection. The major benefit of passive income is that it is recurring income, typically generated month after month without a great deal of effort by you. Building wealth and becoming rich shouldn’t be about extracting every last bit of your own energy, your own resources and your own money as there is always a limit to the extent you can do this. Tapping into the effective generation and use of passive income is a critical step on the road to wealth creation. Begin this part of you wealth creation journey as early as is humanly possible i.e. now!

P.S. Visit www.MillionaireMindsetSecrets.com and sign-up for FREE insights, tips and exclusives on Passive Income Streams – utilizing our powerful income and wealth creation strategies can fast-track your wealth building so that you get rich for life and build wealth that lasts.
P.P.S. Why not signup NOW for more insider secrets on Passive Income Streams at www.MillionaireMindsetSecrets.com for FREE & download for free the “The 7 Secrets of Wealth Creation” e-book

In my previous posts I reviewed what is a passive income, how to cross the chasm between relying on earned income and creating multiple streams of passive incomes and talked about how “passive” passive income really is.

In this post, I would like to continue the subject of passive income reviewing some possible streams of passive income that can speed up your journey to creating wealth that lasts.

Passive income is not dependent on your time. It is dependent on the asset and the management of that asset. Passive income requires leveraging of other peoples time and money. For example, you could purchase a rental property for $100,000 using a 30% down-payment and borrow 70% from the bank. Assuming this property generates a 6% Net Yield (Gross Yield minus all Operational Costs such as insurance, maintenance, property taxes, management fees etc) you would generate a net rental yield of $6,000/annum or $500/month. Now, subtract the cost of the mortgage repayments of say $300/month from this and we arrive at a net rental income of $200 from this. This is $200 passive income you didn’t have to trade your time for.
Business can be a source of passive income. Many entrepreneurs start out in business with the idea of starting a business so as to sell their stake for some millions in say 5 years time. This dream will only become a reality if you, the entrepreneur, can make yourself replaceable so that the business’s future income generation is not dependent on you. If you can do this than in a way you have created a source of passive income. For a business, to become a true source of passive income it requires the right kind of systems and the right kind of people (other than you) operating those systems.

Finally, since passive income generating assets are usually actively controlled by you the owner (e.g. a rental property or a business), you have a say in the day-to-day operations of the asset which can positively impact the level of income generated.

In my previous posts I reviewed what is a passive income and why it is so important in order to create wealth. I also spoke of crossing the chasm between relying on earned income into building multiple streams of passive income.

Today, I want to touch on whether passive income is really ever “passive”?

Passive Income – A Misnomer?

In some way, passive income is a misnomer as there is nothing truly passive about being responsible for a group of assets generating income. Whether it’s a property portfolio or a business you own and control, it is rarely if ever truly passive. It will require you to be involved at some level in the management of the asset. However, it’s passive in the sense that it does not require your day-to-day direct involvement (or at least it shouldn’t anyway!) To become wealthy, consider building leveraged/passive income by growing the size and level of your network instead of simply growing your skills/expertise. So-called smart folks may spend their time collecting diplomas and certificates but wealthy folk spend their time collecting business cards and building relationships!

Residual Income = A Form of Passive Income
Residual Income is a form of passive income. The terms Passive Income and Residual Income are often used interchangeably; however, there is a subtle yet important difference between the two. It is income that is generated from time to time from work done once i.e. recurring payments that you receive long after the initial product/sale is made. Residual income is usually in specific amounts and paid at regular intervals. Some example of residual income include:-
- Royalties/earnings from the publishing of a book.
- Renewal commissions on financial products paid to a financial advisor.
- Rentals from a property letting.
- Revenue generated in multi level marketing networks.

Any money you ever make (other than maybe winning the lottery or receiving an inheritance) will fall into one of these income categories. In order to understand how to become rich and create wealth it’s vital that you know how to generate multiple streams of passive income.

Crossing the Chasm

Passive income is income generated from a trade or business, which does not require the earner to participate. It is often investment income (i.e. income that is not obtained through working) but not exclusively. The central tenet of passive income is that it can expect to continue whether you continue working or not. As you near retirement you are most definitely seeking to replace earned income with passive, unearned income. The secret to wealth creation earlier on in life is passive income; positive cash-flow generated by assets that you control or own.

One of the reasons people find it difficult to make the leap from earned income to more passive sources of income is that the entire education system is actually pretty much designed to teach us to do a job and hence rely largely on earned income. This works for governments as this kind of income generates large volumes of tax but will not work for you if you’re focus is on how to become rich and wealth building. However, to become rich and create wealth you will be required to cross the chasm from relying on earned income to generating sources of passive income.

Read more about Passive Income Streams in my next posts:

Real Estate & Business – Sources of Passive Income

P.S. Visit www.MillionaireMindsetSecrets.com and sign-up for FREE insights, tips and exclusives on Passive Income Streams – utilizing our powerful income and wealth creation strategies can fast-track your wealth building so that you get rich for life and build wealth that lasts.
P.P.S. Why not signup NOW for more insider secrets on Passive Income Streams at www.MillionaireMindsetSecrets.com for FREE & download for free the “The 7 Secrets of Wealth Creation” e-book.

Not all income is created equal. There are essentially 3 main types of income – earned income, passive and portfolio income. One of the keys to becoming rich and creating wealth is to understand how to generate income from these 3 main sources of income at different points on your journey to becoming rich and creating wealth. Ultimately, getting into a position where you have multiple streams of income and diversified cash-flow is a key requirement to becoming rich and creating wealth. Here we examine passive income streams – the master key to wealth creation and financial freedom.

One of the keys to getting rich and creating wealth is to understands the different ways in which income can be generated. It’s often said that the lower and middle-class work for money whilst the rich have money work for them. The key to wealth creation lies within this simple statement.

Imagine, rather than you working for money that you instead made every dollar work for you 40hrs a week. Better still, imagine each and every dollar working for you 24/7 i.e. 168hrs/week. Figuring out the best ways you can make money work for you is an important step on the road to wealth creation.

In the US, the Internal Revenue Service (IRS) government agency responsible for tax collection and enforcement, categorizes income into three broad types: active (earned) income, passive income, and portfolio income. Any money you ever make (other than maybe winning the lottery or receiving an inheritance) will fall into one of these income categories. In order to understand how to become rich and create wealth it’s vital that you know how to generate multiple streams of passive income.

Read more about Passive Income in my next post:

Passive Income – Crossing the Chasm

P.S. Visit www.MillionaireMindsetSecrets.com and sign-up for FREE insights, tips and exclusives on Passive Income Streams – utilizing our powerful income and wealth creation strategies can fast-track your wealth building so that you get rich for life and build wealth that lasts.
P.P.S. Why not signup NOW for more insider secrets on Passive Income Streams at MillionaireMindsetSecrets.com for FREE & download for free the “The 7 Secrets of Wealth Creation” e-book

Are Your Goals Aligned with Your Values?

Roughly 45-50% of the US population set New Year’s resolutions. This is phenomenal. Yet, what’s remarkable is that come February, March most New Year’s resolutions are gone by the wayside. In this article we explore some ideas to consider before you start which could help ensure your resolutions are kept and your goals are achieved.

In my previous posts I wrote about how important it is to have a BIG goal, to use your feelings and to really believe in order to achieve your goals.

In this post I want to speak of the importance of aligning your goals to your values.

In addition to forcing goals upon themselves people sometimes set goals that are not in line with their values. Values tend to reflect your upbringing. However, when setting goals, try to filter out any voices in your head that may be telling you what others (society, the media, peers, parents, your boss or organization etc.) expect of you. Listen to your own inner voice. Decide what is uniquely important to you?

For example, there’s little point making one of your goals as “starting my own business” if deep down inside you don’t see yourself as an entrepreneur/business person. Everyone prioritize their values differently. For some family, friends, relationship are higher on their hierarchy of values whilst for others it could be creativity, personal accomplishment, wealth etc.

Your values dictate your destiny. Ultimately, you will do what’s highest in your values. If your goals and values are aligned and you take action you will succeed. If you are unclear on what your values ACTUALLY are then it could be a very useful exercise to sit down, think about, write down and clarify your values and see if your goals fit with them. Keep in mind your top 5 values currently when you set your goals for the year.

P.S. Visit www.MillionaireMindsetSecrets.com and sign-up for FREE insights, tips and exclusives on goal setting – utilizing our powerful goal setting strategies can fast-track your wealth building so that you get rich for life and build wealth that lasts.

P.P.S. Why not signup NOW for more insider secrets on goal setting at www.MillionaireMindsetSecrets.com for FREE & download for free the “The 7 Secrets of Wealth Creation” e-book.

Related Posts:

New Years Resolutions & Goal Setting – Stop! Read This 1st Before You Start

New Years Resolutions & Goal Setting – Think BIG

Goal Setting – Use Your Feelings!?

Goal Setting – Believe It and You’ll Achieve It!

Goal Setting & New Year’s Resolutions – Is Your Big Goal Unconscious?