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Start a Franchise or Business to Create Passive Income

Today we want to look at two ways you can jump start your passive income by starting your own business.

Let’s not kid ourselves. Starting a business can be risky. You’ve worked hard to build a nest egg. You have bills to pay. Kids to put through college. A retirement to fund. You don’t want to lose what you’ve worked so hard to gain.

If we can talk you out of starting your own business – so you avoid the financial and emotional turmoil that comes with it – we’ve done a good deed. Alternatively, if after reading this, you’re more determined than ever to go for it – you’ve got a big knot in the pit of your stomach – we’ve served you well. Either way, we want to get you off the fence.

Owning a business is not for everyone. You have to be willing and able to take risk. Numerous studies show that wealthy people accept more risk than the average person. You either have to accept some risk or accept a lower net worth.

Let’s look at two scenarios that allow you to start your own franchise or business, yet minimize your risk:

  • You have the money, but no time.
  • You have a job you love. You want to keep it. That doesn’t mean you can’t enjoy the benefits of passive income from business ownership. Find someone with talent to manage the business for you. But you want to be sure they are careful with your money. How do you do that? Structure your deal so they have more to lose than you do. Keep them up at night, so you can sleep. By aligning their interest with yours, you’ll be likely to develop that passive income you want..

  • You have the time, but no money.
  • You have that burning desire to own your own franchise or business, but you’re missing one key piece – money. Find a partner with money. But beware – you’ll be the one staying up at night! If you can replace your current salary and share in some of the profit, you’ll be jump starting your net worth.

Accepting risk is one thing. Learning to manage it is another. Successful business owners are good at controlling their risk. You need to develop this ability before you start out on your own, no matter which scenario you choose.

We encourage you to sign up for our free newsletter, “Bigg Success Weekly.” It’s published every Friday. This coming Friday, in our Home Office article, you’ll learn about a solopreneur who has built a business worth over $3 million in sales. Check it out!

Our quote today is by Dale Carnegie.

“The person who gets the furthest is generally the one who is willing
to do and dare. The sure-thing boat never gets far from shore.”

Next time, we’ll look at how to build a passive income through income-producing real estate. Until then, here’s to your bigg success!

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Getting Aggressively Passive: Creating A Passive Income That Sets You Free

Last time, we offered some tips for networking your way through your upcoming holiday parties. Today, we want to talk about one of the most important gifts you can give yourself – a passive income.

Not along ago, we asked you to visualize your dream life – a life where time and money were not an issue. You may think that’s just for fun. It’s not! We’re serious. You can spend your time the way you want. You can be free!

You’re free when your passive income equals the costs of your desired lifestyle.

For the sake of clarity, we define passive income as your money making you money. If you have enough passive income, you can spend your time however you want. You don’t have to work at all, if you don’t want. Or, you can work on your passion.

So, let’s look at the four steps you can take to get aggressively passive and create a passive income that sets you free. The key is to constantly keep your goals in mind so you make the best choices each and every day. For example, if you want to be free sooner, rather than later, you may choose to spend your money differently. Now you have a reason to do so – that dream life you visualize.

Step 1: Purchase with purpose
What if buying that awesome plasma television that you just saw advertised on sale in today’s paper means you have to postpone your new life by a year? That status car may not mean as much as getting to spend your time how you want.

Step 2: Look at the cumulative effect of your decisions
Review your daily routine. $5 here, $5 there soon adds up to a lot of money. Do you eat out every day? Buy a cup of coffee? In his excellent book The Automatic Millionaire, David Bach calls this your “Latte Factor”.  Find one thing that you’re willing to give up now to get to the future you want sooner.

 Step 3: Pay off debt
The reason for the first two steps is to get the money to pay off your debt. Pick one account – ideally it’s your debt on which you’re paying the highest interest rate. Take the money you’re no longer spending from Steps 1 and 2 and use it to pay off your debt.

Don’t stop now … take the money you were using to pay off your first debt, plus the extra money you have from Steps 1 and 2, and use it to pay off your next debt. Repeat until all your debt is paid off.

Step 4: Jump start your passive income
Historically, the two best ways to do this are through owning your own business and investing in income-producing real estate. We’ll look at each of this, respectively, in our next two blogs.

Our quote today is by Groucho Marx.

“It frees you from doing things you dislike.
Since I dislike doing nearly everything, money is handy.”

Next time, we’ll look at how to build a passive income through your own business. Until then, here’s to your bigg success!

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Putting The Giving In Thanksgiving

In our last blog, we discussed the benefits of being thankful. Today we want to look at the second half of Thanksgiving – the giving.

There’s a lot of research that shows giving has benefits to the giver, as much as to the receiver. Allan Luks, the Executive Director of the New York chapter of Big Brothers, Big Sisters, coined the phase “helper’s high” in his book:
The Healing Power of Doing Good.

“Helper’s high”
When you give, you get an endorphin rush similar to when you work out. This is the “helper’s high. Interestingly enough, when you recall the giving experience, you also get an endorphin rush, though not as much as when you actually performed the service.

Show co-host, Mary-Lynn Foster, discussed volunteering for the American Diabetes Association. Her mom passed away due to complications of diabetes. She feels like she’s doing something for her mom by giving to the ADA. She says that she feels that “helper’s high” as she relates her volunteer experiences.

2 things to give
What are our two big external constraints?  Time and money. Guess what? Those are the two things we can give. Giving is a verb. It requires action.

Is your budget tight? You can still give – how about that old coat? Can you donate some canned goods?

Show co-host, George Krueger, related a story told at his mom’s funeral. Last year was her last Thanksgiving. At her funeral, a young woman explained that she had developed an allergy to flour. So she couldn’t eat bread. After some time, she was craving a slice of bread. She just couldn’t stand it. Just then, there was a knock on the door. It was his mom, with a loaf of flourless bread.

Pay attention
This story illustrates that you may make the most impact by meeting the needs of those close to you. So pay attention. Focus on giving and the getting will take care of itself.

Our quote today is by the writer, G. Donald Gale.  

“A pessimist, they say, sees a glass of water as being half empty;
an optimist see the same glass as half full.
But a giving person sees a glass of water and
starts looking for someone who might be thirsty. “

Quench someone’s need today. Next time, we’ll practice not being perfect. Until then, here’s to your bigg success!

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Back To The Future: Visualizing The Life You Want (Part 2)

Yesterday, we started this series by visualizing a childhood experience.To get the most out of today’s discussion, we highly recommend that you read this prior blog before you proceed.

Today we’ll jump to the future, to help you visualize the life you want. Before we do that, though, let’s look at three constraints that we all face.

    1. Money

We’re trained to believe that money is limited. And it is —at this point. But this may surprise you. You can get more money! In fact, we bet you plan to get more. So money is limited, but there’s an even bigger constraint. What, you ask, is that?

    1. Time

Yes, we can get more money, but we can never get more time. We can only manage the time we have better. Every day, we’re given 86,400 units of this most precious resource. Every second, one unit of it is gone forever. Do you hear that sound? That’s the sound of time ticking away. However, we still haven’t considered the biggest constraint of all.

    1. Self-imposed limitations

By far, the biggest constraint we face is the limitations we put on ourselves. Think about it. How often do you tell yourself that you can’t do something? We spend so much time focusing on what we can’t do, that we fail to see what we can do. Get your child-like wonder back. Think like a kid again. Imagine the possibilities.

Now that we’ve looked at our constraints, we’re ready to jump to the future. We’re going to ask you a question. To answer it, we want you to suspend reality, for just a little bit. Pretend. Remember pretending? It will serve you well. We’re going to remove all of the constraints that keep you from contemplating what you really want out of your life. So here’s the question:

If neither time nor money were an issue,
how would you spend your time and your money?

Think about it. Dream. Dream like you did when you were a kid. Imagine the possibilities. Use all of your senses. Get a clear picture in your mind. Envision your passions. See the life you want to live.

Write down your dream. Repeat this visualization every day for the next 30 days. Edit your narrative. We’ll come back again in about a month and discuss how to use your talents to get the future you envision.

Our quote today is a paraphrase of Robert Kennedy, paraphrasing Ralph Waldo Emerson.

Some people look at things that are, and ask, ‘Why?’
I see things that never have been, and ask, ‘Why not?’

So we say to you — why not? Why not imagine the life you want?

In our next blog, we’ll discuss the single biggest barrier to your success.

Until then, here’s to your bigg success!

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