Tag Archive for: Passive Income

Posts

image of sandals in red white and blue with title 6 easy stesp to financial freedom

6 Easy Steps to Financial Freedom

/in /by

image of sandals in red white and blue with title 6 easy stesp to financial freedom

Want to retire early? Wish you had the time and money to do what you really want? Just take these six steps to financial freedom.

Subscribe: Apple Podcasts | Spotify | More

On The BIGG Success Show, we discuss how to accumulate a nest egg which will support the lifestyle you dream of. Here’s a summary of that discussion.

It’s easier than you might think to achieve financial freedom – even in the midst of a pandemic.

That’s because time is on your side, when it comes to money. It’s a financial concept called the time value of money.

Let’s say you want at least $1 million when you retire at 65. We know – you want to retire earlier than that. We’re glad to hear it! But keep listening to our example so you understand the point. It’s really, really, really important!

Read more

person standing with arrows pointing in 2 directions with blog post title: Freedom Or Security – Which Do You Choose

Freedom Or Security – Which Do You Choose?

/in /by

person standing with arrows pointing in 2 directions with blog post title: Freedom Or Security – Which Do You Choose

Money means different things to different people. Today we’re going to discuss two ways of looking at it. Money can be a source of financial security, OR it can be a source of financial freedom.

Click the player to listen to this episode of The BIGG Success podcast. Find the summary below.

Subscribe: Apple Podcasts | Spotify | More

Today’s show is brought to you by The Financial Freedom Tool. Evaluate your personal finances like a professional (even if you aren’t a financial whiz). Learn more at FinancialFreedomTool.com

Let’s start with some definitions of what we’re talking about when we say freedom and security.

Read more

BIGG Success Logo boxed

The Secret to Survive and Thrive in Your Own Business

/in /by

By 440 Wynn Bigg]
Bigg Success Contributor
03-24-08

Wynn Bigg Today

 

There’s a mistake that many business people make. This mistake isn’t made by start-up entrepreneurs. They don’t have the luxury of making this mistake.

This mistake is made by business owners who have been at it for awhile.

They started a business. They nursed it through its tentative early stages. They pinched every penny because they had no choice. They watched their little business start to bloom. They saw it become a full-fledged business.

They congratulated themselves on how smart they were. They bought expensive new cars. They joined the country club. They built a brand new house in the most elite neighborhood in town. They traveled. They “summered”. They lived the life!

They showed the world just how successful they were.

Then disaster struck!

As their personal spending increased, they had to draw more and more money out of their business. Money that the business needed to keep growing. The next thing you know … they had no business!

They were the captains of their own ship … and they sunk it!

I’ve seen this happen time and time again.

The businesses were good businesses. The owners were good people. They just got caught up in their own success.

Make sure you learn from their mistakes. 

If you want to wynn bigg, you have to survive to thrive. Here's how you "surthrive" step-by-step:

Step 1 – Live conservatively – at work and at home – until your business stabilizes.

Step 2 – Pay off debt.

Step 3 – Invest until your passive income exceeds the costs of your desired lifestyle.

Step 4 – Slowly start enjoying the fruits of your labor.

In the meantime, build a business asset that you can sell. That’s your bonus money.

Now you can live the bigg life!

Find out when we post new articles. Subscribe to the Bigg Success Weekly.

Hear today's lesson and laugh on The Bigg Success Show. 

Related posts

214]

38]

49] 

(Image by pollobarca2, CC 2.0)

BIGG Success Logo boxed

Get Real Estate

/in , /by

Subscribe: Apple Podcasts | Spotify | More

Last time, we talked about how to get started in your own business or franchise. Today we want to discuss how to jump start your passive income by investing in rental property.

You may ask why you should think about investing in real estate now. The daily news is ripe with horror stories of houses in foreclosure, people getting slammed by increases in their adjustable-rate mortgages, and others struggling to sell their houses in this down market.

Believe it or not, that’s why we think now is a great time to buy! Relative to historical norms, things are not as bad now as they were good a little while ago. We’re comparing now to one of the most lucrative markets for sellers in history! Take time to note the word “sellers” in the prior sentence.

There’s less competition for property today. It’s a buyer’s market.
That’s why we think you should buy now.

We’ll assume you’re convinced – where should you start?

Start by buying your own home.
In the past, financial planners often recommended renting and investing in other assets, such as stocks. Historically, stocks have outperformed real estate. The problem – the investing part was voluntary.

Buying a home is a commitment. It forces you to save. And if you’re like most of us, you need that “forced” part. So as you pay your mortgage, month after month, you’re reducing your outstanding debt. That’s why, on average …

… homeowners are significantly wealthier than renters.

So owning your own home is the foundation for creating wealth. Now you’re almost ready for the next big step. Remember our discussion of 38 getting aggressively passive]? You’ve found money from watching your spending and paying off debt. Keep piling that money up to prepare for your next move.

Buy your first investment property.
Your next real estate purchase may be your first rental property. Or it may be your next home. Consider moving up to a nicer place and renting out your first one.

Either way, be sure you have more money coming in than going out. Hook up with a good realtor who can help you determine what your rent should be. Now, estimate your bills – property taxes, insurance, mortgage payment, and all the others. If you don’t project having money left over, don’t buy that property – find another one!

Don’t start without a cash stash.
Owning real estate comes with its risks. For example, what if your property suddenly requires major repairs? As with any business, don’t invest in real estate unless you have a cash stash. If you don’t have one, find a partner who does. Otherwise, you may lose everything.

Our quote today comes from the Australian author, Noel Whittaker.

“Becoming wealthy is like playing Monopoly …
… the person who can accumulate the most assets wins the game.”

So roll the dice, take a chance, pass GO, and collect more than $200! It’s not just play money!

Next time, we’ll look at some of the things that can go wrong – lessons from a bankrupt business owner, who happened to be a real estate speculator. Until then, here’s to your bigg success!

BIGG Success Logo boxed

Start a Franchise or Business to Create Passive Income

/in , /by

Subscribe: Apple Podcasts | Spotify | More

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!