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Stop Exchanging Time For Money

             by Dennis Harting

     Most people exchange their time for money. Their entire compensation package is determined by the number of hours that they work in a given week. Typically, an hourly wage is set which is multiplied by the total hours worked during that time period. The standard in this country is 40 hours with overtime accumulated after that. One's complete paycheck is contingent upon them showing up for work. Miss a day of work and there is no pay earned without sick time.

     Another common pay plan is a salaried position. This is similar to the hourly except the pay rate is the same each week regardless of the number of hours worked. Overtime is usually not available in this scenario. Unfortunately, most people end up working more that the normal 40 hours under this plan. Companies put so much pressure on employees to increase production that the time spent working seems to lengthen with each passing year.

     This is the common mindset that is instilled in all of us growing up. We are taught the we are to do well in school to get into a good college. Once there, high achievement is stressed so that we can get a good job with a decent salary. When we accomplish that, the pressure is to work hard so that we can advance to higher ranks within the organization with an associated increase in pay. Finally, we can retire after a productive career and drift off into our golden years.

     Unfortunately, in this era, this concept is not realistic. Although the educational system still prepares us to get a job, the lifetime employment with the same company is bygone. People typically work for numerous companies during their careers. Massive layoffs are well documented. Loyalty either from the company or the employee is almost non-existent. Oftentimes, people are caught in financial hardship due to unexpected changes in circumstances.

     How does one get ahead? It is almost impossible to attain financial abundance when exchanging time for money. The reason is simple. There just is not enough hours in a week to work to make it profitable long term. Eventually, there is a cap on one's earning potential due to the time limitation. Couple this with the fact that taxes take a greater percentage the more that is earned and one quickly realizes that it is a fruitless proposition.

     The key is in the concept of passive income. Basically, passive income is money acquired without you “directly” working for it. It is income that is not an exchange for time. If work is required, it is done one time with the money flowing in multiple times.

     There are two forms of passive income: income derived from business and income derived from investments. Business income is the money that one receives without actually needing to work in the business. One acquires a business that is either run by someone else or is self sufficient. The profits generated are taken out by the owner thus yielding passive income.

     Income derived from investments is making money from money. Instead of you working for money, it is putting your money to work for you. depending upon the investment, a rate of return is realized which generates passive income. Examples of this are dividends from stocks, appreciation in real estate, interest on savings, etc...

     The wonderful aspect of this type of income is that the money is created regardless of one's efforts. If you don't show up for work, the income still exists. You will earn the same while at work as you would sitting on the beach. In addition, this allows one to increase their overall efforts. If your money is working while you are focusing on something else, you are, in effect, paid twice for your time. It is easy to see how it is possible to create massive wealth under this scenario.

     Focus your attention on creating passive streams of income. It holds the key to all financial freedom.

Dennis Harting is the Head Coach at Your Rich Life. He is an acclaimed speaker, trainer, and best-selling author. His books include Your Easiest Million and The Ultimate Procrastination Handbook. His programs and more information can be found at:

               http://www.yourrichlifeinc.com

ARTICLES BY PAUL GENT:

4 What Lessons Can We Learn From The

    Yes Man

4 When Toasting Success, Don’t Spread On

     The Butter

It Starts With Our Thinking  Everything stems from our thoughts. The present circumstances that we are in are a direct results of the choices we made. These choices often are dictated by our default thought process.

What Lessons Can We Learn From The Yes Man  Danny Wallace listened to a stranger on a bus and his life changed for the better, just by Saying Yes More. What changes in your life could happen if you too became more open to opportunities around you.

Pay Yourself First  This article covers how the wealthy utilize the principle of paying themselves first. The average person who is struggling operates from the exact opposite perspective. Their idea is that they will invest if they have anything left over at the end of the month. Naturally, there is never anything left over.

It Will Be Alright  Learn how to keep a long term view of things. Do not let the minor situations in life get you down. Hold your attitude up by knowing that everything works out.

Success: There Are No Excuses  Successful people get it done. When they don't, they accept responsibility. Learn how this one difference can alter your life.

When Toasting Success, Don't Spread On The Butter  Which three letter word can cause praise for success to be diluted, or even nullified? Read on to find out the word and why.

Criticism - An Unfortunate Part of Success  Criticism is a unfortunate part of success. The more successful one is, the more people will try to tear that person down. One must be prepared to handle the negative responses so as not to be caught off guard by them. The tendency to make decisions based upon the supposition of what others will say must be avoided.

Procrastination - The Silent Killer Procrastination destroys more lives than any other single factor. This habit can grow so out of control that it literally paralyzes a person from taking action. It kills relationships, careers, and self esteem without regard. The key to success is action. Therefore, overcoming the inactivity caused by procrastination is vital.

Persist To Success  The successful persevere through all conditions. Developing persistence in all that you do is one of the key components to attaining success. Life has a way of giving us lessons in the form of negative situations. Learn the lesson and move on. You will be able to apply it in the future.

Bigger Thinking Leads to a Bigger Life  All success begins with your thinking. Most people limit the quality of their life by the size of their thinking. The general tendency is to simply think too small. This creates a ceiling on the life that one can have. Begin to expand the potential of your life by expanding your thinking.

The Parable Of Faith Most of us think that we know what different situations mean. Oftentimes in life, things occur that seem terrible in the moment only to be viewed differently in hindsight. Our perspective tends to change as we receive more information. This parable tells of a man who didn't rush to judgment.

Focus, Focus, Focus  Learn the power of focus. Understand why the successful focus upon one thing at a time.

Deadline - A Major Variable To Getting You To Take Action  Most people are controlled by deadlines. That is because they are set by external factors. However, we can set our own deadlines and use them to our advantage.

Fear Is Not Real  Fear is one of the main factors that stops people in life. Unfortunately, it is all in our head. Fear is an illusion that does not exist. Allowing it to control us is like believing in the tooth fairy.

Expect Success  Our intentions have a bearing on the results that we get. To create a better life, it is important that we raise our level of expectations. Learn how vital it is to expect success in all situations.

Kickstart Your Life - 9 Ways To Revitalize Your Life  Learn 9 techniques that can be implemented to kickstart your life. Utilize these ideas to get your life back on the path that you desire. Repetitive implementation will enable you to create what you truly desire.

Dreams - A Lost Art  As children we dream the grandest of dreams, knowing no boundaries. When we mature, we are instructed to keep our feet on the ground and be realistic. This kills the desire to dreams which is the beginning of all of great successes. Learn how to release the desire to dream again.

Seven Common Habits of Successful People  Success usually doesn't come to people that exhibit poor habits, such as laziness, a gloomy disposition or attitude, or possess an unwillingness to learn. Instead, it is poor behaviors and practices that hold people back from achieving the success they want out of life, no matter how much they want it to happen. The desire to achieve success is simply not enough, meaning you have to match your desire with effort, determination, patience, and motivation.