I have recorded every coaching session I have done over the past 6 years and I will be the first to say that back in the old days I was probably one of the most uncoachable people I knew. Now my coaches and I, I have 5, will say I am the most coachable person. I have a rule when it comes to business I do not take advice from people that are less successful than me and neither should you. One of the big problems I faced 6 years ago is that all my eggs were in one basket and although my coaches kept preaching hedging and diversification, they said if one business is down, your income is not all that effected. When 2008 hit, like many people, it affected me and the light bulb quickly went on that I had to start diversifying fast. So I decided to create multiple streams of income and never again rely on one source of income or one big client, for that matter. The problem is that what makes you successful in business is not the same in passive income. To succeed in business 90% of it is relying on gut instinct, but in passive income your gut does nothing for you. Think about it, if you haven’t made 1 million passively how can your gut tell you anything other than what not to do. To succeed in passive income you need to rely on your instinct and the most important thing you need to develop are analytical skills to evaluate which is the right opportunity. In passive income some of the best deals you do are the ones you don’t do and it relies on patience, something I am not very good at, but working with people that are the opposite of you can create that counter balance. I am a right brainer and so having a left brainer on my team is imperative and a left brainer needs a right brainer. With two left brainers together nothing will ever get done and two right brainers together will invest in someone and the dumbest opportunities and lose a lot of money quickly.
If you haven’t succeeded in creating passive income it’s because of three important factors:
1) You have the wrong knowledge
2) You don’t have a system
3) You quit too soon
Warren Buffett is probably by far the best passive income investor and he has two rules:
Rule #1: Don’t lose money
Rule #2: Refer back to rule #2
I got challenged by one of the biggest promoters earlier in the year to create a passive income system based on my success. I will tell you that although speaking can be very lucrative it is not a passive income business, if you don’t show you don’t earn. So 5 years ago I finally listened to my coach and decided to create those streams and I think at this point I make more by not working than I do working. I have been in the office twice in the past year and I only do what I love and let my money work for me. The program has been received better than I ever could have imagined and half of it is actually my team doing everything for me. I realized that I don’t know what they do I just know I’m happy with the results. Because If I made money they made money, if I lose money, then they assume all the risk. So you can see the incentives to make sure they get it right.
Passive income is what will allow you to never work again if you don’t want to or allow you to pursue other passions and business interests. One of my favorite things is to wake up and see how much money i made while I sleeping.
For those in South Africa and Canada I will be doing a tour about Passive Income & Increasing Your Turnover so you can attend those events got to jtfoxxlive.com. For those who just want the CD’s and to do it yourself, email us at [email protected]
Can you do this without money? Of course you can although it’s 1000x easier if you have money but I started with no money so I can relate for those of you in that position. A lot of people think that in order to make a lot of money you have to risk a lot. I found it quite the opposite and many of my successful friends would agree. The idea is to risk as little as possible and earn the most possible. It’s all about risk management.
So in the end if you aren’t earning passive income it is because you don’t have the right knowledge, you don’t have the right system and you are probably guessing on oil prices, gold or the real estate market. I have seen people lose a lot of money guessing. I don’t like guessing and I like sure things, although there is no such thing as 100% sure thing, but when you hedge, risk little and be patient and don’t quit early then you can start living the lifestyle you want and deserve. Who wants to sit in traffic everyday counting the seconds until the weekend? With passive income every day should be a weekend. Now for me, I love what I do and I can’t stop, work is fun and there is no such thing as a weekend. That is a personal choice not because I have to but because I want to. Every one of us has a different definition of success and if yours is to play golf all day, sit at the beach or see your kids off to school everyday then passive income is the lifestyle you are looking for.
If you have any questions on passive income, ask me below in the comment section and I will try to answer as many of them as possible. Also if you want to attend the class, the tour or get the product go to the link and or email above.