Month: May 2018

How to Build Assets for the Little Guy

By: Phillippe Jackson

May 12, 2018

 

 

After spending a lot of man hours researching assets, one thing has become apparent in order to achieve my goal of financial freedom. It takes a lot of capitol to build an asset up big enough to provide a substantial monthly return. This revelation is a bit deterring, none the less my determination is a lot more durable than I even realize.

So to raise my capitol I decided to research passive income. Passive income is income the takes hard work in it’s initial start up phase but after the work is done then it provides an income with little effort. Searching this topic has produced an incredible amount of valuable information. There is a treasure trove of free information and strategies on the internet backed by real people from diverse backgrounds. All of these passive income gurus all mention assets but it is not there focal point.

There are three strategies for passive income that I am going to look into personally to try and boost my investing power.

First one is affiliate programs. This is basically marketing products for other companies. Amazon is a big one when it comes to affiliate marketing.

Second is e-commerce. It is apparent that there is a lot of money to be made here. Simply put, it is an online store that you own and operate. If you’re like me and you own some form of a website whether it be blog or personal page, then this might interest you.

Finally the last one that interested me was E-books. Kindle has taken publishing e-books to another level. If you have an old story that you wrote sitting in your hard drive than this might be for you. I plan on using this strategy of passive income when I start seeing results from the other strategies.

In conclusion, since I do not have an investment budget that I am happy with I have decided to create passive income for myself in order to grow my investment power. The more I learn about the path to financial freedom the more I am doing and taken action. It is a great feeling!

My Mission: Financial Freedom

May 13, 2018 Phillippe Jackson 0

How to think like the Rich!

By Phillippe Jackson

May 9, 2018

 

A big part of what I am learning is changing the way I see things in terms of financial success. A paradigm shift if you will. In my previous post I mentioned the mind exercise I play with assets and liabilities. That is just a very small part of how a rich person perceives the world. So in order to be rich, you must start thinking like the rich.  A lot of resources out there preach this consistently.

For example, some say, “I can’t afford that!”, but instead should start saying “How can I afford that?”. The first statement mentally ends the conversation with no room for a solution. The second is a question that challenges a person to think and pursue a solution.

So let’s say that Joe just found his new favorite coffee drink  to start his day with  from the local diner down the street. However, this new drink will put him $50 over his monthly budget. If Joe had a “poor” mindset then he would either say he couldn’t afford the drink on a daily basis or he would cut back on something else on his budget. Joe fortunately has a rich mindset and looks for a way to make an extra $50 dollars a month so that he can afford his new found drink. It is simple little points of view that can help train your mind in order to achieve your financial goal.

Once the little points of view start to stick then the bigger picture starts to become clearer. Once you start generating more income, the more money you’ll have to invest in assets.

A persons biggest critic is themselves. When someone tells themselves they can’t make tons of money then they probably won’t. The fact of the matter is that most of us are capable of making more money than we earn.  The first thing that has to change so that we can unlock that potential is our mind. Two men who have helped me on how change my point of view is Dan Lok and Robert Kiyosaki.

Their teachings challenges us on how to feel and think about money. It’s the singular most important thing that can help us the tide in our favor.

 

My Mission: Financial Freedom 

May 10, 2018 Phillippe Jackson 0

What are Assets? The Basics

By Phillippe Jackson

May 4, 2018

 

If you have done any kind of research on building your wealth and becoming financially liberated, then you might have clicked over a few videos with a common title.

“What Rich People Buy That Poor People Don’t”. You might have seen this a time or two in some variation or another.

The answer will always be assets. After reading RDPD, I’ve adopted Mr. Kiyosaki’s definition of an asset. Assets  are anything that puts money in your pocket. It’s a very simplified definition of the term and easily applied. Standing opposite of assets are liabilities,  which take money out of your pocket. To be financial free, you most grow your assets and allow them to pay for your liabilities.

With the adoption of the basic understanding of the terms, I am fortifying my foundation to create my financial freedom.

I have started training my brain to recognize which is which. For instance, I see a brand new car fully loaded that more than likely has a high monthly payment. That car would be taking money out of my pockets which makes it a liability. Further on down the street, I see a house with a for rent sign. That lease will provide money every month to the owner which would make it an asset.

I would encourage others to do this same exercise. It can be fun and it is so easy to do when it comes to preparing your brain for financial success.

Now that these terms are burned into my brain. My next step is to see how to obtain assets and grow them.

My Mission: Financial Freedom

May 9, 2018 Phillippe Jackson 0