What are the wealthy doing to build their multi million (and billion) dollar nest that we all should know about? Well, if you had the secret formula, would you go shouting it out from the rooftops? Some yes, but you’d be surprised to know many won’t give it away!  Here, I’ll not only tell you, but I will show you the wealth secrets of the rich, and what they are doing to build ever growing riches!  Grab a pen and paper, because you will want to take notes…

The Talent Is Already Within You…You Just Don’t Know It Yet

“I am convinced all of humanity is born with more gifts than we know.  Most are born geniuses and just get de-geniuses rapidly.” – Buckminster Fuller

I came across this quote when I was reading a book by Jack Canfield, Mark Victor Hansen & Les Hewitt (talk about a power team).  Doesn’t that ring true to you? If you are reading this article, I’m willing to bet that you are probably someone that is very smart, has an entrepreneurial mind, and has a head full of ideas and things that if you only knew how or knew who to contact, you could launch something that will change the world for the better.  Am I right?

Apple, one of the world’s largest and strongest companies all started with an idea.  Now you’re probably reading this article on one of apple’s devices, or one of their competitors that joined the market after they did.  Whatever the case, it all started with an idea.  Amazon is another notable example.  I’m seeing stores in the mall closing, brick and mortar retail shops closing and even restaurants closing left and right. Why? Because people are going online (mainly to Amazon).  What started out to be an online book retailer, turned into a revolutionary change for the better.  Ever heard of the Wright Brothers? Yeah, they had an idea that everyone thought was ridiculous. It’s called the airplane.  Oh, and they were college dropouts as well.  Doesn’t take a genius to create a revolution.

Do you believe me yet, THE TALENT IS ALREADY WITHIN US!  The wealthy know this, or have already found it out for themselves and used it to their advantage.  Will you be the next Steve Jobs? You have the talent within you!

What to do about it:

Do you ever lay awake at night with a brilliant idea? Then to wake up the next morning, remembering you had an awesome idea but can’t remember what it was for the life of you? What if you had written it down? I’m sure you wish you had.  Not only does this happen often to all of us, but even throughout the day while driving to and from work, or while in a meeting someone said something that sparked an idea.  This is what I’m talking about! You have the talent within you, you just got to bring it out of you!

Personally, I keep a small idea book with me always.  I write down even the ideas that seem dumb but could still have potential.  I’ve got pages upon pages of ideas. And the wonderful thing about it, is often those dumb ideas I wrote down complement another idea I wrote down, and the two-combined equal GENIUS!  Whether it be a small pocket book, an electronic app, or a voice recorder, you must bring the genius out of you and on paper or tape!  I use all three. Sometimes I forget my pocket book, so I write it on my phone in a notes app. When I’m driving, I’ve got to voice record it.  However you do it, you need to write it down and refer to it often.  Trust me, you will be happy you did!

Two Types of Income Streams: Linear & Residual

In his book “Multiple Streams of Income,” Richard G. Allen illustrates this concept perfectly. In fact, his book is what taught me this principle, so all the credit of this section goes to his brilliant mind.  So, I’m not going to try to explain it myself, here it is in his own words:

  • “Your answer to the following question tells you whether your income streams are linear or residual: How many times do you get paid for every hour you work? If you answered, ‘Only once,’ then your income is linear.  Income streams from a salary are linear.  You get paid only once for your effort.  And when you don’t show up for work, neither does your paycheck.  With residual income, you work hard once and it unleashes a steady flow of income for months or even years.  You get paid over and over again for the same effort.  Wouldn’t it be nice to be compensated hundreds of times for every hour you work?” – Richard G. Allen | Multiple Streams of Income

Make sense? I couldn’t have said it better.  Check out his book here.  So, what do the wealthy know that you don’t? They understand the difference between linear and residual income.  They focus on the residual, so they can essentially automate their wealth.  A fitting example of this is the author of the Harry Potter series, J.K Rowling.  J.K. Rowling put about 5 years of work into building her residual income empire.  5 years of work, and to this day she still makes money on every book that is purchased.  In fact, her books were so good, that they made the Harry Potter movies, which resulted in even more residual income! She started out with an idea that came to her while delayed at a train station.  Hear that, AN IDEA! She wrote many of her notes and ideas for the book series on scraps of paper! Did you hear that? She wrote down her ideas! Are you picking up on this yet?

Persistency is KEY

If you had a penny that doubled in value every day, how much would it be worth after 31 days?

  1. $0.01
  2. $0.02
  3. $0.04
  4. $0.08
  5. $0.16
  6. $0.32
  7. $0.64
  8. $1.28
  9. $2.56
  10. $5.12
  11. $10.24
  12. $20.48
  13. $40.96
  14. $81.92
  15. $163.84
  16. $327.68
  17. $655.36
  18. $1,310.72
  19. $2,621.44
  20. $5,242.88
  21. $10,485.76
  22. $20,971.52
  23. $41,943.04
  24. $83,886.08
  25. $167,772.16
  26. $335,544.32
  27. $671,088.64
  28. $1,342,177.28
  29. $2,684,354.56
  30. $5,368,709.12
  31. $10,737,418.20

Math doesn’t lie! Check my work if you don’t believe me.  Moral of the story? PERSISTENCY IS KEY! Success isn’t created overnight, rather it’s a cumulative result of days, weeks, months, and years of arduous work and good daily habits.

So, what do the wealthy know that you don’t? They know that waking up every morning to read for 15 minutes every day will give them the edge they need to keep learning and growing.  They know that contributing to your retirement fund regularly NO MATTER WHAT will result in having $10,737,418.20 someday.  They also know that the results won’t even start to show until years down the road.

Persistency is key!  They trust in the process, rather than worry about what the result might be.  Daily consistent habits are just as easy to do, as they are not to do.  The wealthy have developed their daily routine habits and never sway from them, because they know that compound interest will play to their advantage years down the road.

So, start today, and determine 5 habits that you know you should be doing but aren’t doing and write down how you are going to make them non-negotiable daily routines.  You will be happy you did, so start now!

The Power Is in The Relationship

Who you know, in many cases, is just as important as what you know.  The wealthy surround themselves with people smarter and wealthier then they are.

To go along with the persistency rule we just went over, the wealthy know that a good strong relationship with wealthy and intelligent people may not pay out up front, but sooner or later they are going to have access to world-class knowledge and experience, and that just might be enough to push their next product launch from failure to success.

How do you get your foot in the door to meeting wealthy mentor’s? I’ll bet you that someone you know very well has access to someone that you would like to know.  Ask for an introduction!  As an entrepreneur and small business owner, I’m part of a local BNI (Business Network International) group, I’m the Public Relations Director for my Rotary group, and I’m a part of the local chamber of commerce.  If you aren’t out networking locally, how do you expect to grow your network of professionals? You are bound to create some pretty strong relationships with some very wealthy people through simple networking. Again, apply the rule of persistency and over time you will be in with the big dogs.

Residual Income Stream Ideas

Here are a few ideas to get you started on building your residual income empire:

  1. Write a book and publish it
  2. Build an online ecommerce business with Shopify, and drop ship products to lower expenses and overhead
  3. Pick one of your passions, and create a blog with Wealthy Affiliate. If you get enough visitors, the money starts to trickle in!
  4. Invest with prosper.com. Remember the penny that doubles each day concept
  5. Sell products on amazon, they will do most of the work for you!
  6. Sell products on eBay
  7. Start an affiliate marketing business with clickbank.com
  8. Research and start a small business in network marketing
  9. Open an insurance agency, the renewals build up over time!
  10. Build a real estate rental portfolio

I could create a list of hundreds of ideas to be honest.  But start with one and become a master at it! Here are my top 5 ways to make residual income.

Your Path to Automating Your Wealth

These tactics have been taught for decades, even centuries!  No need to re-invent the wheel.  With time and practice, you may just be America’s next millionaire!

I sincerely hope these ideas at least get you started.  Notice that each idea takes a little bit of time up front, or a little bit of money up front to get going.  Based on your situation, pick something that works for you and be PERSISTANT! You most likely will not see much money up front, potentially in the first couple years even.  But if you stay persistent, I promise YOU WILL generate streams of residual income, and you will be well on your way to automating your wealth!

Here is how I’ve applied these wealth principles personally, and its paying off!

If you have ideas that aren’t mentioned here, please comment below. I’m sincerely interested in your thoughts and feedback! Enjoy!

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  1. Awesome read!

    There is some very inspiring stuff in hear.

    Ask any wealthy person how they got to where they are and they will all tell you the same thing. MSI (multiple streams of income) If you can make even an extra 500 a month on the side from your main source of income it will put you miles a head! Another thing is investing, make your money work for you! Earning a decent return on your money is so key to becoming wealthy.

    What are your other sources of income if you dont mind me asking? Right now I invest, have my own online business and am working on getting into ecommerce at the moment.

    Thanks for the awesome article!

    Cheers

    • Thanks!  I agree with you totally!

      I currently have multiple ways of growing my wealth, I try to do it passively so I have a lot of income streams automated.  One of my biggest money makers is selling on Amazon.  I was very surprised at how quickly it grows, I now sell close to $2,000 per day on amazon all passively.  For more info take a look at my Amazon posts by following the link at the top of the page that says “Sell on Amazon.”

      Other then that, I also invest as you do. One investment that seems to be very popular is peer to peer lending.  Again more info on this is on the “Investing” tab at the top of the page! 

      Thanks for reading!

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