For a long time now, being a millionaire has been considered rich. Having enough to live a great life. But this is not true any more.
To actually be financially free, you will need to be generating passive income from a net value of $10 million dollars.
I have always said for you to dream big but do not be overwhelmed with such a massive goal. It is the approach of how to generate your net worth that will generate your passive income that I want to share with you here.
In the video, I explain that you need to be disciplined in allocating your money from your income. This is from a video I watched recently from Grant Cardone (link further below).
The first 40%, of course, goes to your loving tax man. Not much you can do about that.
The next 40% goes to you to be invested in your ‘financial freedom’ bucket. Not to be spent.
Your final 20% covers all of your living expenses.
So from this simple formula, you are able to calculate the income you need to generate to be aiming squarely at your life of freedom.
This is probably a big number that will make you feel uncomfortable and will seem unreachable. But just having this figure is a great starting point to aim at.
Now you can start thinking of how you can generate that level of income so you can start squirrelling away your nest egg that will pay you enough passive income monthly to truly give you your life of freedom and peace of mind.
Ask yourself what vehicle you could use to generate that level of income. You may well know that I am using my online business as my vehicle to generate the additional income that will have me reaching that level at some point in my not-too-distant future.
I go into more detail in the video and give a personal example calculation.
The link to the original video from Grant Cardone where I learnt this approach is https://www.youtube.com/watch?v=Iq4qASI1Fok and I recommend you check it out for more of an insight.
Dream big and take action 👍
Scott 😃
Scott Lane – Founder BuildMyLifestyle
Digital Entrepreneur and Lifestyle Coach
SFM Elite+ / DEA Black Member
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