Live Like a Millionaire

“It is not necessary to work like a slave to live like a millionaire.”

I have been running in to all these quotes that are very appropriate for me. I especially like this one. In my Challenge I have decided to make $10,000 by the end of the year. Why that? Because it was a nice round number, and because it would prove to me that I can have an income.

The income is the key. To live like a millionaire I think is a bit of a misconception. Think of yourself lying on a beach on a Tuesday morning. Would a millionaire be able to do this? In most of our realities we would say yes. But if you know any millionaires you know that very few of them can actually do this. Most are working like dogs to maintain their income level.

Now instead of having a millionaire’s income, we had our conception of a millionaire’s time. In other words what if we had a steady passive income and were able to use our time the way we wanted to. That is the true definition of the Challenge.

The Challenge is to build a steady passive income that would release me from my job requirements and put me in a position to become a stay at home dad, a beach and ski bum, a full time golfer, a most of the time coach, and give me time to help others achieve this lifestyle.

Just over the internet I have found a few potential ways to make money passively.

1) Affiliate Marketing – Using Clickbank, Text Link Ads, or Commission Junction a person can find products to promote and market and get a small portion of the income generated, usually between 40% and 75% depending on the product.2) Informational Product Creation – Probably the best way to create an income if you have the writing skills and time to produce something useful. If it is good enough you can find others to market it for you (affiliate marketing) and you don’t have to spend a dime in product advertising.3) Blogging – Obviously I would love to have income from this blog, but that is not my true purpose. The purpose is to have a journal, to learn to write, and to share my journey with others. If you are a good writer and have just a few minuets to write, and a lot of time to market correctly you can make an income blogging. Once the traffic rolls in, you can begin to charge advertisers per view instead of per click and your income will begin to increase greatly.4) Create the next big thing – The big money of course is in massive population appeal with a website. Facebook reportedly turned down 1 billion by Yahoo. Many other sites have been bought for millions of dollars and it is barely reported. There is person after person who has made billions from the sales of sites, and they just keep on going. If you have an idea run with it, you never know you may just be the next big thing.I know that there are many more out there, but those are the ones that I am interested in learning about. I am not a marketer, I am not a writer, I am just a coach trying to live like a millionaire.Conceive It, Believe It, Achieve It

Coach Kip

This entry was posted on Tuesday, September 18th, 2007 at 9:54 am and is filed under Achieve It, Believe It. You can follow any responses to this entry through the RSS 2.0 feed.