You should be seeing decent money flowing to you by this point. This is when your freedom is easily within reach. Now you want to make sure that your freedom is permanent and steadily increasing.
In this stage, there are two things that you should be doing simultaneously.
- Continuing the process above using the services and tools you’ve acquired. You want to continue to build your passive income to the point that it exceeds your monthly expenses. You want to over-shoot your expenses because you want to put some money in the bank for reserves, some for investing, and you also want to begin the second activity.
- Begin paying off your debts, thus lowering your monthly expenses. Remember, you should look at your wealth in terms of time rather than dollars. The time is how long you can cover your monthly expenses without having to work. The lower your monthly expenses, the longer your reserves will last. Plus, the greater the difference between your monthly passive income and your total living expenses, the faster you can build your wealth and the more money you’ll have for investing and further building your wealth. Ideally, you should go for being totally debt-free. That’s when you can really have a strong feeling of financial security – when you own everything outright, free and clear.
During the time that you close the gap between your passive income and your expenses, you want to be careful NOT to incur further debt. This jeopardizes your freedom. If you want something, don’t take your money and go buy it. Create the additional passive income to pay for it! This in essence is how to have everything for free in life – when you have someone (or something like your assets that you create) pay for them.
This really is not difficult at all for one very simple reason. One of the criteria for what we chose to market in the first place are services that are needed and where the merchants have a very high client retention rate due to the necessary nature of the need and the service itself.
There will be a certain number of people that drop off, so you’ll want to make sure that you are adding more clients each month than drop out. This will ensure that your income grows and does not decline as time goes by.
This is the other reason that they system was created the way it was. Once you’ve got the 5-Step system down, it will only take you about an hour to have the whole process underway and you’re done.
All you will need to do is once a month, or maybe twice, take an hour to go through the five steps. That’s it! The neat thing about this system is that it will allow you to give yourself a raise anytime you want!
You have two choices right now and either one is fine. It is entirely your choice.
- You can use the system as it is and reach your goal without having to learn or do anything additional.
- If you would like to make your new asset even more productive, you can add specific components to the process to make it more effective and your efforts more profitable. These components are the more commonplace pieces to the standard internet business.
Ramping Things Up
- Register a domain name. I usually go to GoDaddy.com or Name.com.
- Have two free products created, such as short reports, audios, videos, etc. related to the issues that your prospects face. Use Freelancer.com or one of the other freelance sites.