The crowded place is not very much at the bottom of the ladder as a lot of people have started climbing before you. It’s not at the top as only few will get there and be called a success. The crowded place is in between the bottom and the top of the ladder. It’s where lots of us get stuck.
“The ladder of success is never crowded at the top.” ~Napoleon Hill
But if you don’t push through the crowded part, you’ll never get to the top. And if you go with the same mindset and strategy as the crowds, you’ll become one of them. A different mindset and strategy either push you back to the bottom or take you to the top.
Before you dive in, it’s important that you not confuse passive income for not working. You need to work as hard or even harder. As smart or even smarter. The difference is that once you’re done, you can earn income from it even while enjoying your time on a beach or sleeping.
Here are just a few popular ideas that could let you earn passive income.
- Build email lists
- Build a membership site
- Sell products online
- Sell an information product
- Affiliate marketing
- Internet marketing
- MLM (multi-level marketing)/ network marketing
- Direct selling
- Sell ads
- Lend with interest
- Invest, say, in securities such as stocks and bonds
- Invest in pension if it’s privatized
- Sell insurance
- Lease your real estates
- Create an app or software
- Write books (e-books, audio or print)
- Create videos
- Sell photos on stock photography clearinghouses
- Translate great books for sale
- Turn into a product (like audio and video training) your expertise, coaching, teaching, speech, consulting service…
- Sell with vending machines
- Bank savings
And the list goes on and some even are surprising.
Some of the ideas are self-explanatory; others need explanation. But for now let’s not get bogged down in the detail. The takeaway is there are lots of ways to earn passive income.
Some are doable in Cambodia at present; others far less feasible. And that could be a topic for my next post if you’re interested in hearing what I have to say about earning passive income in Cambodia. Please feel free to tell me using the comment section.
Wealth alone falls short in my definition of “rich”. Living with dignity will add but still it’s not enough. Not until I have these: time and mobility. This is the definition of rich of the New Rich who abandon the deferred life plan and create luxury lifestyles with the time and mobility they enjoy.
There are a lot of reasons we’re not rich but the two vital factors that have shaped the poor in us are:
(1) We were taught wrongly to study hard in order to be employed with lots of salary and free weekends. At least this is exactly how I was taught as a child. While I am very much grateful for being one of the top 5-10% wage earners in Cambodia, time and mobility should also form part of my definition of rich.
(2) We are ignorant of the endless ways of making more money than we can earn being an employee. (Subject of future posts. So stay tuned and sign up to have my updates delivered right in your inbox.)
It’s never too late to join the New Rich. First and foremost, you need to undo what you were taught and change your mindset to: Learn hard and be your own boss, doing what you love and what is good for others. (I used the word learn because not all who study actually learn.) If you can really do this, it is a good place to begin.
It’s not easy but it is possible. And the thing is that there are more opportunities than you’ve ever known to earn more income than being an employee. Of course, I’ve been talking at length about earning passive income. For as far as I know, this is the only way to get the time and mobility you desire to become a New Rich.
More on this later, so stay tuned.
7 qualities of highly successful entrepreneurs as I have learned from several books and articles could be summed up as follows:
- Highly successful entrepreneurs do what they love. “A man is a success if he gets up in the morning and gets to bed at night, and in between, he does what he wants to do.” ~Bob Dylan
- They believe in their ability to succeed.
- They think of solution, with the end result in mind.
- They know how to experiment with their ideas without feeling like they’re a failure if their experiment is unsuccessful.
- They work real hard and smart.
- They apply 80/20 rule in everything they do.
- They continue learning all life long, from their successes and failures, their friends and enemies, anyone.
How we communicate something affects the outcome. The same thing said differently produces different feelings among the listeners. Read the following statements:
A. More than 10,000 people joined the rally this Monday.
B. More than 10,000 of approximately 14,950,000 people in Cambodia joined this Monday.
C. More than 10,000 of approximately 1,500,000 in Phnom Penh joined the rally this Monday.
D. Some 6.67% of Phnom Penh population joined the rally this Monday.
E. Some 0.07% of Cambodia population joined the rally this Monday.
You get the idea? The power of communication creates opportunities for manipulation.