Business
✅ In this episode, you'll discover how How Residual Income, Passive Income, or Linear Income Determines Your Business Success Here's a Summary of the topics discussed: ➡️ Legacy A legacy business is one that can be passed onto future generations. It is something that impacts children/family now. Modeling for children so they too can do the same. Our recent family 7-month road trip is one of the ways of building a legacy ➡️ Out of the box thinking: Having gone to school and achieved graduate level diplomas but then realized he was not wired that way. Reading Robert Kawasaki's book: “Why A Students Work for C Students” was a paradigm shifter. Being unemployable Always thinking things could be done another way ➡️ Managing fear or nervousness when starting a business being nervous is normal to big decision making moments. if you don’t experience some form of nervousness, the decision may not be big enough or may not matter that much. ➡️ 3 major forms of income: Linear income - you go to work, you get money; trading time for money Passive income - continuously doing a lot of little things but getting paid over and over again. Residual income - If you work a whole lot of residual income; it requires a system. Without a system, it will die out. There’s a sweet spot in life where we can begin to build residual income. It is at the intersection of financial literacy and entrepreneurship. This is where things start changing. ➡️ On 9-5 work: Your job gives you just enough money to live but not enough money to be comfortable. The 9-5 world is not the place to be if you want to have true financial freedom. ➡️ On making the transition understand where you are going and what you are doing for a side hustle to be truly a legacy, you have to develop a system find a mentor that can help you in the business … develop a system and help you with personal growth there’s a lot of personal growth that needs to happen. ➡️ On working from home have systems in place that everyone understands it’s important to have a supportive wife “when you start to make money and take care of the family, your spouse will jump on real soon. A happy wife a happy life.” ➡️ Getting Spouse on board As men, we don’t communicate very well. We are called to dwell with us according to knowledge. Not push things on them. Help them with our goal, vision and why do we want to do this...we get it and sometimes they don’t Walk through your “why” focusing mostly on how they’ll benefit such as in spending more time with family. ✅ Contact Jason Kokenzie: www.themasterace.com Final Thoughts: Business is not for everybody and If it sounds too good to be true, search it out because you’ll never know what you may find. Link: www.startabusinessonlinefromhome.com/056