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  #1  
Old August 4, 2007, 08:38 PM
James Anthony
 
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Default The power of PASSIVE income and why YOU need it....

This is one of those posts I never thought I'd be writing because I've always thought of myself as "Superman", and that NOTHING could bring me down!

Well, these last four months for me have been more than most human beings could ever handle. I'm not going to get into details except to say that I've been totally unable to do any "work" whatsoever, and I've had to spend more than most people make in 5 years in the last few months.

How has this affected me?

Well, I've still got a house, a car, a bank account, and food on the table.

Why?

It's because every minute I have spent working in the last few years has been spent to build passive income.

That allows me to have an income weather I'm actually "working" or not.

I have to wonder how many people could actually survive if they didn't work for 4 months and had to pay out 5 years worth of of their income.

I'm guessing less than 1% of the world.

My point?

You never know when it's going to happen to YOU!

If something happened to you tomorrow, would you be prepared?

Just something to think about.

Luckily for me, things are getting back on track. In a couple more weeks, I'll be up and running again.

Earlier this year, I said that I'm going to make in excess of a million dollars this year.

That's still the plan!

Just watch!

Jim
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  #2  
Old August 4, 2007, 09:21 PM
ThePromotionalGuy.com
 
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Default I agree, passive income is a must and here's why...

Jim,

I feel for ya. My year was 2004. The date was August 11, 2004 at 5:20 pm. The first of three major hurricanes would rip through my little town in a span of 5 weeks. Those hurricanes destroyed 80% of our town.

I won't go into all the gory details, but my locksmith and door servicing business was closed for 4 months.

Fortunately, I had my Kaeser & Blair Specialty Advertising Business, bringing in revenue, that kept food on the table.

As for a roof, well we had to wait 9 months before we got a new roof. There was no power or running water, hurricanes took care of our power plant and water treatment plant.

I'll tell you one thing, you don't have to have money to survive, but a can of Deep Woods Off would have been nice.

Woody Quiñones
The Promotional Guy

Last edited by ThePromotionalGuy.com : August 4, 2007 at 09:33 PM. Reason: Made a correction in the titled.
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  #3  
Old August 5, 2007, 05:02 PM
bobmcalister
 
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Default Re: The power of PASSIVE income and why YOU need it....

great ! do you have a good insurance guy/gal ?
it is amazing to me how many folks who are self employed, to one degree or another, go around in this world without any disability income insurance.

and properly structured life insurance...

you may want to put these on your TO DO list...

and
congrats on feeling better
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  #4  
Old August 5, 2007, 05:23 PM
James Anthony
 
Posts: n/a
Default Re: The power of PASSIVE income and why YOU need it....

Yep, great advice, Bob

For the few of you who have emailed and asked me about this, I appreciate your concerns.

But, no, nothing tragic and nothing health related - just life getting in the way of progress. A couple of those unexpected "forks" that Gordon just posted about.

Jim
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  #5  
Old August 6, 2007, 04:08 AM
Phil
 
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Default Re: The power of PASSIVE income and why YOU need it....

Bob,

Disability income insurance is definitely a Smart decision...

But there's a Big Problem maybe you could solve...

Disability insurance policies that Protects incomes of business owners cost Big Premiums...

Read the fine print before signing very Carefully! Especially each added benefit feature that you have to decide on and pay for...

I don't know about in the US but in Canada...

Approx. $350. and up Monthly! based on paying yourself a nice six figure income salary...

Although selling Disability insurance might be a Great business idea.

Phil
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  #6  
Old August 6, 2007, 01:59 PM
bobmcalister
 
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Default Re: The power of PASSIVE income and why YOU need it....

yep...if you want o tinsure a large income , like a doc or something ...

but

there are companies out there that write disability income, and if you dont SUE it, they pay you your premiums back with a little interest ..

so , for a reall biz owner with an income to protect, there is no reason not to have it ...

also,
some protection is available throught the HSA's that everyone shoould have ,,,including me.

thanks phil
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  #7  
Old August 6, 2007, 02:00 PM
bobmcalister
 
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Default Re: The power of PASSIVE income and why YOU need it....

obiously that should be USE it instead of SUE it ....a Freudian slip?


I type wquickly ...and made some arrows..
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