✅ 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:

1. Linear income - you go to work, you get money; trading time for money
2. Passive income - continuously doing a lot of little things but getting paid over and over again.
3. 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