When I first read this book back in 2010, my perspective on money changed!
The book is Cash-Flow Quadrant by Robert Kiyosaki, he talks about the 4 types of people who make income in this world. If you are truly looking to create multiple streams of income while you sleep, it's within the B and the I side
You have the E's, the S's, the B's and the I's.
The quadrant is divided by 2 sides, the LEFT side with the E's and the S's, and the RIGHT side with the B's and the I's
E = Employees
They trade time for money. They work 1 hour, they get paid for 1 hour. They work 1 week, they get paid for 1 week. When they stop working, they stop making money. Their mindset is 'I want a safe secure job and to work for others for the rest of my life.'
This makes up the majority of the worlds population.
S = Self Employed, Specialist and Solo worker
They also still trade time for money. You could have a traditional business or a shop which solely relies on you to run it ( Solo ). If you went on holidays for a few months and came back without touching your business, would your business still make you money??
When you open a store or shop, you have limitations and restrictions of time and location.
If you are a Dentist, Doctor or Lawyer within the Specialist category, you are making a lot more money than the average Employee, however your still trading time for money.
When getting into a business, don't get into a 'Busyness', which means you basically bought a full time job that requires you to run it overtime every week.
Moving onto the RIGHT side, you have money working for you which requires a change in mindset. This is the side you want to pay close attention to if you WANT TO MAKE MONEY WHILE YOU SLEEP
B = Business Owner,
You have a form of passive income ( cashflow ) coming in whether you are working, sleeping or traveling. To be in the B quadrant, you need these 3 things.
1. System to work for you
2. Team to work with you and help carry the work load
3. Leverage other peoples time and effort as we only have 24 hours in a day and have limited resources and time as 1 person.
I = Investors
You put money into Investments such as rental property or shares, over time these goes up in value and also make you money passively, whilst you are working on your business or enjoying life.
Once you are creating cashflow from both the B and the I quadrant, you want to have your cashflow go from the B quadrant, into the I quadrant, generating more income, which can be reinvested back into your B quadrant, giving you Financial Freedom.
I want you to really understand, that ALL successful people have multiple streams of income, not just 1.
The most easiest way to create income in the B Quadrant, whilst you are sleeping or travelling, is having an online business. Something that you can do once, but you get paid over and over for doing it. What I have mastered my skills in, is teaching people how to move over from the E and the S side, to the B side.
If this is something you are looking to get into, then best to contact me and we can setup a 15 minute free consulting session.