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Sunday, March 15, 2009

Earned Income Is The Worst Kind Of Income!!

Alright, so judging by the title you are probably wondering exactly what I mean. Its plain and simple, income you actively earn, for example working at a job trading one hour of your time to get one hours worth of pay, is in my opinion the worst way to accumulate wealth!

I am near graduation (May 3rd) to be exact, and I will have a degree in Finance, but as you may think this could be a cause for celebration, in fact I just graduated into the rat race! I had the chance during my 4 years at university to complete a work term.

I managed to find a placement in one of the biggest oil companies in the world. In my mind, I was set because after I graduated I knew this company would hire me back.

Fast Forward a couple years, and that's exactly what happened, but what happened to me at my 16 month placement changed my outlook on money, life and wealth in general.

During my term, I realized that everyone in the company essentially did not want to be working there, but they were so caught up in the rat race they didn't know what else they could do. They all sat like faceless drones in front of their computers day in and day out, and that is what they called their life.

Pretty sad huh....well I knew that there has to be a better way. This is when I met a few entrepreneurial minded people at a real estate seminar. They brought up the idea of passive income and how there are so many wealthy people who generate money per month without working.

I was instantly interested, and since then I have been on a quest to generate passive income.

The formula is really simple....lets say my expenses are $4,000 a month which would include housing, food, entertainment, beer and all the other things that would make me live comfortably.

Now instead of going to work everymorning and earning this 4K a month, I could find ways to create that money in a passive manner. Now this won't happen overnight, but once I match my expenses of 4K with passive income of 4K, I am free from the rat race, and I can spend my time making more money, or doing anything else in the world other than sitting in front of a computer day in and day out!

This is why I have purchased a couple books to help me. The first one is 4 hour work week by Tim Ferris, and the other one is called Real Estate Investments In Canada.

I know true wealth lies in becoming financially stable on your own, and I also know that there a few teachers on this topic because those who teach are the ones who cant do!

I will come up with a list of ways to generate passive income and select the most feasible and try to start my path to financial freedom.

You should to.


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