While I’ve made a lot of bad decisions over the years as an entrepreneur, the vast majority of them, I’ve just learned from and moved on. The one and only thing I think that I actually “regret” is that when I started my last stint as an entrepreneur back in 2002, I didn’t do more to establish passive income. I had the opportunity, and I just didn’t seize it because I just didn’t see it. Had I done so, the last decade would have gone much better for me financially.
Now, I know what most people think of when they hear the phrase “passive income” – they’re thinking Four-Hour Workweek, real estate investing, internet marketing – basically, lifestyle entrepreneurship. But I believe passive income is something every entrepreneur should pursue as a core financial strategy. Passive income can stabilize your cash flow, maximize your revenue, provide an exit strategy, and more.
To learn how, check out my article on OPEN Forum, Passive Income for Every Entrepreneur.
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Residual income is the most powerful financial tool that everybody -not only entrepreneur- should pursue and seek. TO have leverage means to have freedom. This is only possible by pursuing residual income or passive income while one has a regular w-4 job. When I learned this concept and then internalized it, I decided that money work for me rather than I work for money, of course, my decision makes me to move away from my comfort zone and venture into those businesses allowing me to earn passive income. I am glad that you have posted this comment on your blog because some people do not really understand the concept of passive income and think that it is something attainable only for rich people.