A book that I highly recommend is The 4 Hour Work Week. It emphasizes taking control of your future and living like the “New Rich”, or one that is rich in time and is able to take on their passions such as traveling the world. The first step to financial freedom, according to the book, is to create a “muse” that provides stable income every month and can be maintained by only working 4 hours a week.
Sounds pretty hard to do right?
One of the examples that the author Tim Ferris writes about in the book is about a man named Doug Price. He was able to create a website that sells unique sounds to studios and game developers. His website is ProSoundEffects.com and pulls on average $10,000 in profit every month. Not only that, Doug works from his laptop and is admitted to working only a few hours a week.
This is how he did it:
-Doug chose music and television producers as his market as because he is a musician and he used these products himself.
-He chose the most popular products available for resale from the largest manufacturers of sound libraries and arranged a drop-ship agreement with them. These music/sound libraries can cost $300 to $10,000 and up.
-He did micro product testing on the Ebay to see how many people would be interested. He ordered product only when people were interested in purchasing and product shipped immedietly from the manufacturers warehouse. Doug created a yahoo store and tested google adwords.
-Finally he decided that it was time to open his store for business which means full automation. After gaining some steam and getting sufficient cash flow, he began experimenting with ways to increase his business including print ads in magazines.
This is one example of a cash flow business that can be operated from your home. Doug takes Salsa dancing in Brazil, travels to Japan to learn ju jitsu, and goes to France to go sight seeing. He checks emails and maintains his website from his laptop. All he needs is an internet connection in order to operate his business. Time > Money because even with all the money in the world, you will never be able to buy back time. Having cash flow every month without working a J-O-B gives you more time to pursue your passions in life.
For those who haven’t read this book, I highly recommend it. Click on the picture/link below for access to it.
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