CEO File #6: Passive Income

CEO File #6: Passive Income
August 23, 2012

I'm expecting most people right now should be aware of passive income. But one of the simple rules given to me before is to never assume anything. You can set assumptions and always give some percentage for it to be wrong until proven right. If you do not know what passive income means, you can always look it up on the internet. I suggest you first understand the meaning before reading the rest of this article.

I make my it a point that my life is about making passive income first that would sustain my needs and family. I decided on this the moment I was committed to pursue to become rich in business. I don't want to work until the age of 65. Of course, not everyone agrees on this principle.

I also do not recommend it to anyone who is not willing to take risks. Becoming rich is only to those bold enough to try something different. At least this is the world I knew today. Getting rich is hard to those who does not look harder what he is missing. If you already have a plan like climbing the corporate ladder, I suggest still question your plan and do due diligence. Improve that plan and make sure you really make it.

My friends say that being rich is unique to everyone. That is very true. People who have a lot of friends consider themselves very rich of friends. People who have many likes in facebook consider themselves rich of likes. People earning 30,000 a month consider themselves rich. I didn't understand this before and yes this is very true. I have nothing against it today. I don't want you to change your perception of being rich. I also do not hinder you of adopting a different one. I suggest really ask yourself what would really fulfill you as a person.

Rich equals billionaire and more. Being one of the top ten richest men in the world means rich to me. My quest is to be an ultimate investor. I wanted to sell hundreds of companies every year. Thus, I decided my business is creating passive income. It's my ticket to becoming rich.

I'd like to share to you my formula for creating passive income. There are 3 things: mission, leadership and team.

1. Mission - Decide your mission in life. I have a mission for myself, my family, my country and the whole world. I believe the path to becoming rich would be very hard if you do not have spiritual mission of contributing to others. Creating passive income for oneself may sound being self-centered. It is. Before you selfishly enjoy wealth, you first undergo being selfless. Like the ultimate samurai first decides to die and face death in battle before becoming the ultimate undefeatable slasher, a billionaire in the making first decides to offer his life for the good of millions of people. When you adhere to this principle, you will notice being selfish diminishes forever inside of you. This is the drawback of really wanting to be rich in a legal way. You will no longer create wealth only to benefit yourself. Part of giving it back will stick to you forever. Before deciding any mission in life, be sure to be willing of not having your selfishness come back to you forever. It is the sacrifice you need to make.

2. Leadership -  You need technical skills to run a business. That is the easy part. You can find partners or hire people  with the skills required for your business. The people skills is the hard part. People run the system. You need to lead people. The highest form of people skill is leadership. When you become a true leader; rejection, disappointments and failures become nothing to you but sources of wisdom and clues to finding the right path for your business. There are a lot of ways to becoming a true leader for your business. There is no definite path. You need to find your own style just like in anything that we do. Even businesses are not exactly the same. You can always first have a model then you need to evolve in having your own identity.

3. Team - It's very difficult to become rich if you don't have a team. I prefer a team that I can trust and are closely bonded to me. It also makes challenges easier to take and more fun in exploring new worlds. The team needs to share the same dreams. Maybe not too similar but aligned.

This is my formula of becoming a billionaire. Yes, it is not everything but I consider them the pillars to my success. There is more to it and I will share to you more in the next CEO Files. Bless you!

Ludwig

PS. If you got something in this blog, please like/subscribe/share my fanpage and blog to a friend :
http://facebook/ludwigology
http://ludwigrich.blogspot.com