Developing a Recurring Revenue Mindsetadmin
Do you have a deep desire for financial freedom? Many people today struggle with the way the world is moving around them. They worry that the job today won’t be around forever: that they could walk into their place of business tomorrow and find that it’s no longer available. They worry about what their health will do over time, making it impossible for them to work–or when a member of their family will need more care than they’re able to provide on their current budget. They worry about what finances will look like through retirement, especially if they don’t have a solid retirement fund or if they’re concerned about outliving their current retirement savings efforts.
If this mindset sounds familiar, you’re not alone–and you don’t have to live with that fear and uncertainty! By creating a solid recurring revenue mindset, you can increase your income, widen your investments, and create a platform that will allow you to develop the income you need to increase your peace of mind.
A Recurring Revenue Mindset
A recurring revenue mindset takes a look at the resources available now and uses them to secure revenue–or funds–that will keep coming in for years in the future. In some cases, this may require re-investing funds. In other cases, it may be as simple as keeping an eye on the revenue stream to ensure that there is money still coming in.
This mindset is comparatively rare. In today’s market, many people live to the end of their paychecks each week. They have grand plans for paying off debt, building up savings, and investing for future income, but they aren’t able to reach those important goals. A recurring revenue mindset changes that thinking and transforms income potential to help reach real, solid financial goals.
Step One: Think for the Future
There are plenty of small ways that you can start building the funds you need for investment. Start by looking for small ways to reduce your overall expenses so that you have a little money left over. This can be as simple as canceling that barely-used cable subscription or opting to eat at home more often so that there are more funds left over at the end of the month. A future-thinking mindset is willing to forego temporary luxuries in favor of recurring revenue that will help set you up for a lifetime.
Step Two: Choose Your Investment
There are a wide range of investment opportunities available that can help you reach your potential. Investing in real estate is one solid way to help watch your revenue stream grow. In most areas, real estate steadily appreciates over time, allowing you to see a solid return on your investment. Real estate is also a tangible investment that you can actually see: something that’s really out there, rather than something that you can measure only by numbers in a book.
Step Three: Reinvest Funds
With real estate investments and many other types of investments, the money you invest is tied up for a time, but comes back to you once the initial property is sold. Once it comes back to you, you have two options: you can invest it again for that important recurring revenue, or you can use it for another purpose. If you have a goal for those funds–paying off a specific debt, for example, or using it to help fund college–you can take the money out. Reinvesting it, including any potential income from the investment, on the other hand, will allow you to build a steady revenue stream that can help support you long-term.
The Benefits of the Recurring Revenue Mindset
Maintaining a recurring revenue mindset–that is, focusing on the benefits of recurring revenue over time instead of short-term benefits like expensive vacations, pricey cars, and home improvements–has a number of key benefits. Consider:
Develop a sense of financial security even if you lose your job. Having a recurring revenue stream ensures that you will have access to funds even if your company folds or your job is lost tomorrow. This helps protect you and your family, keeping you in your home and keeping up with your lifestyle even when things don’t go according to plan.
Worry less about unexpected expenses. Unexpected expenses, from accidents to natural disasters, have a way of throwing even the most carefully monitored budget into chaos. By developing a recurring revenue stream, you’ll have more funds available to help pay for those disasters and ensure that your family is protected.
Provide for your family in the event of health emergencies. A health emergency can throw your entire family into chaos, especially if you lose a financial provider throughout that crisis. By developing a recurring revenue stream, you can transform your ability to provide for your family in the middle of health emergencies. Not only will you be able to pay the cost of medical care, you’ll be able to afford the lost work time as a result of the health emergency.
Pay for anticipated expenses more easily. Sometimes, you have the opportunity to predict when big expenses are going to come your way. Cars, home ownership, college: these are the expenses that you do have the ability to predict, and a recurring revenue stream can make it easier to both plan and pay for them when the time comes.
Retire without fear. Thanks to your recurring revenue, you won’t have to worry about running out of money in your retirement years. You’ll have a steady stream of income that will help protect you and allow you to live the lifestyle you’ve always lived.
Developing a recurring revenue stream is one of the most effective tools you have in your financial arsenal. By choosing the right investments and bringing in money over time, you’ll quickly discover that you’re in a better position to meet all of your financial goals and protect your family even when an emergency is thrown your way. My new book, Mailbox Money Mindset, will come out in summer 2018, giving you a great opportunity to learn more about how to provide for your family no matter what life throws your way.