How To Have Unlimited Income

Quotes are used to help establish a philosophy; quotes guide our way of thinking to strengthen and improve our life. Here is a quote that truly makes you think and is worth studying more in depth.
Wealth Rule #1: No Limits on Your Income. Rich people choose to get paid based on results; poor people choose to get paid based on time which is limited. ~ T. Harv Eker ~
I find this quote interesting in its claim to be a RULE and especially interesting as, Wealth Rule #1. There are many definitions for a rule and the one I find that fits best here is, a rule is a prescribed guide for conduct or action. Does this mean if we follow this rule we will have unlimited income? Lets explore . . .
Answering these questions will help us better understand how to apply it to our lives.
What is the difference between a rich person and a poor person?
Why is income limited?
What is income from results?
What sources of income can be unlimited?
What is the difference between a rich person and a poor person? My definition of a rich person is anyone that has created their preferred lifestyle; rich people work because they like to not because they have to. A poor person is someone that lacks specific resource and has little or no wealth. In other words, they have to work to survive and have nothing to show for it except perhaps more debt and an empty bank account at the end of each month.
If there were no limits on your income, this would mean you would have income from infinity and beyond. What limits anyones income is that they are paid only for the time they spend working on a job? Everyone employed in, Corporate America trades their time for dollars and by definition and this limits their income. According to the US Bureau of Labor Statistics, there are about 1.5 million people employed in the USA as of February 2011. Wow, that is a lot of limited people. Are you limited?
As we continue to look at this idea of unlimited income, if rich people focus on results rather than time, what does this mean? Results by their very nature are unlimited. Therefore, income gained from results is not limited by time like poor people. The real secret is to know which results generate unlimited income. We all know results can be negative or positive. An example of this is the upturn or downturn in the stock market. Not all negative results are bad if you know how to use them. Another example of making money from a negative result is anticipating a downturn in the stock market and you sell short the stock. This of course takes knowledge and experience to do this well.
Whether you are rich or poor, we all have the same 1,440 minutes in every day. What makes one-person rich and the other one poor is what they do with those one thousand four hundred forty minutes in each day. What kinds of things can we do to generate the results that will create unlimited income?
Here are some things that are results based which are different from a time-based corporate job and have the potential of generating unlimited income:
Owning your own business
Investments
Intellectual property
Multi-level marketing
Internet business
Real Estate
Owning your own business allows you to leverage the efforts of others. By hiring the right people for your business gives you add resources and removes the limits on your time or income.
Investing - this is a results based effort where the more money you put into an investment (even into a savings account) the more your money will work for you. Its a lot like employing every dollar as you invest it. As I mentioned before, the positive and negative results of where or when you invest can have a positive or negative impact on your income (learn how to invest first).
Intellectual property as patents, composing songs, writing books, etc., are typical examples that are results based, and therefore can generate unlimited income.
Multi-Level or Direct Marketing is a company model that uses the concept of self-duplicating your efforts and therefore this business type can generate unlimited income.
An internet business taps into the World Wide Web which is unlimited by its very nature and therefore has the potential of generating unlimited income.
Real Estate is ownership of commercial or personal property. The income is a result of buying/selling or renting which can be an unlimited source of income.
Keep in mind, each of these examples require specialized knowledge, experience, some up-front capital, and initially some hard work to get them started. Once any of these sources of unlimited income get off the ground, you can benefit from their results. Its almost like a perpetual machine.
This is why rich people focus on results rather than time. When we take action and apply Wealth Rule #1 we will have unlimited income.