Everywhere we turn, we keep hearing about the impacts this global economic crisis has had on the people in our lives. Companies are letting go of a great number of their employees. People now have been unemployed for months and more people will be in the next months to come. Maybe you too fear that you will be one of the unemployed, or maybe you already are one of them.

Either way you will have to have a plan. Trying to find another job would probably not give you much luck. Companies are now more interested in cutting expenses and shrinking their labour force. There is only little chance for you to find a company that would be interested in hiring you.

So how are you going to survive this financial storm? If you can’t find a company that would employ you, maybe it is time for you to employ yourself. You do not have to have millions of dollars to start your own business. Look at your finances and see how much you have and then start from there. All you need to have is a small home based business that can generate you some income while unemployed.

But to be able to soar above this financial crisis with your little business, you will have to change your mindset first.  Even the most lucrative business opportunity can turn into a financial turmoil for yourself if you do not have the mindset it takes to succeed as a self-employed.

There Is No Such Thing As Fast Cash

This is the most common reason why people fail when starting their own business. Some people become entrepreneurs because of money problems and not having any choice. They expect to get fast cash. But the truth is, besides winning a lottery or in gambling, the only way for you to get fast cash is by working for an employee. You start working today for somebody; your fast cash arrives in 25 working days. That is how fast you can have your cash.

Being self-employed and having your own business is nothing like fast cash. But what this will give you that other companies cannot is an ongoing income for years if you do it right. Building a solid home based business takes time. Depending on your attack plan and other factors, this time can be short or long. But remember this, every entrepreneur holds on to this truth, “We reap what we sow, but the harvest is never in the same season as the planting.”

What Real Wealthy People Know That You Don’t

The reason why this financial crisis is affecting you more than it affects real wealthy people is because the minute you lose your job, your income stops. You are financially dependent on your employers. As soon as they do not want you any longer, your income is cut off.

Real wealthy people do not seem to be affected at all by this crisis. This is because know something that the average do not know — financial freedom is not measured by how much money you earn by working, but how much money comes in with only little or no work at all. And at many times, it is measured by how much money comes in for years to come from work you did just once sometime in the past.

The income that comes from only little to no work at all is called passive income. Investing in stocks is one example. Earning money from Google Adsense is another example. There are many ways to create passive income. What you need to do is find something that would interest you and then use it to turn it into passive income.

Real wealthy people generate recurring income from work they only did once in the past. Book writers or song writers do their job once but get paid forever on it. Actors or singers produce their movies or albums only once, and they get paid forever on royalty. This do-in-once-get-paid-forever type of income is called residual income.

People who run bigger businesses have other people working for them, generating income for the company and the owner. Earning money by other people’s effort is called leveraged income.

For you to soar in this financial crisis, you need to tap into one of these –if not all- types of income. Whereas as an employee, you work to generate secure income which comes in every month, as a business owner or being self-employed, you work to build assets or a system to generate ongoing passive income.

Knowing what the real wealthy people know will be your first step to soar in this financial storm.

Investing Your Time, Effort and Money

People who are used to having job security usually hesitate to invest. For many of them the risk of investing is just too much to handle.

If you decide to be self employed or start your own business, you need to understand that to build a system or to create something that could generate passive income for you, investments are necessary. Successful entrepreneurs know that it takes time and effort to create a system that generates passive income. But they also know that investing money is just as important!

The Mindset of Entrepreneurs

True entrepreneurs know that it will take some time for them to finally reap a big success. But they think long term. Fix your mind on your goal to soar high above this financial storm and focus on the bigger picture, not on the current circumstances you are in.

This article is not talking about temporary solution in this financial crisis. It is not talking about money that comes in today and is gone tomorrow but income that keeps coming month after month. We are talking about money that when you have left the planet continues to provide for your spouse, children and grandchildren.

When you fix your thoughts on this goal, you will see that all your valuable time and money that you will be investing is going to be well-spent. Entrepreneurs are prepared to invest, not only their money but also their time and effort. They focus on the bigger picture where the work they do and the investment they make today would generate passive income throughout his years on this planet and the years of his grandchildren.

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