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the concept of relative income , why it should be considered rather than absolute income. our time is our most precious asset relating to which robert was richer then bob as he was doing only 10 hour work per week on his online business compared to bob who did 80 hours per week on his high paying company job.
gioarbitrage is levaraging the economic difference between markets to generate a high return. since robert has a online business he can travel the world and work at the same time. infact he can earn in dollars and spend in pesos which make everything cheap for him on the other hand bob need to stay near his office which is expensive.
have an automated income , difference between passive and active income. try to have as many passive income as possible. e.g. renting a shop, having a youtube channel.
there are many ways to automate income , the popular 3 ways are
1)product or content 2) license 3) reselling
reselling is simple, alibaba, amazon, flipcart etc.
two things to be effective.
1)elimination
80 20 principle is crucial to find out what to do? or what not to do?
2)outsourcing
giving the work to others rather then doing all by our selfs
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