Passive income is a long-term game. You will not make immediate sums of cash with passive income methods – such as property investing, internet ventures and business automation – but it is the only way to get rich and stay that way.
This is the advice of JT Foxx, branded the world’s number one wealth coach. Buying, upgrading and selling properties or renting properties was how Foxx started. “It was the income that started to grow from these properties that gave me the capital to start investing in other passive income strategies.”
Foxx turns traditional strategies around real estate, business growth, buying businesses, affiliated marketing, e-commerce, intellectual property, traditional investing and private lending on its head. He teaches students untraditional methods about how to use these to create a passive income.
Says Foxx: “My property business is now completely passive, where I spend less than an hour a week on looking at numbers and giving approvals because of the systems and people in place to do the rest.”
Millions of people have attended one of the JT Foxx Mega Partnering seminars presented across the globe over the past few years. At these seminars, either Foxx or one of his student presenters bombards guests with a wealth of clichés: “Success is not easy.” “Successful entrepreneurs are willing to do what other people will not.” “The greatest risk in life is never taking one.” “If you do nothing, nothing will change.”
These motivational key words have become a big part of Foxx’s coaching mantra and an integral part of his clients and students strategies. Not just in business, but also to life.
“Wealth is not an art, it a system that you can learn,” Foxx told finweek in an interview via Skype ahead of his trip to South Africa at the end of May where he presented his wealth-building seminars.
He believes there is a system to anything. “Once you have done something, you know how to do it again and again. If you have done it once, you then create a system so someone else can replicate it for you.”
Foxx says that he learned most of the systems that he uses today from people who are more successful than him.
“If George Ross [executive vice president of the Trump Organization] tells me how I should be doing something I listen, if his advice on what system to follow is good enough for Donald Trump, it’s good enough for me. Too many people ask advice from people who aren’t successful and then wonder why they aren’t getting to where they want to be. You have to duplicate the system and strategies from the people who are wealthy, not listen to the people who aren’t where you want to be.”
This is an excerpt from an article that originally appeared in the 4 June 2015 edition of finweek. Buy and download the magazine here.