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Where wealth generation is concerned, you can either build a business or depend on the traditional retirement planning technique.

According to Tim Ferriss, one must avoid the old thinking of retirement and saving for the future.

If you submit to a regular retirement plan, you must work 9-5 for up to 40 years and pay into your pension plan the whole time. When it’s all over, you’ll be living on an annuity which will probably not cover your needs, much less give you the lifestyle you have always wanted.

With old-fashioned wealth creation, you must follow a work-style instead of pursuing a lifestyle. It is not a rule that life must be difficult. Enjoy your life without: A 40 year wait, an endless string of jobs, risk-taking, stock market investments, relying on your family, high scores in college or becoming a wage slave.

There are six important rules to remember when designing your business:

Rule 1: You should not be intent on making a million dollars. You’ll end up working yourself to the bone. Rather, put your energy into earning income while reducing the workload. You need both time and income, not just income for financial success.

Rule 2: Consider mobility. Create a business which allows you to operate it from anyplace around the world. It is a fact that a job or boss limits your freedom to one location, so that if they move you will likely need to move or look for another job.

Rule 3: Decrease the amount of your personal involvement in your income generation efforts. Using technology and spending other people’s time and money, you can get more done in less time. This way, you will be able to spend your time on activities you love.

Rule 4: You want to be rewarded every day. You don’t want a plan that will only pay you back in the far future. This is what you will find with a standard retirement plan.

Rule 5: Rather than be a manager, own the manager. Employees work long hours for their paychecks. Owners earn money for utilizing assets and hiring managers who work a lot of hours.

Rule 6: You will experience freedom by working in a field that you love. The idea is to live your dreams! The best way is to identify the things you are passionate about and follow them.

True happiness is not about being a wage slave. Additionally, you don’t have to build a business strategy from the ground up. There are already plenty of existing systems, tools and strategies to help you establish a passive income generating asset.

And finally, have you given some thought about your way to wealth? If you are feeling confused about achieveing wealth, understand what it takes to achieve income freedom with this highly effective passive income strategy.