Let's begin this lesson with a definition of the term Virtual Millionaire. This is an expression, known to the CPAs, but unknown to the general public. Why? It's because the bank does not want you to know. Here is why...

Virtual Millionaire - An individual that has zero debt and a passive or near passive income of at least 60,000 a year.

For example, if you had $2,000,000 in the bank earning 6% interest, you would have $120,000 of yearly income. This income is known as PASSIVE income. It is called passive because you weren't active I the production of this income. In other words, you did not work to get it. Yes, you worked to save the $2,000,000, but the income from the $2,000,000 keeps coming in without work.

A person with $2,000,000 in the bank could spend 6 months traveling the world and they would still make $120,000 each and every year and still have their $2,000,000 in the bank.

Before developing this further, there is one other critical point to make. Most folks have ZERO concepts of millionaire and their lifestyles. If you were a retired multimillionaires with $2,000,000 in the bank and this money was your entire life savings, would you spend your $120,000 yearly income and ALSO spend part of the $2,000,000?

If you are like most folks, you might have the conception that millionaires that spend money hand over first as if there no limit to how much they could spend!

The person with the $2,000,000 in the bank knows that if they spend more than their $120,000 income, next year they won't have $2,000,000 to produce an income for future years. It will be less. Guess what? If they don't have $2,000,000 to produce income, then they will no longer have the $120,000 in income, unless the interest rate goes up.

For some time, I tried to get my mind around this while concept of wealth as it relate to quality of life. I have determined, without question, that it isn't having an immerse amount of money to throw away that provides a high quality of life. It is known that you would always have a very good income and that you could virtually anything you would ever want to do with your time and your life that produces the very highest quality of life (This doesn't take into account spiritual or health issues.

My friends, that is true wealth, or as a mentioned in the introduction, this is Financial Wellness. In my previous experience with my wealthy clients, I didn't appreciate the fact that multimillionaires, for the most part, don't spend all that much money in a year. Their FREEDOM come and go almost at will has a near- magical impact on quality of life. That's really living Well.

Based on my observations and experiences of working with the wealthy, I made a decision to focus my business in a different direction. I decide that I would pursue the creation of passive. INCOME, not the Creation of wealth or Assets.

You see, if you can produce $60,000 in a year in dependable passive income, this would be the equivalent of having $1,000,000 in the bank at 6%.

I determined that it would be much easier to create the lifestyle of a millionaire by focusing on creating income. So, I have done my best to become an expert in this very different way of thinking about the financial independence.

There are four ways to achieve financial independence. There is the traditional way, which is to work and save in a attempt to accumulate assets that will one day take care of your income needs. Some inherit it from someone else. A handful will win the lottery. And, finally the Virtual millionaire or income approach.

I want to suggest to you that the Virtual millionaire approach is not only far easier, but much more enjoyable in the process.

Consider this for a moment. If you are going to stay in the traditional way of thinking about financial independence, recognize that as folks work and save, they far too frequently deprive themselves of enjoying their life NOW.

I have seen folks so obsessed with saving money for some future unknown use that they become slaves to the future and have virtually no life, here and now. However the vast majority of people can't save. They go deeply in debt and the high cost of interest makes it almost impossible for them to dig out of debt in order to finally begin a savings and investment program.

I want to suggest that for many of you it is far better to hire yourself and invest in your own company instead of buying stock in someone else's company. Instead of trying save and invest to grow assets that you can some day live off, build your own business to produce an income that you can live off NOW and later.

My contention is that it is far easier to become a virtual millionaire than it is to achieve financial independence the traditional way. When you make a serious effort, you can achieve the extremely fast. By fast I mean a few years.

The virtual millionaire advantages are many. At the end of one year you won't need any encouragement to continue. You will be so excited that you will be unstoppable.

In summary, I want to encourage you to concentrate on becoming a virtual millionaire. It is far easier to produce the income of a millionaire than it is to create the assets of a millionaire. Remember millionaires DON'T spend their assets, they spend their income. It is the income that provides that quality of life.

I want you to think what your life would be like if you were totally debt free and you have at least $60,000 a year coming in year after year. You would be amazed at how much more joy you would have in your life.

The exciting thing is that there is nothing to stop you from working as hard as you choose to continually grow your income. With my approach, you still get to enjoy your life NOW while also preparing for early retirement.

Just for the record, if you develop your own business to the point that it is providing with a dependable $60,000 annual income then YOU ARE ALSO AN ASSET MILLIONAIRE.

The reason that is true is that, in the world of accounting, you don't just place values on things; you also place value on stream of dollars.

This is exactly what annuities are all about. Every day millions of dollars are given to annuity companies in exchange for an income for life. These people purposely save their savings for an income the they can't outlive.

The virtual millionaire approach places all the emphasis on creating a Business Annuity. Let your business produce the income stream you will need for debt elimination and for early retirement. When you do you will join the ranks of those who have achieved true financial wellness.