What defines a person as being “rich”? Since nearly all of us in Western countries would be considered rich by those from impoverished nations, there is no single, universally accepted answer to that question. So please allow me to share my definition of rich.
I believe a person is rich when they can live on passive income. Passive income is income that does not require a person to spend time working for it each day. It could be dividends from stock or rents from an apartment building you own, but pay others to manage. It could be a business you start, and hire others to run for you. Maybe its royalty income from intellectual property you create.
The great thing about passive income is it frees up your most valuable asset, your time. A person who God blesses with passive income can give time to the Lord’s work and to their family.
That’s why working toward the creation of passive income is a great strategy for redeeming the time.
Rick Grubbs is best known as the host of “Redeeming the Time,” a one-minute radio program featured on hundreds of radio outlets around the world. He has spoken thousands of times on Biblical time management in all 50 states and 26 other countries. He is the author of the book “Morning Momentum: God’s plan for launching an unstoppable day”. He and his wife Carrie live in Salisbury NC with several of their 12 children.