One of the lessons that you need to learn is that passive income is essential to creating long-term financial freedom.
When I first began to learn about the subject of money, I was 15 and working in a grocery store. I had an excellent boss at the time – one of the only people I have ever worked for that I will say that about – who was a wealthy man. He saw that I had a keen interest in money and becoming wealthy and began to question me about it.
I had mentioned to him a number of times that I wanted to become rich and that I would do that by becoming an engineer and earning a lot of money. He told me that I would never become rich as an engineer.
He told me that it would be a good start but in order for me to ever become rich, I would have to make money a study. He then brought me into his office one day to show me some of his investment portfolio. He showed me some stocks that paid him a dividend every single month. These stocks paid him ongoing income and he didn’t have to do any work.
His advice has stayed with me ever since and that lesson is still as powerful today.
That day that he brought me into his office, he showed me much more than some stocks and numbers on a screen. He showed me freedom. Financial freedom.
The reality is that you, me and most of society is programmed to not earn passive income. Remember when you were in high school and you asked your parents for money? Their response almost invariably sounded like “go out and get a job.” And there is nothing wrong with a job… to a point. Your job will not likely make you rich and it certainly will not give you freedom. So if your goal is freedom and wealth then you will have to earn passive income.
Passive income also doesn’t mean that you never work or that you never are there, it just means low maintenance and most passive income structures take a significant amount of up front work. But, you can do it if your freedom is worth it to you.
If you haven’t already created a passive income structure, look into some of these methods
- Positive Cash Flow Real Estate
- Mineral Rights
- Internet Businesses
- Dividend Paying Stocks
- Owning Mortgages and Debt
- Vending Machines
- Debt Collection Agencies
I can tell you that with the right knowledge and system for you, that you can do it.
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Tags: Financial Freedom, how to earn passive income, internet business, licensing, managing money, mineral rights, money, Ongoing Income, Passive Income, positive cashflow, real estate, rich, royalties, stocks, success