7 Steps to Create More Financial Success in Life- Day 4
4. Having a plan to have lifetime passive income
Many of us aim to have financial freedom in our lives. We want to be able to work because we choose to and not because we want to, we want to travel, we want to do the things we love without worrying about money.
In order to have true financial freedom in our life, having a plan to have a lifetime passive income is so important.
I have seen the mistakes that people make – they are so focused on building their wealth and growing their income. I think this is also very important, but how do you turn your active income into passive income?
Active income is the money you generate while you are working. You could have a 9-5 job, you can be a businessman, a realtor, a coach – but if you stop today, how long will your money last?
Let’s go back to the house-building analogy. Wealth creation is just like building a house. You don’t want to just focus on one thing, which is growing your money. It is important, but not all the time.
Personally, when it comes to money, I always divide mine into 3 different buckets.1. Security – my retirement money; money I save for when I get old and become unable to work anymore.2. Growth – money that I can risk; an amount that has great potential, no matter how much the risks are.3. Lifestyle – disposable investments that are great if they would work out, but if they don’t, would not hurt my finances.
Do not put all your eggs in one basket because if something happens to your basket, your eggs will all be gone. Do not just focus on making more money, but focus on creating a strategy that will help you have a lifetime income plan so you will never run out of money.
I want to invite you to start planting seeds in your mind that would help you build your strategy to create passive income that will last you a lifetime. That’s your ticket to true financial freedom.
I hope today’s message added value to your day and if you are interested in talking about achieving financial freedom with me, I would be glad to have a 1 on 1 session with you so we can talk about your wealth blueprint!
See you tomorrow!
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