How do you build a cash flow engine so you can fund your investments?
When it comes to investing, I have always believed that the first step is to have a certain amount of cash flow to get started. You do not necessarily have to be rich to get started, but you have to get started to be rich.
When I get consulted by people on their finances, I teach them about a lot of great investment vehicles they can use to grow their wealth. But recently, I realized that a lot of them get stuck in this one area – cash flow.
I was there too. When I first came to the US, I did not have the funds to invest right away. Throughout the years, I realized that in order to have financial freedom, the only thing that would help is passive income.
Many people focus on passive income but they do not realize that in order to earn passive income, you need to have a vehicle that generates active income.Unless you have a lot of cash lying around, you can invest and generate passive income immediately. However, if that isn’t the case, you have to find a way to build a source of active income, whether it is a business or your 9-5, and turn that into passive income.
From my experience, here are the 3 keys to building yourself a cash flow engine from your income:
1. Passion
Finding the right vehicle will help you generate passive income and have a cash flow engine to help you fund your investments. Find your passion and figure out how to turn that into the vehicle that will help you generate cash flow.
It took me several different business ventures to land in an industry I am passionate about. I went through many kinds of businesses and they did not become successful, because I did not have a lot of passion for any of them.
Passion is a very important ingredient in finding the vehicle you will use because when you are passionate about what you do, you will not feel like you’re working and you will be able to grow it into something that can help you for many years to come.
2. Market
Most of the time, people think that it stops when they realize their passion. But the thing is, not all passions have markets that are sustainable.
Let’s take gardening, for example. Is there a market for that? Because at the end of the day, it is a business that you’re planning to build. You need to have a market for the products and services that you are passionate about.
3. Gift
How do you choose the right vehicle for you aside from being passionate about it and knowing that there is money in that market? You do not need to be world-class in the beginning, but you have to at least have the skills to begin and start building your cash flow business.
You have to find something you consider your strength so that you can further improve and develop it into something you can earn from.
Today, I want to encourage you to sit down and dive deep, ask yourself how you would start your cash flow business today. Are you passionate about the vehicle you’re choosing? Is there a market that would sustain a career in that industry? Do you have the skills to begin?
You can accomplish anything that you want as long as you put your mind to it and if you are willing to take action and make your dreams a reality. Tomorrow, I will give you more tips about making your own cash flow business. See you then!
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