In this newest blog post on motivation and all things that inspire me, are some pretty obvious topics of being wealthy and having time freedom. For me, wealth is being comfortable and having time freedom to do the things that we love to do as a family. So, not just about making money is being wealthy, but having the flexibility in my schedule to play golf during the week, take four day weekends whenever we choose and being able to go the beach, and go skiing once per year is the goal! So, being wealthy and having time freedom means different things to different people.
Let start with the way to wealth in most cases. The way to wealth is certainly not getting a job, and saving your way there. It just won’t happen. Companies don’t pay you enough to save tons of money and quit once you have saved enough to invest that money for passive cash flow. Based on what my friend at Roofer Lawrenceville GA says, they will pay you a fair wage based on your skill set and what similar companies pay their employees who do the same jobs. Now that we have gotten that out of the way, the way to wealth is passive or residual income. This is income that is automatically recurring income that comes in each month without you having to go out and earn it doing an hourly wage, or salary. So, ideally you set up this income stream once, maybe do some maintenance on it here and there and it pumps out checks monthly to you. Real estate is one form of this, and probably one of the most attractive for a lot of investors.
Real estate is great because once you get the hang of it, you can make quick cash by wholesaling properties, big cash rehabbing and reselling properties, and monthly cash flow by holding properties. So there are a lot of ways to monetize finding good real estate deals too. This is the reason a lot of wealth builders focus on real estate because the returns are terrific when compared to the stock market, you have control over it mostly, and it produces monthly income if you hang on to select properties.
Other passive income streams are internet marketing streams of income such as websites, having an amazon store, ebay and various others. So, basically you put up a store front or a local lead generating website and you get paid monthly in the form of sales, or monthly flat fees. These types of internet income streams can produce big time monthly cash flow if set up properly and another reason that a lot of folks choose to go that route.
There really is nothing better than setting up something once, and only working on it here and there but receiving monthly income checks from it. Passive income is the quickest way to become financially free and as soon as you get enough income monthly to cover your overhead living expenses, you can quit and focus on this full time! That is when you can explode your business because now you have all the time in the world to get more done, and not around your work schedule. To me, and what I am doing, are both internet income streams and real estate investing. Both provide great passive income and only require moderate maintenance.