One of the worst things we can do is work for money. It puts us in a vicious cycle of relying on a paycheck to survive. This is how the majority of people live, but it’s not the only way to get ahead. The key to financial freedom is to STOP working for earned income and start generating passive income, portfolio income, and multiple streams of income.
Learn more about this key investment strategy in this video below:
This type of information is NOT taught in school, but is the key to financial freedom.
Being financially free allows you to spend more time doing things you enjoy, such as spending quality time with family and helping others in need.
How do you feel about passive income? Making money while you sleep is one of the best ways to increase financial freedom and enjoy retirement.
Top ways to generate passive income include rental property, royalties and online business ventures.
What are your favorite ways to make portfolio income? Receiving dividends from stocks, bonds and mutual funds are popular types of portfolio income. They can also help decrease reliance on government assistance.
Calculating Financial Freedom
How much do you need to retire? It may not be as much as you think:
Add up all your monthly expenses:
- Car note
- Kids (summer camps, tuition, etc.)
Should children be taught about business, entrepreneurship, and money matters?
Once you have this number, you can begin to calculate how much you need to make in passive income to become financially free. This number may be a lot less than you think!
Learn more about these investment strategies in my book Invest For Success: Millionaire Wealth Strategies Not Taught in School. Available on Amazon.
Take my online course on passive income: Tired of the 9-5? How to Retire Early With Passive Income.