the Stage of Security (part 1 of 2)
This video is going to be all about passive income. So we'll discuss advanced investing, real estate and business opportunities.
Video Duration: 25:24
In this stage you're now working on 'early retirement'. If you are able to accumulate passive income equal to your monthly expenses, then you will have achieved financial freedom.
Increasing your passive income can be done in a combination of three ways:
- Investment Income - if you are able to save and invest 100x the amount of your monthly expenses you will be able to "live on interest".
- Real Estate - by acquiring properties, maintaining then leasing them out, you can also build your passive income. Just make sure that the numbers make sense!
- Business - this is the fastest (and most exciting way) of building passive income. In this path, you will be building a SYSTEM that creates value for others.
These 3 methods of building passive income can actually compliment each other. So you don't have to do just one. Your business or rental income can be used to increase your investments in the stock market. While your gains in the stock market could be reinvested into your business or other properties to expand your business further!