There are two sayings I live by
1-Having money is all about having ideas, if you don’t have money you just lack ideas
2 – If you are willing enough, you will always find a way to make something happen
Living by these words has greatly helped me in my investment career. No matter how well you plan for something, you should expect that you will have some challenges along the way. Everything has it’s risks.
Well, now that I got that boring part out of the way, let’s talk about the fun part.
Building passive income is fun and rewarding when you do it right. There are some keys to doing well and they are pretty straight forward.
1) Research research research – Learn before you earn.
Many fail because they get into investing while having unrealistic expectations about making money. Don’t get me wrong, it is possible to build massive wealth with little or no effort, but that happens after you get some knowledge on a wealth building strategy that suits you.
Taking on an investment strategy without proper knowledge on what to do is a surefire way to lose all your cash. SO DON’T DO IT.
2) Don’t invest in something based on the amount of money you can make.
Try to pick investment opportunities that suit your personality. As an example if you are the reserved type you should avoid choosing sales type strategies. If you are the conservative type then strategies that require you to be outgoing are not for you.
Another example, if you are a detail oriented person that likes to see data, then maybe there is an opportunity for you in stock options trading, or real estate investing.
Take a note of your strengths and weaknesses, then choose a strategy that gels with your strengths. This is how I got my start in internet marketing and stock options investing.
3) Be open minded to different ideas
There is nothing to it, but to do it. There are thousands, possibly millions of ways to build wealth with passive income or even active income. Don’t listen to the nay sayers and doubters. If you use the methods mentioned above and you find a strategy that matches up with your strengths, put the effort in to make it happen.
I will bet my monthly earnings (a lot of money) that if you asked all the millionaires if someone at one time told them they would fail, ALL of them would say yes.