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 – Wherever there is a will there is a way, if you can’t find a way…. you’re just not willing enough.
These two phrases greatly helped my investment career. You can plan as much as you want, but expect some roadblocks along the way. Everything you do has some degree of risk.
Well, now that I got that boring part out of the way, let’s talk about the fun part.
Investing for passive income can be a lot of fun and you can build a lot of wealth if you do it right. There are methods to the madness so to speak, but luckily they are straightforward.
1) Read Read Read – Learn first, earn later.
Most individuals get into investing because they hope to make a quick buck with no effort. While it is possible to generate income with little effort, you do need some degree of knowledge on the process.
Leaping into investing without a parachute (knowledge) is a guaranteed way to failure, AVOID AT ALL COSTS!
2) Don’t go after something ONLY based on the amount of money you will make.
It is best to pick an investment based on what you like to do. For example if you are shy, avoid strategies that require you to make face to face contact. If you are not the people pleaser then something like that would not be your cup of tea.
On the flip side, you may have a promising future in stocks an real estate if you are good with numbers and data.
Make a list of your strengths and weaknesses, then choose your money-making path wisely. I used this technique to take stock of my natural abilities and this eventually lead me to options trading online and internet marketing. I love the idea of working from home.
3) Be open to unique possibilities
All you need to do is try. There are a plethora of ways to make a passive income. Don’t let people tell you that something cannot be done. 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.