I live by two sayings when it comes to making money
1- Money is simply an idea, those without money are just without 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 quotes had a great impact on my life as an investor. No matter how well you plan for something, you should expect that you will have some challenges along the way. Nothing in life is without some risk.
Now that I’ve got that out of the way, on to the fun stuff.
Building passive income is fun and rewarding when you do it right. There are methods to the madness so to speak, but luckily they are straightforward.
1) Do your Homework – Learn before you earn
Most people get into money making ideas based on stories of quick payments and being able to make millions with little or no effort. There are money-making methods that require very little effort to maintain, but some initial effort is required to get the ball rolling.
Leaping into investing without a parachute (knowledge) is a guaranteed way to failure, AVOID AT ALL COSTS!
2) When choosing an investment strategy, it should be based on more than just the promise of making a lot of money.
Choose investment strategies that match your personality type. As an example if you are the reserved type you should avoid choosing sales type strategies. If you are more of the think tank type that likes to work behind the scenes, then avoid methods that require an outgoing personality.
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. I chose options trading and internet marketing based on what I knew I was good at.
3) Be open to unique possibilities
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 work in to make it happen.
I guarantee you that if you ask all the millionaires if someone ever doubted them, they would all say yes.