What is your dream life look like? Where would you be and who would you be with? I talk to so many people whose dream is to retire from the military, get another government job, and then retire fully at age 65. And then hope that they have enough money to survive between two pensions and Thrift Savings Plan. I can’t blame them because I was the exact same. However, I learned a different way. Once I learned a different way, I started to truly envision what my life would look like if money wasn’t a concern.
My dream life would have me in a foreign country like Turkey. I would be out on the Mediterranean Sea, on a boat. I would have my beautiful wife with me, as well as our parents. Then we would also have all of our grandkids out there with us as well. We would all be soaking in the beautiful sunlight. This wouldn’t be a vacation, this would be our everyday life. Kris and I would work about 1 hour a day, perhaps doing a podcast, a blog, or a vlog. The most important thing is that we would have income coming in from multiple sources. Money is something that we would never have to worry about. The goal of our future life is not to have to work until 65 years old. We want to buy back our freedom and enjoy life to its fullest, as early as possible.
So that is our dream future? I want you to think really hard and envision a world where money doesn’t matter. Again, where would you be and who would you be with? How do you connect the dots from now until your dream future? It’s simple, you have to create a financial plan on how to get to the required allocation of money that it takes to live your dream life.
1) First, put a price on your dream life. Would it be $20,000 a month or closer to $30,000 a month?
2) Come up with a financial allocation of what passive income sources you would use to achieve your goal. For $20,000 maybe it would be $5000 of each of military retirement, real estate, business, and investment income.
3) Read, Read, and Read even more. You will need to read in order to expand your horizons. This is probably the most important step in the process. Your mind can either be an asset or a liability. Make it an asset.
4)Act. Act now. Start working on all your passive income streams, right now. If you are in the military, then every day you are working towards your passive income. Even if you cannot afford a home right now, read books as if you were going to be a real estate investor. Start a business. It can be either online (blog, YouTube), or in real life (walking dogs, mowing lawns). Build a balanced portfolio and start to build passive investment income.
5) Rinse, wash, and repeat. Keep doing what you are doing. The savvier you get, the less work you will actually be doing. Soon you will be buying apartment buildings and investing in startup companies. It all comes from learning and then acting.
However, in order to achieve your goals, you have to put yourself out there. You will have to build confidence and strength. This path is not for everyone. In fact, this path is meant for around 7-8% of people. It requires a lot of effort upfront in order to reap the rewards of passive income. For us, as we start out on our journey, I imagine being on that beach with my family. I pick up my phone and $1000 worth of dividends just hit my account or I was just paid $2000 worth of rental income. That is the dream of passive income. However, it requires time and effort to get to that point. Are you up for the challenge?
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Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
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