“Passive income Aggressive Retirement” by Rachel Richards is a book after my own heart. I mean, honestly, I could not write a book that mirrored my views on life better than this one. Passive income is such an invaluable part of my life, and this book reinforces my goals.
One of my favorite ideas from the book is that we don’t need to be the best at any one passive income idea. Having a combination of many different streams can still set us free. I am a big believer in the same mantra.
The author has five different categories, or types, of passive income. She breaks it up into royalties, rental income, coin-op machines, ads and e-commerce, and portfolio investments. Wow, again, they almost mirror my five types. For reference, mine types are retirement planning, cryptocurrencies, investing, real estate, and business.
I really enjoyed how the author ties her emotion into the art of building passive income. She explains that the first phase of creating an income stream is hard work (I can attest to that), but the second phase is where it becomes a lot more passive. Let’s get into my five takeaways. I will focus on the coin-op section because I learned the most here:
1) Arcades can still be a viable passive income stream if you can find a decent location to implant your machine. You will need to work with owners of local businesses.
2) ATMs can be great passive income, but it is difficult to find unsaturated locations. Once you find a location, it’s your mission to convince the owner to let you drop your machine. Are you seeing a theme here?
3) Vending machines can have a great return on investment; however, it comes down to location, location, location. You also need to track what the audience of your particular locations enjoys.
4) Slot machines are highly regulated because they are considered gambling. So, if you can understand all the laws and follow them, this could be one of the better coin-op machines out there.
5) Starting a coin-op car wash is very capital-intensive (expensive) upfront. However, if you can make it passive via management, you may be able to retire just from that one location.
Tying all the other passive income streams together can set you free a lot earlier than most people realize. When you focus your hard work on building your dream, not someone else’s company; you’ll be surprised at how fast things move.
Every type of passive income requires you to research and do your due diligence. There are no shortcuts to your dream retirement. Do not let limiting beliefs hold you back⏤we can all achieve financial independence through passive income.
If I were to write a book, it would turn out exactly like this book. I believe the only difference between her thought process and mine is that I have kids, and she doesn’t. Other than that, I could be her shadow. I highly recommend this book for people starting their journey or those continuing on the path.
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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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