Your family needs you to be great! Someone has to save them from the evil villains of the world. The villains of today look much different than those in the movies.
The villains today steal your time and your money. They make you indentured slaves where you spend your life working at mindless jobs for pennies on the dollar.
Yes, the villains today are debt, under-education, and apathy. Your family needs your help finding the path to freedom. But, how do you find the course and become a Passive Income Hero?
Become CEO of Your Life
Find yourself. Should you choose to accept it, your first mission is to find yourself. You can’t save anyone unless you save yourself first.
You find yourself by reading books, setting goals, and achieving success. One of the best ways to achieve success and build confidence is having a good relationship with money. I just finished “Know Yourself, Know Your Money,” and this book can set you on the right path.
Some of your top goals should be sticking to a tight budget, paying off debt, saving $1,000, and opening an investment account. I recommend starting with index fund investing because of the simplicity of dollar-cost averaging over time.
Don’t have your family repeat your mistakes. Most people stop there. They become debt-free, have some savings, and have an investment account full of index funds. However, this is just the beginning.
Remember, we need to do more to assist our family in a time of need. If we can’t understand the bigger picture, we doom our family to follow the same path.
I didn’t know anything about money when I left my home in 1999 to join the Marines. I made many mistakes with money, lack of investing, real estate, and not starting a business early in my career.
Mailbox Money: The Power of Royalties, Rents, and Dividends
It took me 20 years before I learned the words “passive income” at age 38. Luckily, I have an amazing wife, and we turned it around. We paid off all our debt and now have $210,000 in a dividend portfolio that pays us roughly $900/mo in dividends.
But, what if I had this information at age 15? What freedoms could I pursue throughout my life without feeling the stress of the daily grind?
We don’t want our family to repeat our mistakes. My children’s lives are precious, and I want them to have the information and assets to give them some freedom.
Even if my kid has to work a job, at least I can give him a rental property that pays him $1,000/mo. Or he can live in the home and have roommates that pay the bills and food costs.
Passive income is the key. As much as paying down debt and living below your means is the path to long-term wealth and security, passive income is the key to life.
Phase one of life is doing well with what life presents you—saving and investing for the future. Phase two is creating multiple streams of income that build generational wealth.
Automation Can’t Replace Creativity
Passive income has nothing to do with money—passive income is a mindset. It establishes that time is more valuable than money. To free your time, you must make money while you sleep.
The only way to create passive income is by adding value. Even dividend-paying stocks are companies that add value to the economy. If they didn’t, they wouldn’t have any sales or profits.
Most people (97%) will never understand passive income. Some may use the power of discipline and compounding to grow wealth in their 60s and 70s. However, if you leave a 401K nest egg to your children who are grinding away at a job, chances are they will squander the cash.
The idea is to learn about how to make your money grow, all by itself. We want our children to see a lump sum of money and understand how it can last them for even more generations. We don’t want them to pay down debt or buy a bigger home. It starts with us, the Passive Income Hero.
The transformation process. Understanding and creating passive income takes time, effort, and education. It takes time because it grows like a snowball, not in a straight line.
J.O.M.O. -The Joy of Missing Out
“The Compound Effect” tells us that everything compounds exponentially—this includes good and bad things. Most people don’t start a dividend portfolio because the first year is boring.
As a dividend investor, I received 23 cents from Papa John’s in my first month. Fast forward 2.5 years, and we made $900 last month in dividends. Where will we be in another 2.5 years?
In my first month as a writer, I made $3. That was exactly 12 months ago. This month, one year later, I am on track for $75. Most people say, “$75 is not a lot of money!” However, I look at the massive 2500% gain in revenue. Passive income is a mindset.
Find your passions. Now, you have to find your passions. You already work a job you hate, so don’t go home and build income streams that you also hate. Find something you love which will motivate you for years to come.
I didn’t know I loved writing and creating, but lo and behold, it’s my new passion. I love challenging myself with a different article, book cover, and article artwork every day. It’s challenging but highly satisfying. Also, each book and article I create is an asset that can make me money for a long time.
Where does your passion lie? Do you want to own a business? Or perhaps you want to be a content creator?
Maybe you’re a numbers person, and you want to dig into dividend growth portfolio, and trading covered calls for more passive income.
21 Passive Income Ideas
Maybe you want to jump into the crypto-sphere and the metaverse. These concepts are the wave of the future.
Real estate has made many millionaires, so maybe that is your choice of passive income. Real estate runs the gambit from property management to real estate agents to landowners.
Become a Passive Income Hero. Whatever you choose (I love all of them), you will have to go on the passive income grind. No one is coming to save you and do the learning for you. It is 100% on you to find the resources, build the knowledge, and take action.
It will start bumpy, but that’s part of the process. The first six months is what weeds out all the “weak hands” or less-than-committed folks; if you don’t have a strong “why,” then you too will give up.
Living Overseas on Passive Income
If you persist, I promise it gets so much better. You will start to predict results, manage expectations, and see the fruits of your labor. Eventually, your income stream will feel like a job—in a good way.
Instead of learning, you will be doing. You’ll also be getting results from your actions. It takes time to reach this point. I didn’t start my book business knowing everything would turn out this way. I kept experimenting with different things until I found my own battle rhythm.
Now, I know what I need to do daily, weekly, monthly, quarterly, and annually. I can relax now, slowing down my grind. I can focus my efforts on things that get results.
Where to start. I have a ton of resources, probably too many. Let’s start with the How to Create Passive Income 101 series (beginner, intermediate, advanced, for the average person).
What If Your House Paid Dividends
If you are interested in creative pursuits, the Passive Income from Creativity 101 series (music, photography, art & design, video, audio & speech, writing) is something to consume.
Conclusion. Your family needs you to step up to be the Hero. I know that you can find the passive income hero inside and unleash them unto the world.
There is so much uncertainty in the world (education, inflation, politics) that it can hold us back. However, taking control of your finances and creating income streams give you back the power.
You can buy your freedom from stress and worry. It will take you grinding into the magic hours to achieve greatness, but it is worth it. My wife and I made $3,100 in passive income last month. I am telling you that it is the most liberating feeling to understand money. Try it!
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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. All Right Reserved Military Family Investing
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