The main difference between the rich and the poor is how they spend their time. How do you spend your free time? Feel free to answer honestly to yourself.
Once I learned this golden rule, my income, and net worth doubled, tripled, and even quadrupled in a couple of years.
If you want to create the life of your dreams, you’ll have to do just that—create it. Nobody is coming to save you, and no one owes you anything. The onus is all on you.
Mother as Entrepreneurs
Two rules to become wealthy. There are too simple rules to become wealthy—the first deals with money.
The first rule states to create excess income compared to expenses. Use the extra cash flow to invest in income-producing assets like dividend-paying stocks, rental properties, and cash-flow-heavy businesses.
The second rule states to convert your free time into business time. Robert Kiyosaki likes to say, “Mind your business.” Today I want to look at how to hone your business time.
Is Netflix really that important? We work hard in America, harder than most countries. Therefore, when we get home, we want to splash on the couch, watch Netflix, drink a beer, or play video games (I am a guy).
The Advantages of Adult Children Living at Home
If we have children or a spouse, we have other duties and responsibilities to them as well. Life can get pretty hectic, especially if you have a family. I call it the business of being busy.
I got married at age 25 in 2006. My wife and I played house until 2019 when I realized we never had any additional money.
In fact, we had $70,000 in debt. I was earning over $100,000 in a small city at the time, and my wife was making $35,000. We should have been okay financially. What happened?
The lack of financial education. Unfortunately, debt is our birthright. It’s almost impossible not to get into debt at some point in your life.
Preferred Shares 102: Terminology is Important
My wife and I never overspent or bought crazy-expensive cars. We owned two homes in 2019, but they were not the problem (per se).
It was our lack of financial education that was hurting us. We should have focused on building our asset column; we had liabilities.
We traveled to Turkey in the summer of 2019, and I wanted to come back and clear our debt. I wanted to be able to move to Turkey and live our best life—I became focused.
Paying off debt. We went from -$77,000 in debt to +$150,000 in investments in less than two years. So, what changed?
Use the Military as a Wealth Generator
The simple answer was I converted my free time (which I was wasting) into productive business time. I studied dividends, real estate, and business.
I documented every penny of passive income I received between June 2019 to September 2020. That includes interest from bank accounts, dividends from Fundrise, and rent from roommates.
In June 2020, I started my blog, and in September 2020, I read the book that would change my life forever “Rich Dad Poor Dad.”
What is passive income? You’ll need passive income to live your best life. Passive income is revenue that originates from assets.
Five Takeaways from “Real Estate Note Investing”
For example, I can purchase $1,000 in McDonald’s stock and receive $20 yearly (yield 2%). I can invest $1,000 in AGNC and receive $144 per year (yield 14%).
But why would I invest in one over the other? Other options include preferred shares, baby bonds, closed-end funds, treasury bonds, real estate investment trusts, and dividend ETFs.
You’ll need to study to understand these investments and many more. You will need to mind your business if you want to obtain great wealth.
Is passive income real? Yes, passive income does work, and it is real. However, it doesn’t work the way you think.
Do What You Love -or- Love What You Do
Every source of income requires some form of maintenance. When you invest in stocks, you still need to stay abreast of what is happening in the stock market.
Even a trust fund baby needs to follow what’s happening with their trust fund. The further they remove themselves, the more things can go wrong (people steal).
The difference between earned and passive income is that you do the work once with passive income and continue to reap the benefits.
With earned income (your job), you don’t get paid if you do not work. Yesterday, I had zero dollars in my Cash App.
Advertising 101: Using for Fear Factor
The magic of passive income. I woke up with a $21.53 dividend from Phillip Morris (PM) this morning. I made $21 in my sleep.
Some people would have to work one hour to make that money. Even worse, the government will tax their earnings at the highest rate.
I have $1,545 invested in PM on my Cash app and have received $196 in dividends since September 2020.
Eventually, I will earn all my money back, which will continue to pay me dividends. How did I learn to invest in dividend-paying stocks?
Maximum Leverage 2: Buy Homes with Zero Out-of-Pocket
How do you spend your free time? Are you tired of being broke? Do you want more from life? Do you want a college plan for your kids and a retirement plan for yourself?
You can achieve all of this and more by minding your business. Don’t worry; you’ll slowly earn your free time back.
That’s the power of passive income; it allows you to focus on what you want. I have more time than ever because my books, stocks, and real estate earn money for me.
Think of your assets as an army of employees whose sole purpose is to make you rich and free up your time.
Conclusion. However, you can’t understand assets without learning how they function. You must appreciate markets, interest rates, and business philosophy.
The media and society want you to consume Netflix, Disney Plus, Amazon Video, and HBO Max. They also want you to buy everything in sight.
The Invisible Budget
I love to watch made-for-tv romance movies (Hallmark), so I started a romance movie blog (www.WholesomeRomanceMovies.com).
Now, I can earn passive income from something I love doing. That is the magic of understanding assets.
You can do what you love and earn money in the background. You can do this with anything once you have the right mindset.
So the question is, what do you love doing? Are you willing to put in the work to make passive income from your hobby? I believe in you. Good Luck!
- PDF of the Month: Don’t Gamble with Retirement 10 (Free 419-Page PDF)
- Free PDF Downloads: Download FREE PDF LIST here
- Financial Mindset: Become CEO of Yourself 2 (Free 196-Page PDF)
- Retirement Planning: Your Retirement Planning Guide 2 (Free 255-Page PDF)
- Investing: How We Plan to Retire on Dividends 4 (Free 139-Page PDF)
- Cryptocurrencies: Counting on Crypto 2 (Free 159-Page PDF)
- Real Estate: Financial Independence through Real Estate 4 (Free 112-Page PDF)
- Business: Retire Rich, Retire Comfortable with a Business 4 (Free 149-Page PDF)
- Latest DGWR: Don’t Gamble with Retirement 10 (Free 419-Page PDF)
- Everything!: The Biggest Book on Passive Income Ever 3! (book)(Web Edition)(Art Edition)
- Writer’s Comparison: M1 Macbook Air vs. GalaxyBook3 Pro 360
- Read My Books for Free: Free Kindle Books Schedule
- Book Design: Design Tips on YouTube
- Kindle Unlimited: Why I Finally Subscribed Kindle Unlimited (learn more)
- Book Reviews: 505 Takeaways from 101 Books (pdf)
- Writing: The Publishing Chronicles (Part 1, Part 2, Part 3, Part 4, Part 5)
- Best REIT- Fundrise: Fundrise vs. US Treasuries (Join Fundrise)
- Follow us: On our Facebook Page and Join our Facebook Group
- Support the Channel on Cash App: $Kingmarine1981
- For more detailed analysis, join my Youtube: MFI YouTube Channel
PDF of the Month: Don’t Gamble with Retirement 10 (Free 419-Page PDF)
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
Leave a Reply