Getting your paycheck deposited into your bank account is a great feeling. Even better is the sensation when you don’t have to pay off debt. Receiving your wages feels so great because you earned your pay— it was your hard work that got you that check in the first place.
But what does it feel like to receive dividends? How about having royalties from books hit your account? When does it feel like when your roommate walks up to you and gives you $800? Let me tell you; it feels even better!
Receiving mailbox money is new to me, but I am a fast learner. I keep asking myself and my wife, how can you not get rich? When your money is working hard to make you even more money, how can you not get rich?
Start Investing or Pay off Debt
Mailbox money is the exact opposite of paying off debt. Debt is the silent killer of wealth, and it will slowly and quietly drain any momentum your money has. My wife and I had $77,000 worth of consumer debt less than two years ago.
We weren’t crazy spenders or anything; most of this debt was just from living life. We have two cars, some credit cars, some maintenance expenses, etc. In June of 2019, we decided to put a stop to debt and become rich. Read my article “Pay Off Debt or Start Investing?”
I recommend that you start investing before you try to pay off your debt completely. Investing is a mindset, not an action. You must get smart to start investing. We use the same smartness to pay off debt creatively. We went from -$77,000 to +$150,000 in less than two years. If we had just tried to pay off debt without building financial education, we would still pay off debt.
Enter Mailbox Money. Mailbox money is also known as passive income. I like the term mailbox money because this is the final action of passive income. Once you have accumulated the knowledge, all you have to do is wait for the product to arrive.
Before you build a substantial portfolio of mailbox money, you have to develop a significant amount of financial education. In most cases, no one is going to run out and give you dividends and royalties.
6 Traits of a Successful Entrepreneur
Where to start. Passive income, or mailbox money, may seem like a myth to you. Believe me, it is very real, and rich people have exploited it for a long time. We, not-so-rich people, are new to the party.
The answer is, you start by reading. As much as I love watching YouTube and learning new things, books are the answer. After reading 41 books in the last eight months, my bank account tripled. Yes, your financial education compounds faster than your money.
I wrote two articles covering the books I have read, “20 Books that will Make You Rich” and “20 (more) Books that will Make You Rich.” I also have a short book series, “Books & Thoughts,” that explores how reading affects your thought process.
I would love to say that you can remain the same person and have passive income coming in, but you cannot. Change Must Occur! “In order to have more, you need to be more.”
My wife and I are rich! That is the easiest way to say it. But we are not rich because we have millions of dollars in the bank; we are rich because our passive income will completely cover our living expenses.
Wealth is a Mindset
To get to this point, we became very aware of our expenses and then lowered them. We didn’t upgrade our cars, furniture, or electronics. We buy what we need when we need. We now have over $10,000/month of cash flow and don’t have any urge to buy anything crazy.
It gets to the point where the mailbox money just keeps coming in, regardless of your needs. It comes in while you are reading, eating, sleeping, running, or thinking. It is magic money, and it will make you very rich.
However, you have to respect mailbox money. You have to research the companies you invest in for dividends and ensure your books keep selling and attending to your tenets for rents. You become wealthy by serving others; that is the only way. Let’s get you started on your journey.
Dividends. Stock Market Investing is an excellent way to start your mailbox money journey. I wrote more than a few articles on getting started in the stock market. Here are my recommendations. Remember, stock market investing (primarily investing for dividends) is a mindset. There will be tons of people bragging about “How much they made in Telsa,” but you have to become a long-term investor. Dividends are the way to ensure your grandkids are rich. It’s true wealth.
“Stock Market Investing 101 Series”
“Introduction to REITs Series”
Royalties. Royalties maybe even better than dividends if you do not have any money to get started. Royalties are payments from your creative works. That is right; it takes very little to get started with royalties, just your imagination. Start writing or recording videos today. Yes, your work may not be the best at first, but it will improve over time. The hardest part is starting.
“5 Creative Way to Make Money While You Sleep”
“How to Create Passive Income from Royalties”
Rents. Rents may be the easiest way to make money. Everyone thinks that they need to buy a rental house to produce rental income. Surprise, you can rent out rooms in your house. There are even more ways to make money from your home; you just have to explore them. End state, if you want to become rich, renting rooms is positively the best way. It is the definition of printing your own money. The Magic of an Infinite Return is astounding.
“Maximum Leverage: Buy Homes with No Money Down”
If you want to become rich, then start reading. It is the only advice I have to give. I see no other way. If you are happy with your current paycheck, well, I have nothing to offer. Remember, one day, your salary will dry up and disappear. If you are satisfied with social security and some money from your 401k, then you are a better person than me.
Cash Flow 103: Choose Your Wealth Generator
I want to be on the beach with my wife, kids, and grandkids. I want our boat parked at the sandbar while everyone is enjoying the weather. In certain parts of Florida, we have white sand beaches and clear turquoise water; that is where we will be.
On top of this dream life, I want to be rich. I want my military pension, 401k, Roth IRA, dividends, interests from bonds, rental income, royalties, and residual business income— all coming into my accounts. At the same time, my family surrounds me on the beach. Real mailbox money.
I know that I cannot arrive at this future in the future. It starts now, today. I must format my brain to be able to receive this wealth. It is not natural for us to build passive income; it is typical for us to work for money. We must break this mindset if we want to be rich and create passive income.
How about you? What is your Rich Life? Where do you want to be, and who do you want to be with? Do you want to create mailbox money? If so, start reading, growing, and creating.
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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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