In many of our articles, we mentioned the concept of passive income and the imperatives of building passive income to one day surpass one’s expenses. When passive income is greater than expenses, one is said to have achieved financial freedom.
What we also believe is that this should not be rushed but planned and it is important to at the same time enjoy the journey.
I chanced upon this speech by Alex Szepietowski and thought it great to share with you. I invite you to watch the video. I have provided a summary of the key points and my personal thoughts related to personal investments.
- Why is passive income important? Well, there are many reasons as cited in the video. I don’t think we should think of active income as bad, in fact active income is going to be the key source for savings, which can then contribute to the building of passive income through proper investments for example, leveraging on the power of compound interest.
- There are actually many opportunities out there. But don’t expect get rich quick stuff. And you have to work hard to get what you want. Invest in yourself and continually improve yourself with new knowledge and skills. Check out our recommended stock investment courses if you have chosen stock investment to build your passive income.
- Building passive income and achieving financial security is not about chasing after luxuries. The best effect is perhaps the freedom to go after things which are important to you and bring you happiness, spending time with your loved ones, doing things which you are passionate about.
The speaker has learned a way to build passive income through property investment. I have learned my way through stock investment. There are some other ways like building your own successful online business. It may be hard work but it may be worth it.
I hope you are inspired to take some actions today, be it researching a way which suits you most or if you are interested in intelligent stock investing, by contacting any of us at Journey With Money.
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