There are two sayings I live by
1 – Money is just an idea, people who lack money simply lack ideas.
2 – Wherever there is a will there is a way, if you can’t find a way….you’re just not willing enough.
Living by these words has greatly helped me in my investment career. No matter how well you plan for something, you should expect that you will have some challenges along the way. Nothing in life is without some risk.
Well, now that I got that boring part out of the way, let’s talk about the fun part.
Investing for passive income can be a lot of fun and you can build a lot of wealth if you do it right. There are some keys to doing well and they are pretty straight forward.
1) Do your Homework – Learn before you earn
Most people get into money making ideas based on stories of quick payments and being able to make millions with little or no effort. Don’t get me wrong, it is possible to build massive wealth with little or no effort, but that happens after you get some knowledge on a wealth building strategy that suits you.
Jumping into something without any knowledge whatsoever is a sure way to failure, DON’T DO IT.
2) Don’t go after something ONLY based on the amount of money you will make.
Try to pick investment opportunities that suit your personality. For example, if you know you are an introvert or really shy, don’t go after opportunities that will require you to have a lot of face to face contact or make sales pitches. If you are an introvert, then those types of opportunities would NOT be great for you.
Another example, if you are a detail oriented person that likes to see data, then maybe there is an opportunity for you in stock options trading, or real estate investing.
Think about your personality, list your strengths and weaknesses, then match your strengths up with the appropriate investment strategy. This is how I got my start in internet marketing and stock options investing.
3) Be open minded to different ideas
The only thing stopping you is you. There are thousands, possibly millions of ways to build wealth with passive income or even active income. Don’t let people tell you that something cannot be done. If you have a strong passion or desire to do something, find a way to make it happen.
I will bet my monthly earnings (a lot of money) that if you asked all the millionaires if someone at one time told them they would fail, ALL of them would say yes.