There are two sayings I live by
1 - Money is just an idea, people who lack money simply lack ideas.
2-If there is a will there will always be a way
These quotes had a great impact on my life as an investor. All the planning in the world won't prevent you from hitting a few hurdles in life. Everything you do has some degree of 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) Research research research - Learn before you earn.
Most individuals get into investing because they hope to make a quick buck with no effort. It is realistic to make a lot of money in investing but some initial effort will be required to get the ball rolling.
Taking on an investment strategy without proper knowledge on what to do is a surefire way to lose all your cash. SO DON'T DO IT.
2) Don't pick investment strategies solely based on the potential or promise to make a lot of money.
It is best to pick an investment based on what you like to do. 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 more of the think tank type that likes to work behind the scenes, then avoid methods that require an outgoing personality.
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.
Take a note of your strengths and weaknesses, then choose a strategy that gels with your strengths. I chose options trading and internet marketing based on what I knew I was good at.
3)Try to Be open to unique possibilities
There is nothing to it, but to do it. There are an unbelievable amount of ways to make a secondary income. Don't listen to the nay sayers and doubters. If you use the methods mentioned above and you find a strategy that matches up with your strengths, put the effort in 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.
1 - Money is just an idea, people who lack money simply lack ideas.
2-If there is a will there will always be a way
These quotes had a great impact on my life as an investor. All the planning in the world won't prevent you from hitting a few hurdles in life. Everything you do has some degree of 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) Research research research - Learn before you earn.
Most individuals get into investing because they hope to make a quick buck with no effort. It is realistic to make a lot of money in investing but some initial effort will be required to get the ball rolling.
Taking on an investment strategy without proper knowledge on what to do is a surefire way to lose all your cash. SO DON'T DO IT.
2) Don't pick investment strategies solely based on the potential or promise to make a lot of money.
It is best to pick an investment based on what you like to do. 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 more of the think tank type that likes to work behind the scenes, then avoid methods that require an outgoing personality.
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.
Take a note of your strengths and weaknesses, then choose a strategy that gels with your strengths. I chose options trading and internet marketing based on what I knew I was good at.
3)Try to Be open to unique possibilities
There is nothing to it, but to do it. There are an unbelievable amount of ways to make a secondary income. Don't listen to the nay sayers and doubters. If you use the methods mentioned above and you find a strategy that matches up with your strengths, put the effort in 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.
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