In our society, most of us make a living by spending 40+ hours per week at a job. And in terms of retirement, many of us rely heavily on an employer-sponsored 401k. There’s nothing wrong with having a job or a 401k, but these are just means to make money—they’re not an avenue to wealth building or financial freedom. Luckily, there’s a better way. Today we’re going to discuss how you can begin creating residual income for your family, without commuting or spending hours working overtime at your day job.
How To Pay Off Your Mortgage In 5 Years: Slash your mortgage with a proven system the banks don’t want you to know about
I’m not here to talk about quick fixes or get rich quick schemes. If you want to build something that lasts, you’ll have to play the long game. For our family, it took a few years to reach our goal. (You can hear our entire story in this playlist!)
BUYING PERFORMING ASSETS
We’ve found that the best way to build residual income is by purchasing performing assets. A performing asset is anything you own that puts money in your pocket on a regular basis. Ideally, your performing assets should be as reliable and steady as your regular paychecks.
THE BEST TYPE OF PERFORMING ASSET
In our wealth building journey, we’ve found that there’s one type of performing asset that has skyrocketed our passive income—investment properties. Rental real estate is so powerful for many reasons. If you purchase your rental properties in the right markets, you can count on consistently having renters.
WHY RESIDUAL INCOME MATTERS
The amazing thing about passive income is that it allows you to spend your time more intentionally. Instead of working behind your desk to finance your life, you can instead make money while doing the things you enjoy! Whether that means extra vacations with your family or dedicating more time to your passions, passive income through rental real estate can make it happen!
GETTING STARTED ON YOUR WEALTH BUILDING JOURNEY
We believe that the best way to get started is to set a clear goal. That way, you have some sort of roadmap to follow, and an idea that motivates you! Some people set an arbitrary goal, but we like specifics!
SETTING THE COMMITMENT AND STAYING FOCUSED
If you’re anything like me, you might easily get distracted by other passive income ideas and methods for wealth building. But trying many different things isn’t a helpful strategy. The best way to build wealth is to pick one thing and stick with it consistently!
ENVISIONING THE END GOAL
An effective way to stay focused is to imagine the type of lifestyle you would live if you had performing assets to support you. Would you spend more time with your children or grandchildren? Would you have more time to dedicate to your hobbies and passion projects?
NINE STEPS TO YOUR FIRST RENTAL PROPERTY
If you’ve read this far, you’ve likely decided that real estate investing is for you. We’ve put together a video that contains a nine-step strategy you can execute in order to purchase your first rental property.