You can create a passive income machine that works hard even when you don’t.
Are you tired of working hard to make money in your business, only for it all to seemingly fly away each month? Wouldn’t you love to spend more time focusing on the activities that actually drive growth (rather than simply plugging holes)?
If so, then I have some exciting news for you. In this blog post, I’ll be walking you through some of the most effective methods and strategies for creating an evergreen source of income – so that no matter how hard life gets or how demanding your business becomes, there’s still cash flowing into your coffers each month!
LISTEN TO THE FULL EPISODE HERE.
In This Episode (Passive Income Machine):
- Managing Finances at a Young Age
- The steps in creating a passive income
- Regardless of your age, you can start creating your automation
- The beauty of Compound Interest
- Talk to your spouse about money
- Lessons as an MMA fighter that are helpful in being an entrepreneur
Important Quotes:
“Don’t be afraid to address your (financial) situation.”
“It’s not your fault. We’re not taught these things – no one taught us how to balance a chequebook, read a P&L, or how to start investing. The world would be such a different place if people did learn that at a younger age.”
“Have some kind of automation that takes your money from chequing to savings where you don’t do it — you don’t even have to touch your money. Start with a dollar a day.“
“Look at what you are passionate about.”
“Put money away every month. The earlier you start, the easier it gets. The longer you wait, the more challenging it gets. “
“Stop every once in a while and smell the roses, enjoy the journey.“
Managing your finances at a younger age is key to your future success.
You need to be aware of the steps that come along with creating a passive income, including automation when needed. If you can establish a pattern and stick with it – such as setting up automatic transfers from checking to savings accounts each month – you’ll reap the long-term benefits.
You are never too young to start thinking about these types of plans for yourself or for your own family. Take the time to work on planning ahead financially and you will be thankful in the future!
To learn more about personal finance stories and how to create passive income, feel free to explore more stories by visiting my website!