- Earning money in your sleep is the ultimate dream.
- It’s easier than you think if you put in the work.
- Start now to receive years of rewards later.
Most people not named Phil Mickelsen are thinking of retirement because nobody wants to work forever. Phil doesn’t need to golf for the money. With an estimated net worth of $400 million, besides tour earnings and endorsements, Phil also has his hands in real estate – with investments in at least six private golf courses. Phil makes enough money in his sleep that he never has to worry about playing another tournament in his life, but it’s obvious he continues to play for the love of the game. He’s living his best life.
Are you living your best life?
Can you go to sleep at night without worrying if you’ll have a job in the morning?
What about your portfolio? Can you go to bed without worrying about whether the next pandemic, natural disaster, political or social upheaval will wreck your portfolio? Or do you have the comfort of waking up in the morning knowing you can do whatever you darn well please that day?
Make money in your sleep? Many people don’t think it’s possible – many are ingrained with the misconception that the sweat of your brows earns everything.
Many investors don’t realize that not only is it not a pipedream, but it’s entirely possible for the average person. And no, it doesn’t have to be by the sweat of your brows. Through passive income, it’s quite possible to earn money without having to log hours of hard work, trying to time the market, or rolling the dice!
Passive income, income earned without the sweat of your brows, is the centerpiece of every ultra-wealthy investor’s portfolio. It may not be income earned from the sweat of your brows, but I like to think of it as income from the sweat of your brain. If you do the research and educate yourself upfront, you will reap the rewards later from the sweat of someone else’s brow.
You must actively choose to invest passively…
The road to passive income first must start with active decision-making. You must choose to invest in passive assets. Unlike stocks and crypto, where investors invest blindly, you can not invest passively without doing a little bit of legwork upfront.
Because if you are to analyze potential investment partners, you must be able to talk their language and evaluate whether they know what they’re talking about, but this won’t be possible if you don’t know what you’re talking about.
Whether it’s real estate, agriculture, and software, having a base knowledge about the potential asset classes you could potentially be investing in is vital to making the right investment decisions.
Choosing the right investment partners is the key to successful passive investing.
Once you do the work upfront, you’ll be able to let go of the reins and rely on the expertise and knowledge of your chosen partners. The more time you put into educating yourself upfront, the more efficient your passive investments will be down the road.
What Should You Put In?
Besides the upfront education, the time to conduct proper due diligence, and capital, you should not put any other effort into a passive investment.
Passive investments are designed to be hands-off, so it’s best to leave the hard work to the experts and not get in their way and be truly hands-off. Being a helicopter investor will be a sure way not to get invited to future passive income opportunities.
What do you do with your payouts? Reinvest them.
Creating multiple streams of income will shield your income against potential downturns. Performing assets will compensate for the few assets that falter.
Not A Pipe Dream.
Making income in your sleep – the kind that will allow you to sleep peacefully – is possible.
You have to be determined to want it and then take steps to achieve it.