The Secret to Lasting Financial Wealth

Everyday I keep seeing people going to work and working long hours. These folks work hard and they save hard too. They believe that their lives will be better when they start making more income per month. They believe that when their paycheck increases, their lives become better. Perhaps you might be able to related. I was once in the same boat when I was working pretty hard everyday and for long hours.

The Secret to Lasting Financial Wealth - Going to Work is not the answer

The Secret to Lasting Financial Wealth – Going to Work is not the answer

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Well, this is all but just an income model that will not do well which is an income model of selling time for money. Unless you come from a rich family, all of us has to start of selling time for money… well most of us at least. The problem with selling time for money is that there’s only so limited time that you can sell (maximum 24 hours per day) and as you get older, you work less. What I mean is you probably do not have the same work rate at 60 years old as compared to when you were 25 years old.

So for me, the secret to lasting financial wealth is really simple yet most people do not take action to do it. They might know and they might have read it somewhere before but what I really sometimes do not understand fully is why they do not execute their plan. So ready for the secret to lasting financial wealth?

The Secret to Lasting Financial Wealth - When Money is Generating with or without you

The Secret to Lasting Financial Wealth – When Money is Generating with or without you

The Secret to Lasting Financial Wealth

The secret is to convert all your active income to passive income. Active income is the income that you get paid for the time you sell. And passive income is income that is generated with or without your involvement. There are many ways to convert your active income to passive income. Some people will park their money in Real Estate. Some will invest their active income in business systems. Other might go into the stock market for capital gains and dividends. Whatever it is, the key is to actively seek ways and knowledge to convert active income into passive income.

I am not going into how to convert your active income into passive income in this post because that’s a whole book on its own but I want to impress upon you that it’s vital that you start thinking of how to do just that. Without this simple plan to convert, you are likely to continue to struggle as you continue to sell time for money and once you stop working (selling time), then your income stops and that’s not going to end up well financially for you and your family.

An easy way to start converting your active income to passive income is to learn the right way to invest and to trade a little to give your cash flow a boost. Real Estate is good, of course, but let me give you a fair warning, you need to have an entirely different mindset in Real Estate as you will take on debts to help you finance your venture and that’s a different thing altogether. Hence, a good way is the stock market and other financial markets to start your financial journey. If this is something that you would like to explore, then click here to learn the right way invest and trade.

 

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William Tan
 

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