How To Become Financially Free By Creating Passive Income

passive income artwork

Let’s talk a little about financial freedom. A lot of people ask me questions around this.

The biggest question is about advice on how to create passive income, and the fastest and easiest way to reduce their working hours and earn more.

The bottom line is that passive income simply comes from earning money without you having to work, or if you work, you work by choice.

How do you do that?

It comes in two ways: money working for you or a business working for you. The reality is that you want to have both ways working for you.

The first way to earn passive income is to have some money working for you, which means that you have to first save some money. Without saving any money you cannot become financially free, especially on the money-working-for-you side.

The next thing is you have to use some of it. Take at least 10% of your income and invest it. In other words, people are paying you for the use of your money.

There are all kinds of vehicles: stocks, options, currency exchange, real estate, and a host of other investments. Pick up any investment book or magazine. Maybe it’s Forbes or Money Magazine. You’re going to see 100 investment opportunity situations there.

Now follow these steps:

1. Go with an investment vehicle that resonates with you, what feels good for you and what you like.

2. Make sure that vehicle has a decent chance of working well. Ask friends, do some basic research. The information is out there for those who really want it.

3. If you’re going to do it yourself, you’d better be good at it or you’re going to throw your money away. If you’re going to invest yourself, choose a system that makes sense to you. Or maybe it’s time for a portfolio manager.

Should you go for the high investment returns or the low investment returns? I would divide my 10% savings for investment. With some you take manageable risks; the rest is money that cannot be lost at all, period.

If you’re younger, and we’re talking about $100, I would take $50 and put it away into something totally safe with a very small amount of return on it. It covers itself, covers taxes, and it makes five percent.

If you’re not getting a five-percent return on your safe investments, you need to take some of our programs because that’s the low end.

Either way, choose a system, learn it, do it on paper first, and then invest that way. Otherwise, you’re going to have to find an investment manager who is doing well.

That’s money working for you. What about a business working for you?

There are passive-income-based businesses. What businesses are out there that you can start or get involved in that don’t take you working at them 10 hours a day?

You’re trying to create a system where you build something one time, and it works for you on an ongoing basis. That’s why I love our online business, Harv Eker International. It can do that.

Writing a book and getting royalties, that’s an ongoing thing. If you create an intellectual property and license it to somebody else to use, you get a royalty from that. That goes on without you.

My book Secrets of the Millionaire Mind was published in 2005. A decade later, I’m getting 5-6 figure checks on just six-months of royalties.

Talk about passive income!

You want to look for things that allow you to do something one time, or on one set up. It might take you a week, month, a year, or more, however, then you don’t need to do anything except for maintenance once in a while. You could be off on the beach doing things.

If you can’t set your business up in three years to work without you, you don’t have a passive-income business.

Now that doesn’t mean you’re never involved at all. You still have to do some work on it, but a whole lot less than what you’re doing now!

“The Fastrack To Freedom: 8 Critical Steps
To Becoming Financially Free Quickly ”

Want To Know More About Creating Massive Passive Income?

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What do you think? What have your concerns or experiences been with investing? Upsides? Pitfalls? What about experiences in passive-income businesses? We want to hear from you!

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