Hands up who’d like to be rich? Everyone!
When we think of financial freedom, we think of winning the lotto, and whilst we’d all like to be rich, striking it lucky is something most of us will only ever dream of.
But that’s not to say that we can’t be financially independent…
Creating a feasible passive income stream is the ultimate goal of financial planning however to earn the ‘passive’, we first must exert the ‘active’:
Save Like You’ve Never Saved Before – Building passive income begins with savings so it’s essential that you learn to save. Pay your bills then pay your bank account before booking that holiday. Without it, you’ve got no leverage to do anything.
From there, there are a thousand ways to create passive income – Invest in property, put your money to work via high interest savings accounts or managed funds or harness your hobbies and interests and monetize your skills. Sky’s the limit!
Creating passive income is a powerful way to take control of your finances and maximise your ability to live financially independent when you are older.
“A journey of a thousand miles begins with a single step” – Laozi