💰Want to Be Wealthier? Here’s What to Do.
Happy Monday!
Here is an Idea, an Action, and a Question to consider this week.
Idea
If you want to build wealth, you can’t rely on a single source of income. Adding a part-time job, like working in a grocery store for $15 an hour, can provide a second income stream, but it's not passive. This approach requires investing your time and energy, which is finite. Remember, constantly trading time for money is not sustainable. As Warren Buffet warns, "If you don’t learn how to make money while you sleep, you’re going to work until you die."
During my time as an Air Force pilot, I earned decent money but was caught in the cycle of exchanging time for money, leaving me with little time to spare. In my earliest stage of becoming a real estate agent, I was still employed full-time with the military. After completing a full day of work, I went home and instantly switched gears to work as an agent until midnight. As you can imagine, it didn’t take long for me to feel like I was working myself to death.
It's crucial to recognize that simply increasing work hours is not a viable solution for earning more money. There's a definite limit to the hours one can work.
To generate consistent income, focus on creating passive or semi-passive income streams. This can be achieved through investments, business ownership, authoring a book, or developing intellectual property that yields residual income. In the real estate field, many brokerages, including mine, offer revenue sharing and stock options to help agents build passive income sources.
There's a wealth of passive income opportunities available. Your time is best spent identifying and optimizing these opportunities, as they often provide the highest return on time invested (ROT).
Action
Add one passive income stream to your portfolio by the end of this year.
Question
What steps do you need to take TODAY to add one passive income stream by the end of the year?
See you next week,
Matt “Roar” Gardner
Real estate investor-agent, Author of Supersonic Real Estate: Light Your Afterburner to Accelerate Your Investor-Agent Career (Coming Soon!), and keynote speaker.
