One of the common complaints I hear is that most people have is the lack of income to provide them the standard of living they would love to have. My question usually is what are you doing to correct the issue? And the sheepish reply is Nothing. As Harry Truman used to say the Buck Stop Here. If you are not going to make an effort then I hate to tell you there is a 99.99% chance that an angel is not going to drop a bundle of cash in your lap.
Zig Ziegler use to use an old fashion farm pump to demonstrate the point that you were not going to get any water out of the pump unless you grabbed a hold of the handle and started pumping.
You are not going to create passive income unless you find a vehicle to use that will do that job. Hope will not do.
Let’s start with defining passive income. If you work at a job and the pay you receive is known as earned income. Passive income comes from investing money in a vehicle that will generate cash flow for you on a regular basis.
This time of year is interesting in that I have people who say during the year they are going to do something about creating passive income but stuff gets in the way. Yet as we get ready to finish the year it that some investors finally start making time some smart investment moves that they KNOW they should have been making a LONG TIME AGO.
Those that said they did not have time all of a sudden are making time to consider some serious financial planning and commitment of capital.
Why do some investors wait so long to get cracking on this?
They just have so much going on in their life that securing family future finances takes a back seat to everything else. They run out of time.
By the way…. it’s easy to do.
It is easy to push the can down the road because when it comes to changes:
- It takes time and effort
- It takes you out of a comfort one
- It is something where the results are not going to be realized until sometime in the future (for most)
- It is not always easy to make these decisions.
Then many ask will the change give me the results I want?
For those that Move Ahead and make the tough decisions feel good about themselves.
A bonus for many is if they have a IRA/401K their profits can grow tax sheltered.
If you want to have a continual flow of passive income you will need to constantly make changes to your plans.
Don’t procrastinate about starting a plan to create Passive Income. It takes discipline to start to keep the momentum moving. Start small if necessary but start. have questions contact me by phone (210)-807-3382 or email boyd@boydmcclean.com.
In future letters we will discuss some vehicles to use and how little you need to get started.