In this episode of David Pere’s From Military to Millionaire, the ex-Marine talks about residual income and passive income streams. Because the best way to make money is to let the money work for you, right?
What is Passive Income?
The more passive income opportunities you take advantage of, the faster you make money. And the faster you build your investment portfolio. Investing is like many other things – the more you work at it, the more it works for you. Passive income is great for the military because you already have enough! Why not find a way to earn some extra cash outside of working hours without having to do much. This will lead you to exponential wealth building while gaining your most valuable asset: time. With enough passive income, you can retire with absolute time freedom.
Call it a stampede or a part-time gig. Passive income is money you earn with minimal work or effort on your part. Real estate is a great source of passive income. The reason? because there’s not a ton you need to do to make money.
One of the best ways to earn passive income is to invest in real estate. With contractors renovating it and property management taking care of everything else, you end up spending very little time per month for the money you earn. Other ways to earn passive income are by investing in dividend-paying stocks or lending private money to a real estate investor. These opportunities require effort and research beforehand, although they quickly turn into passive income where no extra effort is needed once you initiate it.
Hard work can also lead to passive income, although this may seem counterintuitive. For example, starting a business takes a lot of hard work in the beginning. However, once it becomes profitable enough, you can hire your own replacement or assistants and continue to make money from your business with little to no work.
Learn more about David and From Military to Millionaire
David Pere is an active duty Marine who is on a mission to educate the military community about financial preparedness. Most people hear the term and roll their eyes, but Pere wants everyone to know that readiness can be achieved – without too much effort. He teaches personal finance and real estate investing to service members to help them increase their savings and increase their chances of achieving financial freedom.
Want to know more about Father? Discover the soldier to millionaire websiteand connect with him on instagram Where Facebook. Subscribe to his YouTube channel here! Take a look at David’s book – The No BS Guide to Military Life here.
Looking for other ways to be financially strong? Check out what’s new on our Mighty Money page.