Making money work for you instead of always working for money comes down to building a streams of income that don’t rely on your time alone. I think, it’s not about quitting your good paying job overnight, but is all about you using the money you earn to create assets that pay you back overtime.
The most practical way to start is by saving consistently and investing wisely, it could be in real estate, digital asset like bitcoin or even high yield savings accounts to start, the whole idea is just to get your money moving, not just moving but moving effectively.
But financial freedom in my own view, isn’t just about investing in traditional assets. You can as well build income generating systems, which include; an online store, a digital products or a content channel. It seems these will take your effort up-front, but they can generate income without you needing to be involved every hour of the day. Though, I’ve seen people starting e-commerce stores, affiliate marketing, freelancing by using platforms like Unified, Upwork, fiverr or freelancer which helps turn a business into something closer to passive income.
The mistake i see from a lot of people, is by chasing “Passive” income without building any foundation. You have to earn, save, invest, and then reinvest your gains. It’s not a joking matter, with time it will compounds to something huge.
The goal is to shift from being paid for your time to being paid from your assets or systems.
There’s no harm in starting small, start a little then use your income to buy things that appreciate or that generate cash flow, not just things that will cost you more like every month or a year.
Very importantly………..
keep learning, it’s a mindset shift that happens gradually.
Making your money work for you is one if the easiest steps to financial freedom but you must understand that this only works when you actually have enough. People say that the people who are the richest are those those that make money while they sleep, this might sound stupid but it's possible to achieve but getting to this level takes a certain level of wealth, you can do this with an average or little amount of money. This is why the rich keeps on getting richer.
And thats the reality on which they do have that advantage since they do have that purchasing or buying power or could invest directly at the time or moment that they do have some business idea on which unlike into those people who are just sitting on average to poor status then they will be struggling out on doing such action just because of having that lacking of money and thats understandable. You can thrive but its not that easy because capital will be your main problem on this one and thats why most of people do just simply left out and never consider on taking up such step because they dont have the resources on which they can make use and easily get discourage because of this one. Somehow, there are those individuals who cant just that simply give up and find up ways to take up even on the small steps on which this is that where risks takers will definitely be that doing even if it means that they do need up to take up some loan. Its a good gesture but just we do all know that business or investment doesnt give out that 100% success on which failure could really that still happen. If it turned out that you are experiencing such hardship then some people do directly quit up and there are ones who do sustain. So it will be that totally situational because each person does have that different level when it comes to risks tolerance. Some are impatient and some are just that having some unrealistic goals on which at the moment that they do experience failure then they do just simply give up and never look back. Passive income is something that most of us do target but if you do find yourself having to face challenges then giving up will be the most common action you would be taking.