The #1 Activity To Build A Passive Income Lifestyle
To build and live the Passive Income Lifestyle, you need to dedicate yourself to the refining of one main skill and activity:
the gradual purchase and accumulation of assets that puts money in your pocket.
This is the single golden rule to the Passive Income Lifestyle. Of course, have fun in between, but ensure that you do not spend more than what you get in passive income. Remember, only assets are allowed to pay for lifestyle and luxury - never out of pocket.
In a super simplified manner, how you can replicate the success of the Passive Income Lifestylers is likewise, also buying, building and acquiring more and more assets in the following forms:
businesses (full ownership by creating one or more)
businesses (shared ownership by partnering with others)
businesses (via purchase of stocks and shares)
properties (full ownership by purchasing one or more to rent out)
properties (shared ownership by purchasing one or more to rent out with others)
There are many other options out there, in many different forms, but I chose the most simple ones that I can understand – personally, I find that starting my own Passive Income Physical Business leveraging on my own skills then was the easiest way to make more money as compared to a salaried employee, because there is more income growth, but it is risky and only certain individuals with the risk tolerance and hunger for success should embark on.
Nowadays, I advocate for the pursuit of Passive Income Internet Businesses (PIIB) because it's something that you can do on the side, whilst maintaining a full time job (means that you can have a stable income and lifestyle, whilst you hustle on the side).
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SGD 2,000,000 invested in dividend stocks with average 5% returns per annum by 45
SGD 2,000,000 in cryptocurrency
Owning, affording and living in a landed property in Singapore (or relocated to another country without worry of money) by 40
Publish at least one book by 40 years old
Online businesses serve readers and clients well (ie readers make more money, have happier/freer life etc), and website makes SGD 10,000 per month
Ongoing: spend more quality time with children, wife, family, bible, God.
Note/Disclaimer: My writings and works are NOT financial advice.
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