Did you ever dream of ditching your job to sit on an island somewhere else in the world?
Who hasn’t right?
I know I have been guilty in my early years of sitting in a job I did not enjoy, while dreaming of sitting on a beach somewhere.
If only, there was a way?
Like so many others, my efforts turned to chasing a way to create passive income to enable me to leave my job and be financially free.
Unfortunately I soon realised, the harsh reality is that there is no magic formula...
The Spruikers
If you look hard enough, it will appear that everyone has the solution to your problem……. or should that be the problem to your solution!?!
These types of people will generally attempt to capitalise on this fantasy that 99% of us have.In reality though, there is always some kind of self-interest here to benefit their own situation.
While I am sure, some of these methods may have worked for them personally, for the majority of us they will not.
If in fact, it does work so wonderfully well, why do they need people to be paying them even more passive income?
They often make it so appealing and give very little detail in how they are achieving these amazing results.
The Offers
Watch out for the pitch and remember if it is too god to be true, it usually is.
Here are some of my favourites;
“Buy 7 positive cash flow properties in 7 years and retire happy”
“Make $50,000 in your first month selling on Amazon”
“Create a 7 figure income in 6 months by doing chunk deals”
“Create a monthly income on the stock market from Day one”
I know people who go from seminar to seminar hoping to find that magic bullet that will allow them to retire by the following weekend.
It won’t happen….. STOP chasing a Myth!
They are throwing thousands and thousands of dollars away and moving further away from what they have set out to achieve in the first place.
What the 1% do, to Create Passive Income
The first thing they do is work hard.
Probably because they like what they do, it is a passion or a hobby or a life’s dream that they are pursuing.
For them, work is neither a chore nor a bore.
With the income they create, they prioritise, locking it away in high capital growth assets.
They sacrifice immediate cash flow as they recognise they do not need it while they are working and creating an income from their job.
They invest to create wealth so that some time down the track when they want to slow down or retire they have a big enough asset base to draw a passive income from.
That is how the 1% do it.
Conclusion
The harsh reality is that there is not Magic Formula to creating a passive income, no matter how easy it may seem.
People throw hundreds and thousands of dollars away chasing a formula that does not exist.
In many cases, with every step toward their passive income goals, they are taking one-step back and away from what it is they have set out to achieve.
They should focus on finding a way to create an income doing something that they enjoy.
They then have the ability to put their savings into higher growth assets that will build them a larger asset base further down the track.
Then when they want to slow down or retire, they have the passive income they need.
This is what the 1% understand and why they are so successful.
Sadly, many others will keep funding retirement for the spruikers and sharks, while moving further away from their own retirement dreams.
Now is the time to take action and set yourself for the opportunities that will present themselves as the market moves on
A perfect storm is brewing for our property markets in 2021-22, and you can trust the team at Metropole to provide you with direction, guidance, and results.
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