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...
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.
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!
- Also read:Latest Asking Prices State by State | Listings and asking prices steady in lead up to market hiatus
- Also read:Latest property price forecasts for 2024 revealed. What’s ahead in our housing markets in the next year or two?
- Also read:Here’s how to avoid these 12 common reasons property investors fail to build a Multi Million Dollar Property Portfolio
- Also read:Heat comes out of the housing market as values across Melbourne dip and Sydney slows | Corelogic Home Value Index
- Also read:Sydney property market forecast for 2024
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.
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.
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.
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.
In challenging times like we are currently experiencing you need an advisor who takes a holistic approach to your wealth creation and that’s what you exactly what you get from the multi award-winning team at Metropole.
If you're looking at buying your next home or investment property here's 4 ways we can help you:
- Strategic property advice. - Allow us to build a Strategic Property Plan for you and your family. Planning is bringing the future into the present so you can do something about it now! This will give you direction, results and more certainty. Click here to learn more
- Buyer's agency - As Australia's most trusted buyers’ agents we've been involved in over $3Billion worth of transactions creating wealth for our clients and we can do the same for you. Our on the ground teams in Melbourne, Sydney and Brisbane bring you years of experience and perspective - that's something money just can't buy. We'll help you find your next home or an investment grade property. Click here to learn how we can help you.
- Wealth Advisory - We can provide you with strategic tailored financial planning and wealth advice. Click here to learn more about we can help you.
- Property Management - Our stress free property management services help you maximise your property returns. Click here to find out why our clients enjoy a vacancy rate considerably below the market average, our tenants stay an average of 3 years and our properties lease 10 days faster than the market average.