Focus on passive income from "summary" of Rich Dad Poor Dad - What the Rich Teach Their Kids About Money by Robert T. Kiyosaki
Creating a source of passive income is a great way to create financial security and independence. In this book, the author shares strategies and ideas on how to generate that income and create long-term wealth.- Investing in passive income gives you the freedom to make money, even when you are sleeping. As a result, it is important to focus on building up your own passive income channels to help secure your financial future.
- Reallocate funds from active income earners into products or services that can become long term passive income providers. With these types of platforms and services, you may be able to grow your portfolio over time with minimal additional effort needed.
- Consider setting aside a portion of each paycheck for investment in passive income streams. Being proactive and starting early ensures you have more time to explore ideas without putting too much financial strain on day-to-day living expenses.
- Research and identify potential passive investments such as online services or real estate properties. Consider both high risk options which offer potentially bigger returns as well as lower risk investments with smaller dividends.
- Finally, remember that planning and preparing takes time and patience. Patience, along with carefully studying potential income sources, can greatly improve your chances of generating successful and dependable streams of passive income.
