If you have a chunk of savings gathering dust and low interest, why not learn how to create a passive income with it?
Wealth Strategist and Bestselling Author of Secrets of the Millionaire Mind, T. Harv Eker, often comes across students who have some funds available but have no idea what to do with their money.
Today, he has some advice for these students, as well as for you, if you would like to know how to create a passive income.
Afterall, Harv did spend 27 years of his life learning the ultimate secrets to wealthy success, and he can give you great advice on how to create a passive income because he does it himself!
Understand that there’s no single, one ‘right’ system, according to Harv.
Look at it as setting up a Financial Freedom Account (FFA).
When you view your money through that lens, it doesn’t generally matter what you do with a sum of savings, as long as you plan for that money to work for you.
As an example, if your book publishing is meant to serve as a passive income vehicle, then use it, says Harv.
If you know the plan is to start a business that you will systemize and leverage eventually, and it could yield a passive income from there, then do it.
If you can create an investment situation that offers returns, then use some of your money there, Harv adds.
To simplify, whatever you can do to create financial freedom via capitalized investment income, or passive income is fine.
Now for the proverbial meat on the bones.
People make money and lose money in all manners of investing, whether it be in stocks, business, real estate or anything else that comes to mind.
But here’s a fact for you…
Everyone is different.
There isn’t one single investing system that will work the same for everyone.
Why?
In Harv’s experience, it’s people who mess up the system - it’s not the system that’s a mess.
Many people lose their money in ‘the system’ due to their dreadful thinking surrounding money, says Harv.
They don’t follow the system and sabotage themselves.
80% of people in business end up losing everything.
Is it the business?
Or is it them?
80% of people who try doing anything generally fail at it.
Is it ‘the thing’?
Or is it them?
According to Harv, it’s them.
So the answer to avoiding this fate is to make a decision on something you’d like to get great at, Harv insists, because you’re the one who will have to put in the work.
You can reach a decision on what will work for you, by asking 2 simple questions, says Harv:
If the developers of a system are making money, Harv states that you can know the system works.
If some people are making money, then the system also works he adds.
“Yes, but it’s not the majority…”
That’s right…
You’ll notice the majority’s broke, Harv argues.
What’s your feeling about it?
If you have no desire to invest in stocks then simply don’t do it.
Harv’s actual stock investments are minimal compared to his other investments, he admits.
Why?
Because he’s just not a great fan of stocks.
While some people love them, Harv doesn’t have the time to figure out a system and run it appropriately.
Instead, he has other favorites that resonate with him, although they’re not for everybody.
One investment that Harv loves, but you might not, is real estate because it’s less inclined to be manipulated the way the stock market can be.
And what is meant by ‘manipulated’ is that those massive companies manipulate stock prices based on whether they’re selling or buying, says Harv.
Not to say they are good or bad, but some big companies inform their global brokers to sell XYZ stocks today, and they all do.
And when it’s down, they will buy it.
It’s that whole game that Harv doesn’t like, and it’s not that everybody’s doing it, so it's an unnecessary risk when there are so many other ways to create a passive income.
Is there money to be made with stocks?
Absolutely!
A lot of people do.
But Harv for one, likes real estate better because firstly, he can touch it.
Secondly, he admits that he likes looking at it.
Thirdly, the value will always appreciate over the long run.
And it serves as a passive income structure if you purchase it for favorable cash flow right from the start.
You might be thinking… “Well, I don’t have a lot of money for that.”
And Harv’s response to you would be… “Then LEARN HOW to buy positive cash flow real estate.”
He’ll also encourage you to learn how to buy it with as little of your own money as possible because soon, your investment will be generating a passive income.
Regardless of the method of investment you choose, the operative action that Harv is driving here is to LEARN.
You have the ability to learn anything - and oftentimes you can learn enough to get started and even get great results - for free or for next to nothing.
So Harv is essentially urging you to LEARN about real estate investments.
It’s simpler than you think, he adds.
Or LEARN about stock systems.
Find those that others are doing well with.
And of course he encourages you to LEARN how to systemize your business to produce wealth in your absence.
LEARN how to plan your finances with the Jars Money Management System so you get into the habit of wealth and excellence.
LEARN how to create passive income in a way that serves you and the lifestyle you desire.
The journey of 1,000 miles begins with one step.
And learning, for most people, is that step, according to Harv.
If you’re not rich, there’s something you don’t know yet. -T. Harv Eker
These musings are not intended as sound investment advice, but if there’s one thing Harv’s really great at, it’s MONEY, and all the strategies involved in going from broke to rich.
Harv’s favorite passive income vehicle may vary from yours, but based on who you are as an individual, you can make your money work for you if you're willing to learn how to create passive income with what you have.
The key is to know what suits you best and to do as much research as possible to pave your way to financial freedom and wealth.
If you’d like to learn more about how to create passive income, then click on the offer below.
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Has your Mind ever wondered…
That’s the whole idea behind being financially free…
To live off your passive income so that you can choose whether or not you work, how you spend your time, and where you focus your energy.
Something that has a proven track record and that resonates with you.
Investments are as unique as people, and what works for one person might not work for another.
Harv’s favorite investment structure is the tangible and visible asset of real estate.
And you can learn how to invest in real estate using little to none of your own money!
Here are some passive income ideas for anyone who’d like to know how to create passive income.
Of course, there’s some planning and research involved, but there are opportunities available where you can use very little to none of your own money to generate a passive income in, for instance, real estate.
If you’d like to reap the rewards of wealth and financial freedom, you’ll learn as much as possible and you’ll make these millionaire money habits part of your financial success strategy.
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