This is number #1 rule to build and live a Passive Income Lifestyle:
Always ensure that your assets pay for your lifestyle and your luxuries, and not just put everything and anything on your credit card/tab or from your earned income.
Robert Kiyosaki put it in the best and simplest term to explain what an asset is, in his Rich Dad Poor Dad series:
An asset puts money in your pocket; liabilities take money out of your pocket.
You must be able to identify what is an asset, and what it does, before you can build, buy and acquire more. An asset puts money in your pocket via rental/lease income, dividend or royalties. Assets are businesses, properties, real estate or intellectual properties, be it in full (full ownership) or parts of (such as stocks or shares).
As assets puts money in your pocket periodically, what the rich does is to ensure that their assets provides the income to sustain the level of lifestyle and luxuries they wish to have.
Financially and personally, I find that if you spend your hard earned money and income on lifestyle and luxuries, it isn’t sustainable, because if you want to buy more luxuries and afford continued lifestyle, you then need to earn more income – I prefer to be a bit more strategic, and use my hard earn money to FIRST buy, build and acquire my assets that can fund my lifestyle and luxuries.
When the passive income from my assets can sustain my lifestyle and luxuries, then I have options to take any surplus from earnings from income or from assets to invest in more assets, and this is how the rich get richer – just keep identifying and acquiring more and more assets that puts more and more money in my pocket.
If you’re finding that you have insufficient every month, buying and acquiring assets may not be your first focus, you may first have to ruthlessly cut out unnecessary expenses and combine it with the pursuit of:
JOIN ME IN INTUITIVE, LOVING, GENTLE AND GOOD SUCCESS AND SELF MASTERY THAT ACTUALLY MATTER. NO HYPE. NO BULLSHIT.
Hang around here for some time, you’d see that I don’t well with hype or bullshit. I can smell that typically a mile away, and I hate that shit too.
I’ve been working on myself and on NigelChua.com for years, since 2006, and only in late 2019, I started to focus on intuitive and loving leadership, entreprenership and personal development.
Here are some areas that I work on a consistent, ongoing basis.
See the Tools & Resources I use to improve my life, businesses, health, build passive income and more.
The core topics I cover in NigelChua.com is:
- Eternal life and salvation: Jesus Christ is the Way, the Truth & the Life
- Fix your health: get healthier, live longer, run faster, more energy, fuck more
- Passive Income Lifestyle: Become financially secure by building assets that provides multiple streams of passive income that’s more than your living expenses
- Personal Loving Relationships: Attract, build and grow relationships you love
- Philanthropy: giving to the poor and needy
- Philosophy: Conscious, purposeful and positive living
- Productivity: How to become more efficient and productive in important things. Mastering them causes you take less them whilst increasing productivity.
- Insure yourself and your loved ones (Health insurance is important)
- Add-on Adventures: Become rich and wealthy
- Add-on Adventures: Build businesses that add positive value to your society and life
- Success Principles
Take action TODAY: One year from today, you’ll be one year older. What would you have done by then?