If you want to achieve financial security and freedom, then it is time to start building your passive income streams. There is just no way around this – the only way you will reach your full potential with money is by learning how to generate more of it without actually working for it.
I am a big believer and proponent of Good Success, which comprises of a few different areas to master:
- Financial Security & Freedom – Building assets that provides value over and over again, and being paid passively over and over again
- Embracing Good Mindset & Values – being kind, doing good, doing the right thing though it’s not popular, teaching, philanthropy etc
- Health, Fitness & Well Being
- Relationships & Love – includes parenting, love between individuals, colleagues, family etc
- Pursuing God, Spiritual Matters and sometimes, Serendipity
These Five make our lives in general.
Of the five, The First is the most important – if we cannot free up our time by having streams of passive income streaming automatically into our lives, we may spend most of our waking ours stuck at our work – take this as the Key to unlock our time (time freedom) which allows us to grow, learn and explore the rest of the higher level living and achieving and fulfillment.
The good thing about passive income is that it’s a learnable skill that can be replicated over and over again. Buuuuut it takes time, lots of effort and consistency…so get started now if you want the best chance at success in achieving true freedom.
The options that you can consider to help you achieve time freedom (in my life experience and conclusions) are:
- Find a high paying job (or learn a high paying skills – usually sales or decades into becoming senior management) and invest into dividend stocks. This usually takes a lot of energy so usually people cannot have side hustles due to the intensity of this approach. Most people aspire to be here.
- Have a regular 9-5 job and save more to invest into dividend stocks and pick up a side hustle outside the 9-5. This is what I recommend most people because it doesn’t take decades to learn how to build an online business which can accelerate income (then take this income and invest into dividend stocks)
Another way is to cut down costs aggressively (this is usually doable only if one doesn’t have dependents such as children as well as high expenses). If you don’t have a regular income yet, get a regular job first…and don’t quit your job for your side hustle UNLESS or until your side hustle makes at least 50% of what your 9-5 pays you.
In fact, you can keep your side hustle and keep working your 9-5 because your 9-5 has other perks such as socialization, learning beyond comfort zone, paid leave and even medical insurance (usually).
But, you still need streams and streams of passive income to become free – there is just no way around this.
I’m the founder and writer here at NigelChua.com; as well as serial entrepreneur, therapy business entrepreneur, digital entrepreneur, investor and also happy husband, father and Christian.
Started and sold off a business for 7-figures; built another 7-figure one and growing it further, plus building/investing into other businesses and investments as well as advisory works.
Nowadays I share and teach entrepreneurship, financial independence, retiring early as well as building and living a life you love.
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- I recommend everyone to learn to start an online business for so many reasons: low cost, valuable skill (marketing), potential for passive income, it works 24/7 for you and no income ceiling. There's a free membership at this platform which I'd been part of since 2015 and it's where I learnt how to earn my first $100 online. See you on the inside.