Passive income, everyone talks about it but many people don’t believe in it. Yet, it’s perfectly achievable. Passive income is income that you get through the ownership of investment assets. They pay you money while you do no work. Passive income is the best kind of income because there’s no limit to how much money you can make, in theory, when it’s your money working and not you.
Mindset is the key to making a passive income and here’s what you need to know about that mindset in order to make it work for you:
- You have to make a choice to earn a passive income. Investments can’t make themselves (it would be awesome if they did). If you want your money to work for you the first step is to choose to make that happen.
- You need a plan to make passive income. Some investments are better than others North Sea Oil is better than Snake Oil. Rental properties in high demand areas are usually better than rental properties in remote corners of the outback. You don’t need a complicated plan but you do need some sort of plan.
- You need to get some help to get started. You need to choose to reach out to get the information and support you need to begin making a passive income. You weren’t born a natural investor, nobody is but it’s something you can learn and develop. You don’t need to be a genius to make a passive income but you have to be open to ideas.
- You need to make passive income part of your day-to-day routine. Developing a passive income that’s worth having means developing the habit of making passive income part of your life. It’s not one investment and then forget about it. It’s a continuous process of investment and improvement.
- You need an objective beyond money. A love of money above all else can be ugly. You don’t create a passive income to be able to boast about riches, you do it to take care of yourself and your family forever. A mindset that is focused on helping rather than taking makes all the difference to being committed to this.
- You need to be open to continuously learning. The world changes. A good investment today may not be the best investment in 10 years’ time. Your mindset towards passive income must accept and cherish change. Your ability to grow and produce even better results is one of the most fulfilling moments of seeking passive income.
- You need continuous focus. Focus is a facet of mindset. You want financial freedom and you want passive income and if you want those things; you have to focus on them. They won’t happen without your conscious intent. This is true of anything we want in life if we really want it, we have to focus and take action.
Uncertain How To Change Your Current Mindset To An Empowering One Focused On Passive Income?
That’s OK, you’re not alone. This change can feel quite daunting when you first think about it, though I can promise you – it’s easier than you might think right now too. So, why not use a coach to help develop your mindset and to support you in your journey? Check out my Abundant Mind Toolkit and see how useful it can be to get this support.