Linear income is what you get from a job You work for an hour and get paid once for that hour's work.
Passive income is when you work once and you continue to get paid from work that you're no longer doing.
The way to become wealthy is to have a steady flow of passive income which successful investors can attest to.
Initially, they work long hours, save up enough and then invest.
Later, their money starts working for them and gives them investment returns in the form of capital growth and rental returns.
Rather than getting another job, the wealthy people know they need to send their money out to work HARD for them.
A system for making money is something that takes the emotion out of your investment decisions and makes the results more reproducible.
Over the years, successful investors do things in a certain way that help them become rich while others continue to do things differently and in general, tend to struggle.
To get rich and how to make sure you do, do consider these six simple reasons:
- Don't wait too long to start investing.
- Don't let fear stops you from getting what you want, especially in terms of money.
- Don't wait until you know enough or too much from getting started.
- Don't forget to focus on both linear and passive incomes.
- Don't neglect developing and using systems for making money.
- Don't be impatient.