Everyone wants to be financially free. that goes for me too. Now, what's your own definition of financial freedom? For me, it's simple. It means the ability to live your preferred lifestyle without you having to work or rely on anyone else for money.
Hence to achieve financial freedom, you would need to earn money without working. That's when passive income comes into the picture. To be "free", you would need to generate enough passive income such that it exceeds your expenses.
There are primarily 2 types of passive income. First is "money working for you". Second is "business working for you".
"Money working for you" includes investment earnings from financial instruments such as stocks, bonds, T-bills, money markets, mutual funds, as well as assets that appreciate in value and can be liquidated for cash.
"Business working for you" includes rental real estate, owning vending, network marketing and internet marketing, just to name a few.
In conclusion, you can never achieve financial freedom through just your hard-earned income. You will need passive income to help you achieve the ultimate goal.
Work hard, But also Work SMART.
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