In 2020, there are limitless ways to gain financial freedom. One of the best methods is having passive income through investments and businesses. Dan Lok, the founder of the Vancouver Entrepreneurs Group, shares his knowledge about passive income and financial freedom.
In this Landmark Financial Seoul review, you will find out more about having businesses to attain financial freedom. Read on to find out what Dan Lok has to say about these.
It’s Not How Much Money You Make
Aspiring entrepreneurs already in the business for many years forget the very reason why they want to be in the industry in the first place. A good investor doesn’t count how much money he makes, but how he makes money, consistently innovating, and improving methods.
According to Landmark Financial Seoul Review, people have different reasons why they want to enter into business, such as sustaining their children’s needs and securing their future, helping other people, and attaining happiness. However, people become too busy making money, forgetting their first reasons or initial motivation.
Before talking more about passive income, you should first talk about the other types of earning money. These methods have different ways to generate revenue. Here are four types:
- Linear income – trading hours for dollars or paycheck, and the more you work, the higher the amount of money you’ll earn.
- Leverage income – earning money from other people’s talents and skills, such as contracting.
- Windfall income – comes from shares, inheritance, appreciation of real estate, and other windfall acquired income.
- Passive income – your money generates over time without any activity from your end. Renewals and rentals are some examples.
In the beginning, you earn linear income; then you learn to gain leverage income. In the long run, when you have enough money to invest, you will make passive income. This type of income will help you generate more money than working your day job.
Factors Blocking You From Earning Passive Income
Financial freedom is a myth that blocks you from earning passive income. Most people don’t want to retire but do the things that retired people do. That’s why they want financial freedom or not to work anymore and receive passive income.
Just because it’s passive does it mean it’s permanent. It won’t last forever. It also doesn’t mean you don’t have to work anymore. You have to work still and maintain it. Financial freedom is a fantasy. It doesn’t exist, according to Dan Lok.
While passive income aims security, it is hard to generate this type of income as it takes a lot of hard work, as what Landmark Financial Seoul review also says. Passive income is not effortless, and you can’t generate passive income overnight.
Aim For Financial Confidence
Equip yourself with the right business knowledge and skills, so you can make money wherever and whenever you are. Once you have developed the necessary knowledge and skills, you’ll feel more confident to enter into any business or investment you want. While financial freedom may not be absolute, you can work your way towards having enough money to retire.