The truth about Passive income

What is passive income? Passive income is income generated without being actively involved, aka making money while you’re sleeping or not working. Sounds great right? While “passive income” is never 100% inactive – you must invest your money, do your research, and make a decision – you can indeed make money while you sleep and not work for it.

The key to passive income is your earned income. You need to get great at your job and make money so you can then invest and make your money work for you! Your income is the most powerful tool for building wealth with passive income. Without earned income (the money you make working for at your job or business), you cannot make passive income. Get great at making money and get great at your career or business so you can then go after passive income.

Investing in real estate with someone who does all the work for you is the best way to create passive income in real estate investing while still working and creating your earned income. It takes a tremendous amount of expertise, knowledge, and boots on the ground to buy quality assets that produce income and appreciate over time.

If you want passive income, find someone who does this and has the infrastructure. Then give them your money to put to work on a piece of real estate, then collect the payment and benefits that go along with it. You can keep running your business and generating income to keep reinvesting into passive income, and over time, the monthly passive income will increase. This is a strategy to create wealth and actual passive income. You can do this as a career as well, but that is a different strategy that is not passive.

You need passive income so you can take care of your family, church, charities, and your community. Even if you think you don’t need the income, they do. With passive income, if God forbid something happens to you or suddenly you are unable to work, the investments you made will take care of your family and financial obligations for the future because of the decisions you made.

Grow your earned income and create passive income
If you want to learn more about investing passively with Lease Capital, schedule a call today!