How to build residual income and passive revenue streams
In this episode of David Pere's From Military to Millionaire, the former Marine talks about residual income and passive revenue streams. Because the best way to make money is to let the money work for you, right?
What is Passive Income?
The more passive income opportunities you take advantage of, the faster you make money. And, the faster you build your investment portfolio. Investing is just like lots of other things - the more you work it, the more it works for you. Passive income is ideal for service members because you already have enough going on! Why not find a way to earn extra money outside duty hours without having to do much. This will lead you to exponential wealth building while gaining your most valuable asset: time. With enough passive income, you can retire and have absolute time freedom.
Call it a side hustle or a part-time gig. Passive income is money you're earning with minimal work or effort on your part. Real estate is an excellent source of passive income. The reason? because there's not a ton that you need to do to make money.
One of the best ways to earn passive income is by investing in real estate. With contractors renovating it and property management taking care of anything else, you end up spending very little time per month for the money you earn. Some other ways to earn passive income are by investing in dividend stocks or private money lending to a real estate investor. These opportunities require some effort and research upfront, though they quickly turn into passive income where no more effort is needed once you get it going.
Hard work can also lead to passive income, though that may seem counterintuitive. For example, building a business takes a lot of hard work at the beginning. However, once it becomes profitable enough, you can hire your own replacement or assistants and keep making money off your business with little to no work.
Find Out More about David and From Military to Millionaire
David Pere is an active-duty Marine who is on a mission to educate the military community about financial readiness. Most people hear that term and roll their eyes, but Pere wants everyone to know that readiness can be achieved – without a lot of effort. He teaches personal finance and real estate investing to service members to help increase savings and increase their chances of achieving financial freedom.
Want to learn more about Pere? Check out the Military to Millionaire website, and connect with him on Instagram or Facebook. Subscribe to his YouTube channel here! Take a look at David's book – The No B.S. Guide to Military Life here.
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