Plan your lavish lifestyle
A lavish and wealthy lifestyle is what most of us are looking for. But the definition of a lavish lifestyle differs from person to person. Whatever your definition of such a lifestyle is, it typically goes together with a nice amount of passive income to help obtain and maintain that lifestyle.
More passive income means more wealth and more money you can spend. It is very simple, more money equals more abundance. Some passive income streams can indeed make more than $1000 a month. If it only was that simple and easy.
Creating heaps of passive income to fuel your lifestyle requires some planning (and hard work). You can try setting up a stream of passive income and see where where the ship ends. But that's not the right approach, better is to have a plan. I'll show you an example of such a 3-step plan.
More passive income means more wealth and more money you can spend. It is very simple, more money equals more abundance. Some passive income streams can indeed make more than $1000 a month. If it only was that simple and easy.
Creating heaps of passive income to fuel your lifestyle requires some planning (and hard work). You can try setting up a stream of passive income and see where where the ship ends. But that's not the right approach, better is to have a plan. I'll show you an example of such a 3-step plan.
Educate yourself
You are already on the right track by reading this blog post about passive income.
What most people learn about finances at school is just the very about of it. There is so much more to learn. And for me, the best source is by reading books (see Books that influenced me).
But books are not the only available sources:
What most people learn about finances at school is just the very about of it. There is so much more to learn. And for me, the best source is by reading books (see Books that influenced me).
But books are not the only available sources:
1. Books :
If you like reading, reading a well-written book about a specific topic is so much more worth it than following expensive courses. You'll spend much less money by reading books (find 2nd hand books) than by getting an entire college education. And I'm sure you'll get more knowledge from it too.
Not only read about financial topics or about passive income, but also try to read biographies of successful entrepreneurs. This will give you insight into how they think and work.
It may sound a bit crazy and weird, but the most you can learn from people who have failed (or your own failures). Their stories contain lots of useful information that you can apply to yourself.
Not only read about financial topics or about passive income, but also try to read biographies of successful entrepreneurs. This will give you insight into how they think and work.
It may sound a bit crazy and weird, but the most you can learn from people who have failed (or your own failures). Their stories contain lots of useful information that you can apply to yourself.
2. Follow financial blogs and websites :
The internet is full of good learning material if you want to become financially smarter. You're already on the right way by choosing this site as a source for learning:-)
But there are many other good sites, newsletters, and blogs that can tell you everything you want to know (from beginner to expert).
Some of the websites I regularly visit are:
- Investopedia
- The Motley Fool
- Nerwallet
When you're a beginner looking to learn the basics of personal finance or a more experienced investor, these resources can be a heaven for valuable insights and can guide you to succeed in managing your money and building wealth over time.
But there are many other good sites, newsletters, and blogs that can tell you everything you want to know (from beginner to expert).
Some of the websites I regularly visit are:
- Investopedia
- The Motley Fool
- Nerwallet
When you're a beginner looking to learn the basics of personal finance or a more experienced investor, these resources can be a heaven for valuable insights and can guide you to succeed in managing your money and building wealth over time.
3. Listen to Podcasts :
If you are not interested in reading books, you can always listen to the e-book version.
Another way to learn while listening is podcasts. Podcasts are a convenient way to learn about money and passive income while on the go. Some podcasts I recommend are:
- The Dave Ramsey Show
- The Minimalist Podcast
- Afford Anything
- Biggerpockets Money Podcast
By listening to these podcasts, your financial knowledge will increase, you will gain valuable insights and as a result, you will be more motivated to take action to achieve your goals and set up passive income streams.
Another way to learn while listening is podcasts. Podcasts are a convenient way to learn about money and passive income while on the go. Some podcasts I recommend are:
- The Dave Ramsey Show
- The Minimalist Podcast
- Afford Anything
- Biggerpockets Money Podcast
By listening to these podcasts, your financial knowledge will increase, you will gain valuable insights and as a result, you will be more motivated to take action to achieve your goals and set up passive income streams.
4. Join online communities :
Believe it or not, online communities dedicated to finance and passive income can be great for knowledge.
I plan to set up a Discord server dedicated to generating passive income streams (stay tuned for this). But there are many others too, like:
- Reddit
- Quora
- BiggerPockets
On these platforms you can connect with like-minded people, ask questions, ask for advice, discuss financial stuff, and share ideas and stories, ...
These online platforms can offer valuable resources and support to help you on your journey to a lavish lifestyle.
I plan to set up a Discord server dedicated to generating passive income streams (stay tuned for this). But there are many others too, like:
- Quora
- BiggerPockets
On these platforms you can connect with like-minded people, ask questions, ask for advice, discuss financial stuff, and share ideas and stories, ...
These online platforms can offer valuable resources and support to help you on your journey to a lavish lifestyle.
Formulate a plan for yourself
Your idea of a lavish lifestyle probably will look completely different than mine. There are many variables you have to take into consideration when you start to develop your passive income plan. Some of the things you have to consider are:
- Your age and the timespan in which you want to achieve it.
- What are you passionate about
- How much risk are you willing to take
- You already have savings or other passive income streams
- What will happen if this doesn't work out?
and so much more ...
For me, this is very easy and straightforward:
- I am 51 years young and I plan to live 52 more. So time is no issue at all for me.
- My passions are playing padel, reading books, and everything IT-related. That is why I decided to start this blog and take you on my journey to generate various passive income streams.
- I am a very safe person (my wife says I'm boring on financial level), not willing to take any risks when it comes to finances. That is why I decided to put every month a fixed amount of money aside to buy dividend stocks. Probably the most boring way to generate passive income but hey, it suits me. Also, the idea of this blog is to make passive income without any investments or costs.
Besides my dividend portfolio, I have a savings account that allows me to live a perfect life (for me) here in Bali, but a little extra is always welcome. I also wanna go to Maledives on holidays or buy a nice car or bike.
So, what you do want to achieve in a short timeframe and in the longer run? You may dream but also have to be realistic. Some passive income ideas can generate lots of money but it also requires lots of time (or money) and commitment.
- Your age and the timespan in which you want to achieve it.
- What are you passionate about
- How much risk are you willing to take
- You already have savings or other passive income streams
- What will happen if this doesn't work out?
and so much more ...
For me, this is very easy and straightforward:
- I am 51 years young and I plan to live 52 more. So time is no issue at all for me.
- My passions are playing padel, reading books, and everything IT-related. That is why I decided to start this blog and take you on my journey to generate various passive income streams.
- I am a very safe person (my wife says I'm boring on financial level), not willing to take any risks when it comes to finances. That is why I decided to put every month a fixed amount of money aside to buy dividend stocks. Probably the most boring way to generate passive income but hey, it suits me. Also, the idea of this blog is to make passive income without any investments or costs.
Besides my dividend portfolio, I have a savings account that allows me to live a perfect life (for me) here in Bali, but a little extra is always welcome. I also wanna go to Maledives on holidays or buy a nice car or bike.
So, what you do want to achieve in a short timeframe and in the longer run? You may dream but also have to be realistic. Some passive income ideas can generate lots of money but it also requires lots of time (or money) and commitment.
Find the right strategy
Now time has come to find the strategy that suits you the most.
For me, it was blogging. I have lots of spare and I like writing (I don't know if you like my style or not, I just like it). And having lots of spare time also means I can do lots of research for every post I write.
For a few years, I have been fascinated by the idea of passive income. And when you combine those 2, you get this blog.
I am aware that it will take a long time to generate some income from this site, but that isn't a problem either. I just want to try things out and educate people.
If you have lots of money, I would suggest to start investing in dividend stocks or real estate. Or maybe, if you're a real entrepreneur, starting a business might be the best option for you.
If you don't want to spend money on starting earning passive income, I recommend you to visit 9 passive income streams on a tight budget. But in the end, you always have to invest something. If it isn't money, it will be your time. Nothing comes for free in this world.
Some types of passive income allow you to earn money with a minimal amount of effort. Some can result in quick returns, while others (like a blog) can take months before you see any results. And if you play it smart, you can use the profit from one passive income to invest in another.
That's why you need to have a plan, with your expectations, your starting capital, and the timeframe in which you want to achieve your desired lavish lifestyle.
For me, it was blogging. I have lots of spare and I like writing (I don't know if you like my style or not, I just like it). And having lots of spare time also means I can do lots of research for every post I write.
For a few years, I have been fascinated by the idea of passive income. And when you combine those 2, you get this blog.
I am aware that it will take a long time to generate some income from this site, but that isn't a problem either. I just want to try things out and educate people.
If you have lots of money, I would suggest to start investing in dividend stocks or real estate. Or maybe, if you're a real entrepreneur, starting a business might be the best option for you.
If you don't want to spend money on starting earning passive income, I recommend you to visit 9 passive income streams on a tight budget. But in the end, you always have to invest something. If it isn't money, it will be your time. Nothing comes for free in this world.
Some types of passive income allow you to earn money with a minimal amount of effort. Some can result in quick returns, while others (like a blog) can take months before you see any results. And if you play it smart, you can use the profit from one passive income to invest in another.
That's why you need to have a plan, with your expectations, your starting capital, and the timeframe in which you want to achieve your desired lavish lifestyle.
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