3 Things You Can Do To Build Passive Income

Everyone wants more money. I want more passive income. Here are a few ways to get that:

#1 - Where’s the money going?

This one might seem obvious but don’t spend most of your money on things that don’t build your wealth.

Nice things are nice. But you can have lots of nice things if you focus on building wealth and income streams first, then rewarding yourself second.

That doesn’t mean you should do without necessary things (like a car). What it means is that you should think twice before you buy something. Maybe you can make do with something less expensive but just as reliable.

And then invest the difference. More invested = quicker wealth-building.

#2 - Increase income flow

Cutting back on expenses can be helpful, but nothing moves the needle on building passive income and wealth like making more money.

“Well, DUH Andy. If I want more money, I should make more money!”

And yeah, I get it. But I’m not talking about making more money through passive income.

I’m talking about things like side hustles or extra gigs on the side. Things where you trade your time for money.

Eventually, you want to not be trading your time for money. But when you are just getting started it can be really helpful. All that extra money can go to building your other potentially bigger income streams.

An extra $500 a month that you make is $6,000 a year.

$6,000 in your stock account can bring $2,500 to $4,000 a year in extra income through selling stock options. That’s a big deal.

#3 - Speculate to really move the needle.

An asymmetric bet is when the downside won’t really hurt you very much, but the upside could be life-changing.

For example, I got into crypto mining by spending a few thousand dollars on machines.

If this failed, I would have lost a few thousand dollars. Sucks, but it’s survivable.

However, what ended up happening was I mined lots of different cyrptos. Many failed. But a few took off.

Those made me over half a million dollars and counting.

Pretty good bet.

These types of bets can really build your wealth much quicker. You shouldn’t do these exclusively with all your money, but they are a great thing to layer on top of the safer stuff.

Learn how I did this with mining here:

Challenge for next week: Do at least ONE thing that will help you increase your passive income.

See you in the next one

Andy