More often than not, we end up observing that the really wealthy people spend less time in their offices than their less wealthy contemporaries.
The whole thing seems upside down to some people; especially to those who have grown up believing that they must slog and slog through their youth to get rich someday.
How then, do the really wealthy get by without even going to office every day? How do the rich stay rich and keep getting richer while working fewer hours than the others, and never really slogging?
The truth is, slogging all day and returning home worn out or exhausted is not the secret to financial success. Smart work always outdoes hard work, and smart money management trumps both hands down.
A passive income is an income for which one does not actively work; a source of income towards which one does not really devote much time. A passive income source is a source that keeps providing recurring returns, that are enough to beat the rate of inflation.
Take a closer look at those who you perceive as financially better of than yourself. A lot of the times, they have a ton of family money to bank upon. Unfair as this might seem to some, think about it; these people have a lot of family money because generations of their family members have been involved in strategic financial planning and investment. All these people now have to do is ensure that they keep their finances in check, continue investing, and steadily keep growing their wealth.
They don’t need to go to office the way you do, because they have a regular passive income. Part of this income is used, and the remaining is reinvested appropriately.
You could do this, too, and if it becomes a family pattern, the generations to come are sure to reap the benefits of your forward thinking.
Now, what can you do to start earning a passive income yourself?
Your best bet to retire early and start earning a passive income is to start investing in the right investment instruments at the earliest. Take the right advise; invest regularly, consistently, and without getting sentimental. If you decide to start with mutual funds, make sure you don’t pay unnecessary commissions by investing in Regular Plans. Always opt for Direct Plans.
Once you start earning regular returns from your investments, make sure you save a significant chunk of those returns and keep reinvesting. This way, before you know it, you’ll be spending lesser time running around chasing clients, and more time doing the things you like, while getting richer each day. A good way to reinvest the money is by parking all idle money in Tarrakki ZYAADA. Regularly keep topping up your existing portfolios with the extra cash you have.
Download the Tarrakki App for Wealth Management and Make Your First Investment.