Does it seem like the ultra-rich are making money without grinding away every day? That’s not your imagination; they are. Passive income isn’t a trick or a secret, yet it is perhaps the greatest differentiator between the wealthy and everybody else. So, are you making the most of your potential passive income?
Don’t say that these people were born with silver spoons or that you can’t afford to start making money from investments—these are promises to yourself that you will never be wealthy. Financial independence is the freedom to pursue things that you really want to do. Do you want to go on a trip to a foreign country and visit friends for a week? Wealth means you do not have to ask permission. Money cannot buy happiness, but it can free you from the yokes of debt, limited options, and a career that makes you miserable.
Maybe you’re already investing. I hope you are and I hope that you are doing well. But how many days, months or years could you survive without working?
This question is one that I’ve helped thousands of clients answer in my career. Do you have enough passive income, income from investments—not work—so that you do not have to sell off your investments, your home, or your belongings? Do you have enough passive income coming in so you do not have to cut back on the way you live? My wealthiest clients were all able to afford the rarest of things: their own time. If you don’t feel like you have that now, are you fighting to have it tomorrow?
This assessment will help you determine where you are and whether there are steps you could take right now to improve.
Don’t spend anymore time making excuses for yourself. Get the honest financial assessment you need to change your life—start now!
Complete the following sentences with the answers that most closely reflect your current situation. Approach all 12 questions with honesty, and remember, there are no wrong answers.