It Was Supposed to Be Passive Income…
Summary
- I once invested in real estate thinking it would be easy, passive income, but it turned into a year-long nightmare that cost me $20,000.
- It's important to do thorough research and understand all aspects of an investment before committing to it.
- Sometimes, opportunities that sound too good to be true might have hidden responsibilities and costs, like managing tenants or failing inspections.
- Before trying to make money while you sleep, focus on learning how to make money while you're awake.
Video
How To Take Action
I would suggest starting with thorough research before jumping into any investment, especially those that promise easy, passive income. It’s crucial to understand all aspects involved. Ask detailed questions about what responsibilities you'll have and the potential hidden costs. This helps prevent surprises like dealing with property inspections or managing tenants unexpectedly.
A good way of doing this is to spend some time reading reliable resources or speaking with experienced individuals. Consider dedicating a few hours weekly to learning about the investment area you're interested in. Whether it's real estate or another field, understanding the basics can save you a lot of trouble later.
Focus also on gaining skills that generate income while you're awake. Work on honing skills in your current job or explore side projects that align with your interests and strengths. It might be helpful to allocate time each day or week to develop these skills or projects.
Think about starting small with investments or projects and gradually increasing as you gain more knowledge and confidence. This way, any mistakes or unexpected challenges won’t have as big of an impact financially or emotionally.
Lastly, don’t rush into opportunities that seem too good to be true. It’s okay to take things slow and ensure you’re comfortable with the level of risk and commitment involved. Careful consideration upfront can save a lot of heartache and financial loss in the long run.
Full Transcript
I had a guy come to me and he was like Lea I see that you're making money and like that's amazing he's like but you need to learn how to make money while you sleep and I was like make money while I sleep that sounds great so this guy's like yeah let me tell you about real estate and actually I have this little business where you know I will essentially buy this real estate for you and then you're just going to get passive money that it generates each month from the renters and I was like all right that makes sense that's logical sure let's do it we buy this rinkadink house this house with the ban of my existence this house was more work than I could have ever imagined because they didn't tell me I'm going to have to manage tenants they didn't tell me the house it wasn't up to inspection so many things I didn't know because they they didn't tell me I didn't research it and I was just told I was going to make money while I slept that house took me almost a year to get rid of and it cost me $20,000 learn how to make money while you're awake before you try to make money while you sleep
