MINDSET
MONEY TALK
The 7 Steps To Financial Freedom (PART 1): EXPLORE AND LEARN HOW PASSIVE INCOME VEHICLES DRIVE YOU TO FINANCIAL FREEDOM STEP FOUR
by Gene Powers
T his series summarizes in brief form the fundamental steps to attain financial freedom—when your money earns enough that you work only when and if you choose to. In Step 3, we covered the need to act on basic financial principles. Now, move on to EXPLORE and EDU- CATE with a focus on learning specif- ic passive income investments that can build your financial freedom. Since you will most likely live with your passive income investment choice(s) for the rest of your life, it is essential to understand and make your choice well. Once you are committed to attaining financial freedom, you naturally want and need to study and explore the world of passive income opportunities. As- sess your strengths and preferences, listen to/study with various experts/ teachers to make a good choice of the passive income vehicle that suits you. You will invest considerable time and money to also become an expert investor in this arena, and this investment vehicle will be the foun- dation for carrying you to the passive income levels you desire. The more exploration and study you do, the more likely your choice will be well-suited to you and be one you love doing, which makes it much easier to attain your financial
freedom. In our exploration, my wife and I discovered, studied, and consid- ered over a dozen different passive income investments. We did this during a one-year period involving intensive exploration and education. Not all vehicles matched our skills, resources, talents, and preferences. We found three investment types that we were attracted to and that seemed to make sense for our skills and preferences; we went on to do deeper trainings on these invest- ments taught by already successful mentors in these areas. Mentors/educators do truly desire the success of their followers, and they know that the failure to begin due to fear and discomfort is simply the #1 roadblock to success, so they will often avoid speaking of or focusing on the negative areas. It is your responsibility to follow up and ask about the downside risks at the point you are seriously considering an investment type. Choose wisely who you will learn from. Does this mentor have a track record of success? Have they achieved what you are wanting to achieve? Are they forthright and transparent about risks when you ask? Specifically, if you want to be a
multimillionaire; only work because you choose to (and not because you have to); and/or want to be healthy and full of vitality, then you must find a mentor who has achieved one or more of your goals, at least at the level you hope to achieve, and pref- erably beyond. Learn everything they can teach about that area and assess why they don’t have the others. If you find one mentor that has achieved all three, they are worthy of your time and devotion to learn everything they can teach. If you are going to devote a good portion of your life, money, and energy to pursuing the big goal of creating enough passive income to live your big dream and desired lifestyle, make sure your mentors
94 | think realty magazine :: october 2020
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