Passive income strategies are not always the easiest to come by. When hearing the term “passive income” it’s likely for many to think real estate or stock marketing investing. However, as most of us probably know, there is much more that goes into generating a durable passive income stream than just knowing it’s something you desire.
According to Pat Flynn (millionaire and passive income earner) there are a few misconceptions about Passive Income that first need to be cleared up:
- Generating passive income is NOT easy and takes a lot of hard work.
- Generating passive income does NOT happen overnight
- Generating Passive income is NOT Impossible
Your Personal Passive Income Strategy
There are many ways to earn a passive income besides using real estate or the stock market. Robert Kiyosaki in his book, Rich Dad, Poor Dad states, “The single most powerful asset we all have is our mind. If it is trained well, it can create enormous wealth in what seems to be an instant.” Kiyosaki goes onto expound about how powerful the mind is, “…if there is a problem, the mind (using its imagination), will come up with the solution.”
The same goes for finding your passive income stream. Of course, if you have an inclination toward the stock market or real estate, by all means pursue it. But if you think there is another way for you to make money, than there is probably another way for you to make money.
One of the wealthiest men in history, Cornelius Vanderbilt said, “I don’t care half so much about making money as I do about making my point, and coming out ahead.”
In context, what a very powerful and telling statement. Vanderbilt amassed one of the largest fortunes in history of $185 billion in today’s standards.
If those looking to build a passive income lived by the same passion of expression that Vanderbilt did, and trusted their imagination the way Robert Kiyosaki suggests, then there might be many more millionaires in this world.
Receiving Income while finding your Passive Income
The wealth strategists at Paradigm Life work with individuals all across the board. From millionaires to younger wage-earners, individuals that come to us are looking for the best ways to be smart with their money.
To facilitate this, our goal is to first educate on how money really works in today’s economy, and second, reveal alternative strategies that generate wealth. One of those strategies being a whole life policy used for privatized banking.
Wealth Building with Privatized Banking
For hundreds of years, the ultra-rich have used cash-bearing life insurance as a way to protect and build their wealth. Whole life insurance is not like term insurance – you don’t just pay for a death benefit – you actually get numerous living benefits. One of Whole Life’s unique qualities is that you can privately bank with it.
Because Whole Life Insurance has a cash value that provides liquidity, individuals can finance high-ticket items, like a car or house, by borrowing against their whole life policy while simultaneously earning a rate of return. This strategy is a profound way to build wealth as an individual is capturing the opportunity cost of their cash.
Passive Income and Your Whole Life Policy
If you, like many others, are nervous about losing income while trying to find your passive income stream, your whole life policy can act as your financial cushion.
Many people who have lost their jobs, or are in the middle of a career change, use the available liquidity from their policy to support their financial obligations. This feature can also allow you the opportunity to get creative and find your passion to further build wealth.
Whole Life Insurance is a foundational asset that can assist you on your journey to financial freedom and finding a passive income stream – allowing the money to chase you, not the other way around.
For more information on Whole Life Policy and wealth building: