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The only real way to significantly improve your income will be to increase your passive or portfolio income.Passive income is the suggested method for growing wealth.
Some decide to downsize their homes in order to free up some money for investment, while others may opt to rent out their existing home and move to a smaller home to generate cash flow, increase passive income and decrease expenses.
Only you can decide how to address your financial situation.
You can’t move forward until you determine where you are right now.
Unfortunately, this basic premise is overlooked by many investors, and it’s a crucial foundation for success.
For those of you just getting started, you’re wondering where to begin.
And the answer is, with taking a good, hard look at your financial affairs in order to develop an accurate, comprehensive financial report card.
Your assets, as you’ll recall, are the things that generate wealth for you, such as investments, savings accounts, stocks, 401(k) plans, mutual funds, real estate, or a business that you own.
Your liabilities are all the things that take money away from you, which might include your credit cards, the remaining balance on your car loan, or the mortgage on your home.
For instance, you might become an expert in buying, holding, and renting small, one and two-bedroom apartment buildings in a particular area of town.
Perhaps you used to live in an apartment in that area years ago and understand the needs of that community and that type of resident.