Hello Forevercashers, and welcome to Forever Cash Friday!
I have a special challenge for you this weekend – decide what your first investment will be. You already know where you need to get to: if you need $10,000 a month to continue living your current lifestyle, you need to focus on something like twenty assets that produce $500 a month each. Or ten assets that produce $1,000 a month, or two that each produce $5,000 a month.
Start small – start with your first asset and reinvest the money it produces. Here are a few ways to generate cash flow that you don’t work for:
- Buy a rental house that is cash flow positive in an area of the United States where they are cheap. (Yes, there are areas of the United States where you can buy good houses for $50,000–$100,000 and rent them for $700 to $1,100.)
- Buy tax-lien certificates (Temporary Cash) that are secured by the government.
- Buy land and flip it with seller financing at a high interest rate (and high profit margins) (Temporary Cash).
- Buy dividend-paying stocks that pay annually (Forever Cash).
- Buy a mobile home lot with a mobile home on it and sell the home with seller-financing (Temporary Cash) but leasing the lot underneath (Forever Cash).
- Write and publish short books on Amazon.com for passive cash flow based on royalties (Temporary Cash).
- Apply stock options strategies for cash flow (Temporary Cash).
- Build online subscription services that people pay you monthly to be part of (Temporary Cash).
- Put up an Internet banner ad for an affiliate product and get commission when that product sells (technically One-Time Cash, but a good banner ad can produce many sales a day for a long time without having to change it and mess with it so it qualifies as Temporary Cash).
- Build a network marketing organization that is self-sustainable and provides monthly stable cash flow (Forever Cash, if built right).
- If you have more money to invest and you have some business experience, consider buying a simple cash-flow business that doesn’t require a lot of time to manage (like a coin laundry or a small car wash; they are cash cows if done right) (Forever Cash).
When you realize how these initially smaller numbers compound and fuel each other and add up to a nice, big number after just four to five years, I believe you will start looking at any financial transaction of your life differently.
I hope to hear good things on Monday! Have a great weekend!