Let me share with you my biggest, most audacious goal: financial freedom.
Financial freedom is more than just having discretionary cash in your pocket. Financial freedom means that you never have to lift a finger for the rest of your life. Money flows in each month without requiring your time.
Sounds like a fantasy, right?
Yet plenty of people have created a steady stream of passive income for the rest of their lives. Their passive income pays all their expenses. They’re financially free.
There are plenty of ways to achieve this. Some people buy rental properties. Some people invest in dividend-yielding stocks. And some live off their royalties as an author or a photographer.
All of these are paths toward passive income. None are inherently better or worse than the other. But there’s a big difference between these approaches.
If you choose to invest in the market, or buy real estate, you’re risking a lot of cash. If you opt to collect royalties through photography and writing, however, you don’t have to invest a fortune.
You’ll need to spend time – time writing, time photographing, time editing, time learning – but you won’t need to spend as much money. That’s the difference between chasing passive income through writing and photography, or chasing it through real estate and stocks.
Your investment is in your time here and now, learning your craft and getting started.
So which would you rather invest? Time or money? And does it change your answer if that time is spent developing a skill you love, like writing or photography?
The choice is yours.
[Editor’s Note: Learn more about opportunities to profit from your travels (and even from your own home) in our free online newsletter The Right Way to Travel.]