Michael has worked in the financial services industry for nearly 20 years. He lives in rural PA with his wife, two children, and too many animals. Michael shares his experience, unique insights, and profiles inspirational success stories at Your Money Geek.
Making money while you sleep. Doesn’t that have a beautiful ring to it? I mean, who wouldn’t want to be making some extra money while playing with the kids or while watching a game?
The only problem is that most passive income ideas that you’ll come across are not really passive at all. Since you’re already busy with your everyday life, you won’t want to pick up a 2nd job that you don’t have time for.
Most passive income ideas require you to put in a LOT of work. And doesn’t that kind of wipe out the “passive” in passive income?
The truth is, to generate passive income, you need to invest in an asset that produces passive income for you. Unless you’re making money the old-fashioned way (i.e. inheriting it), or you are willing to put in some effort.
Fame … Fortune … Notoriety … Living like Royalty — Who doesn’t dream of that kind of life?
If I had the chance to be rich and famous, I might enjoy the heck out of it. For a little while, anyway.
So is there a magic formula to become a success? Can you follow certain steps in order to be just like the other super successful people in the world?
Continue reading below to hear what my friend Michael has to say on the subject. Because he’s had the opportunity to interview some really successful individuals, and is sharing everything he’s learned from them.
This article first appeared on The Money Mix, and is being republished with permission.
When You Think of Success What Comes to Mind?
You probably think of a great business leader like Steve Jobs, Bill Gates, or Elon Musk. Right?
Some of you may think of an A-list celebrity like Kim Kardashian or Taylor Swift. There is no doubt they are all successful people.
However, people define success in countless ways. From the amount of money in their bank account to the number of followers they have on Instagram, everyone strives to achieve their own version of success.
If you’re a reader of personal finance blogs, you know that real estate investing is a hot topic. Bloggers plug and review companies like Fundrise, Realty Mogul, and PeerStreet. A relatively new, but highly competitive fund in this space is DiversyFund. The team at DiversyFund asked the team at The Money Mix to take a look at their fund. We’re glad we did.
What follows is a review of our findings and what we think makes DiversyFund unique in the marketplace. At the end of the post, we think you’ll agree that if you’re considering investing passively in real estate, you should give DiversyFund a look.
With that brief introduction, let’s dive in and take a closer look.
Publicly traded REITs
The most common and readily available way to invest in real estate is via real estate investment trusts or REITs (pronounced Reets). REITs purchase a variety of different types of real estate (residential, commercial, multi-family, etc.) Many REITs offer a diversity of these types of real estate in their funds. Most REITs are publicly traded securities offered on stock exchanges via ETFs or mutual funds. The firms offering these REITs must register them with the Securities Exchange Commission (SEC). They are subject to SEC rules and regulations regarding the formation, purchase, and sale of the securities.
The firms that offer them are investment firms. Registration for investment companies offering products is different than those of private investment funds. I’ll explain that shortly.
One of the main levers you can pull to achieve financial freedom is the amount of money you earn.
For most people, earning more money requires getting a promotion at work. Maybe even getting multiple promotions over a career span.
Most promotions usually move you up a level in an organization or increase your compensation. They’ll generally require you to take on more responsibility, pick-up additional projects, or even supervise some co-workers.
In a traditional company, however, there is a specific type of promotion which takes you into a whole different realm of responsibility. It’s where the rules of the game change, and where your preconceived ideas of what you thought you wanted are get tested.
I’m talking about getting promoted to a senior level within an organization. Typically the goal of many ambitious individuals looking to climb the infamous corporate ladder.