During our early years, we may not have had the drive to earn money or understand its importance of it. We might be in the comfort of our parents, who usually take care of most of our expenses. I'm not sure about other countries, but in India, children typically stay with their parents, and they generally take care of everything. Only after going to a job do they come to know the world and understand the reality of money-making.
Job is the starting point
Job is just the starting point, and during our job, we will not have the financial knowledge unless we get the exposure from a very young age. When we start earning from our job, we will mostly start planning our spending and sometimes the spending can even be higher than what we are earning and what we can afford. During the early days, we might again be dependent on our parents in despite the fact that we are earning money. The financial knowledge will slowly happen, and that too, not for everyone.
Money for money
When we think about investments, it is a good start to do some basic investment to start with. Starting investments or even think about that at a very young age is a great thing because we will have a lot of time available to take enough risks. After a point of time, our investments should be in such a way that we let money make more money for us.
Stop trading your time for money
During the initial days, we might be trading our time for money. We might work on projects that consume time and pay us money as compensation. That can be a simple thing and attractive during the early stage, but gradually when the money needs become higher, this may not be a great solution. Sometimes we may not have enough time to spend, but we will still be needing a lot of money.
Self-managing business
Starting our own business is always a great thing, and many people think about it but don't start or do anything about it. Businesses that is able to take care of itself is a great source of passive income. Maybe some minimal involvement might be required, but gradually if it becomes self sustaining that will be a great thing because it perfectly suits our need for passive income.
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