Lazy money and wealth are closely related. If you want to create true wealth, you need to find ways to create lazy money.
Because lazy money is the money that comes to you without too much ongoing effort. Lazy money usually requires considerable time and effort in getting set up, but once set up the ongoing time input is fairly small.
So this means that you need a very different mindset to embark on the journey of lazy money. All wealthy people have learned how to create and incorporate lazy money into their lives.
When you study wealthy individuals they have a number of common traits. So let’s take a look at these characteristics.
- Growth mindset. Wealthy people have a growth mindset, which allows them to see challenges as opportunities, rather than as obstacles.
2. Improve their education. They spend money to learn skills, they also read lots of books to broaden their knowledge.
3. Multiple streams of income. This is really important to have income from a number of different sources. So that if one source has a downturn there are still others producing. Another way of spreading risk across several strategies.
4. Calculated risk. Most investments involve some risk. Wealthy individuals take some time to assess the risk and the associated opportunity for long term gain, before making a decision.
5. Long term goals. The big picture with long term goals is much more important than short term gains. This usually means a certain amount of patience is required. It is no good for those who always want instant gratification.
6. Leverage. The wealthy have learned the skills of delegating tasks, and utilizing the skills of others around, to achieve their desired end result.
7. Goal setting and visualization. Goal setting is really important. These goals can be short term (< 1 year) or long term (5-10 years). In fact it is best to have a combination of short and long term goals. The short term goals will usually allow for some flexibility to accommodate a changing economic environment. Once you have goals then use visualization to bring them to fruition.
8. Networking. Wealthy people spend time with others who are on the same journey. Cultivating relationships with like minded people will help them grow personally and professionally. This is also a good space for business opportunities.
9. Embracing change. The world is constantly changing, and those with a wealth mindset will adapt and pivot when necessary, to move forward.
10. Financial literacy. Wealthy people study and understand how money works. They acquire knowledge about a variety of investments, they understand the tax system, and they are open to wealth creation strategies. They learn how to manage their money efficiently.
11. Time management. The most important resource we have is time. We can never reclaim the time from the past, it is gone forever. Those who are wealthy value time very highly and use it with intention. They prioritize tasks and delegate lower value activities.
12. Resilience. Resilience is one of the most important characteristics of a wealthy mind set. Resilience is the ability to bounce back after failures or mistakes. Failure is part of moving forward in life. The more failures you have the more opportunities you have to move ahead and achieve greatness.
13. Self-improvement. Wealthy people continually search for opportunities to improve their personal and business lives. They are life-long learners and enjoy pushing their boundaries. They understand that to be wealthy they must continually evolve to higher levels. And importantly they must be happy and enjoy the path they tread.