How To Grow Your Net Worth and Passive Income
Today I’m going to show you How to Grow Your Net Worth and Passive Income.
My name is Mey Duldulao and I used to have a near zero Net Worth most of my life.
Then when I hit my 30s I got a 5 figure NEGATIVE Net Worth. I realized that I didn’t like owing money, paying debt payments and feeling stuck in my job. So I decided to GROW MY NET WORTH and now I have a Net Worth of over $400,000 and growing.
I also remember when I had no idea what passive income was. Sometimes I earned interest in CDs and savings account interest but I always spent it all.
I had no idea that to become financially free I had to make enough passive income to pay for my expenses. So at the same time I decided to GROW my NET WORTH I also decided to GROW my Passive Income.
Through my ups and downs, I have come upon some principals that helped me grow my Net Worth and Passive Income and I’m going to share them with you.
Please leave in the comments how you grow your Net Worth and Passive Income!
Track Your Net Worth and Passive Income
I learned in the Millionaire Mind Intensive Seminar (now known as the Millionaire Mind Experience) that what you focus on expands. So if I want my Net Worth and Passive Income to improve, then I need to focus on it.
So how do you focus on your Net Worth and Passive Income? I track it monthly. This is the habit they taught me when I took the Millionaire Mind Intensive.
So, calculate what your Net Worth is every month and write it down with the Month, Year and Amount.
Do the same with your passive income.
Be Observant, Not Judgmental of Your Finances
It’s important to see how you handle money. Many people are afraid to look at their finances because they feel disappointed in themselves.
When I first started charting my Net Worth and Passive Income it was difficult because I felt like I was a failure. I would get sad when I looked at my NEGATIVE Net Worth and my low passive income.
I still get a little disappointed sometimes when I look at my Passive Income because I still haven’t reached my passive income goal of $3,000/month. However, I still track it every month. I observe what is happening and how I am doing.
I notice some people have a hard time getting started and tracking at all because they are avoiding their finances, whether on purpose or subconsciously.
I understand how you feel.
I used to avoid my mail, and pile it up and not open it. I was afraid of bills and seeing my bank statements.
It is important to observe how you feel about your money. It’s ok and perfect for you to have your current money situation.
You may be comparing yourself to others but that is not fair to you. You are unique and different from everyone else, and you are an amazing person. You are always doing to best you can in the moment that you are in.
So maybe your money situation is not good. I’ve been there. It’s ok. It’s a very common human experience. Just be willing to let go of judgment, and embrace yourself as a wonderful human being.
Now go ahead and track your numbers and observe what you are doing with money.
If you are really having difficulty, then I suggest you join the One Year Finance Freedom Makeover. In this program we meet live on ZOOM once a week and track our Net Worth and Passive Income along with our Cash Flow and Financial Freedom Account.
Pay Yourself First
Pay Yourself First and your Net Worth and Passive Income will grow naturally. What this means is to take at least 10% of everything you earn and put it into a Financial Freedom Account which will make you passive income.
I would start with a high yield savings account, and then maybe use that to invest in Treasury Bills that pay over 5% at the moment.
Of if your work has a 401K with a match then start there, because they give you 100% return on your money when they match your contributions.
As you pay yourself first, and start making passive income, you will naturally start to want to learn how to make more passive income.
Conclusion
If you want to grow your Net Worth and Passive Income, then follow these 3 principles: Track your Net Worth and Passive Income, Be Observant and not Judgemental about your Finances and Pay Yourself First.
You will actually know what your Net Worth and Passive Income is, which is more than most people.
In addition, you will be growing your investments, increasing your assets, and creating passive income!
Be open to growing! If you’re not growing your dying.
So stop and take the time to nurture your financial life. Choose to Grow Your Net Worth and Passive Income and take the actions to do it!!!
Please comment on your experience or any tips you have on how to Grow Your Net Worth and Passive Income!