I love passive income tips, because I am always looking for ways to trade time for money. That’s what passive income is to me.
I just watched this video on Youtube about 5 passive income tips give in the book Unshakeable. I have not read this book by Tony Robbins yet, but I am sure I will some time in the future. The reason I will read it right now is because I have 2 other books to read first.
Here are the 5 Paasive Income Tips from Tony Robbins:
- The Best time to Invest is during a Crash
We know this one very well. Seeing Bitcoin and Steem prices go down, we know it is for sale and we love to buy it all up on the cheap. So this is easy to do.
- Buy and hold Index Funds
This we have seen is true with bitcoin price over the last 9 years. Buy and hold has beaten most bitcoin investment strategies. But will this always be the case? What if bitcoin price starts going sideways for the next couple of years?
- You don’t need a lot of money to become wealth, but time
I believe in this, but not like the example they give in the book. I believe you can become wealth by investing in the investment with the highest investment grow rate. So you can beat someone investing large amounts but with small rate of return by investing small amounts in high return investments
- Your financial broker will make you broker
I have a laugh when I saw this one. Tony is a poet and it does not even know it. Yes, brokers have huge fees and will sell you what they want to sell you. In other words, where they make the most commission. Take control of your own investments. Don’t hand your hard-earned cash to someone else to invest for you.
- Don’t invest emotionally in your financial investments
Act based on knowledge. Don’t get emotional attached to your investment. It will cloud your judgement. Gain knowledge via education and act on what you have learned to do. We see so many people rush into bitcoin, just because a friend told them to buy bitcoin. Educate yourself on bitcoin first before you invest blindly.
Here is the full video on the 5 tips to passive income:
Please comment below with your thoughts on passive income. Do you like passive income?
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Colin Brazendale
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I am a successful bitcoin cloud miner and affiliate of Genesis Mining and USI Tech. I have been mining for the last 19 months. I highly recommend Genesis Mining and USI Tech to earn bitcoin and make money online. I believe it is more important to earn income than hold assets. That is why I recommend mining crypto and blogging on Steemit.