Iron-Man Mentality: Correct Mindset to generate Passive Income

Hi there!

The first round of posts have been a bit more of an introduction about the very basics of Passive Income, and also and more importantly, we have been discussing how important it is to develop a correct and strong mindset that will help us to never give up.

So I would like to do a wrap-up post of topics discussed, and actions taken so far, before we jump into the Passive Income World.

We have discussed some common questions before even thinking about starting on your path towards Passive Income:

“I don’t have enough money to invest in passive income”. I’ve used my own example to explain how I managed to generate over £3,600 just by selling my old rusty car, some junk I wasn’t using, and also some cash being generated by renting my free park bay. Your challenge would be to find every single thing that you have at home, and if you don’t use it, sell it. You will see that it’s very satisfying to clean your storage rooms and earn some money at the same time! I challenge you to sell at least 3 items in the next 30 days. You can sell it on Facebook marketplace, Ebay or any other platform you like.

On this topic, let’s not forget that we need to beware of small expenses, because a small leak can sink a great ship. Please take the time to do the important exercise of discovering whether you are a PAW (Prodigious Accumulator of wealth) or a UAW (Under Accumulator of Wealth). Additionally, I challenge you to prepare a monthly summary of all recurrent expenses, and review every line to ensure that you are happy to keep paying for each service. You will be surprised to find quite a few Direct Debits for services that you actually don’t use anymore, or that have become too expensive. If you manage to identify at least 2 of these Direct Debits, and you actually cancel them, you will be headed in the right direction.

I don’t have enough spare time to find ways to invest my savings in passive income”. We have also discussed the difficulties we all have in finding spare time that you can invest in learning new ways to obtain Passive Income. My proposal is for you to prepare a calendar with your daily routine, and challenge it, so you can squeeze in some time for this exercise. Again, as soon as you start being more efficient in your daily routine, and you start increasing your knowledge on different ways to earn Passive Income, you will feel very excited!

I just don’t know what to do with my money… so I will buy a more expensive car instead”. The human brain is an amazing and complex organ that controls our thoughts, memories, emotions and every process that regulates our bodies. In this post we reviewed and flagged those negative thoughts or emotions that our brain can send us, when we are doing something new or different from other human beings in our circle. It’s interesting how we are hardwired to resist the change. A part of our brain called the amygdala interprets change as a threat, and releases hormones for fear or fight. In other words, your body is actually protecting you from change.

However, if we want to succeed in finding new ways of generating income, we will need to make changes in our life. The first and most important one is to “convince” our brain that we are looking for a good change. It seems that we can also “educate” our brain, and to do this, there are a few actions we can take, like printing out some quotes that motivate you and making them visible, or setting up a realistic goal.

As a wrap-up post, I would like you to make sure you have taken the following actions. You can even print out this table, and add a big tick when you have completed each step:

Dear reader, if you have completed all of the points on this TO DO LIST, I can assure you that you are in a very good position to start reading my next bunch of posts, where we will be digging into the various ways of earning Passive Income.

As always, thanks for reading!

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