Reviewed by Irene Valentine for Readers' Favorite
Passive Income Strategies to Build Your Wealth: Create Stability, Security, and Freedom in Your Financial Life by Randy B. Wagner. Passive income is not free money. It is your earnings that do not depend on your time invested. Creating an income independent of time requires a long-term plan and focused persistent work. We do not comprehend how time leverages wealth. Find out how to maximize the value of your time in earnings. Track your time daily; it is your number one resource. Live by your own inner scorecard; choose not to spend time or money on activities you don’t value. He mentions many income-generating vehicles and helpful websites with factors to consider. His ideas are sure to provoke your own search in finding areas you are good at instead of focusing on the money. “Let go of the need to get rich quickly.” He clarifies terms like wealth, cash, money, yield, risk, assets, and liabilities. Assets are things that boost your wealth. Liabilities cost you wealth. Wealth is the measure of resources at your disposal. He advises your savings cover six months' living expenses. Your job is essential in providing stability to work from, to create wealth. Settling debt and avoiding interest are both financial freedom tools. The goal of a budget is to get your money working for you.
Randy B. Wagner’s perspectives on goals, focus, mindset, habits, and self-discipline is astute. Although not new, his explanations are succinct. He includes these important components in this 168-page book. He emphasizes hard work and challenging yourself to stretch and grow. You've not been there before. Creating solutions force you to grow. A wealthy life philosophy is to invest in things and experiences that bring you much value. I enjoyed reading Passive Income Strategies to Build Your Wealth, and have begun to take action. If you want to find a way to create more money than your time allows, read this book.