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But before we talk about passive income, we need to create a goal or quantize how much passive income we want to generate and time limit for it. This goal should be realistic.
But before we talk about passive income, we need to create a goal or quantize how much passive income we want to generate and time limit for it. This goal should be realistic.
“If you cannot measure it, you cannot achieve it”
“If you cannot measure it, you cannot achieve it”
Goal creation
Goal should be realistic: you cannot expect to have 40-50% return or even 20-25% return each year.
Risk: risk here should be minimal by default. Because only than you can enjoy constant source of income without worrying or actively managing your investments.
Simplest goal creation
Suppose, you currently get Rs 10,000/month as passive income from your property you have rented. You decided that to get financial freedom so that you will not need to do any job, you need atleast 2L/month.
-How much should we invest so that we get 2L/month and achieve financial freedom?
-How many years will it take for us to reach this target?
-We also need to adjust our requirement of 2L monthly income according to inflation.
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