Rob Rowsell reviews the third act in his Winning the Money Game series. This focuses on the shift to Passive Residual Income (PRI). This involves changing your mindset and strategy for earning and investing your money. Transitioning to exclusively PRI revenue streams is a crucial component to your financial exit strategy.
Passive Residual Income Explained
This third stage of the Money Game focuses on a transition, meaning a “mental shift”. Many of us have an aversion or fear of growing wealthy. We have all heard that “money is the root of all evil”, but did you know that saying is actually a misquote of the Bible? 1st Timothy 6:10 says For the love of money is the root of all of evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows (emphasis in bold by this blog’s author). When we put money in the proper context, we can make that shift in our mindset. Money is a tool to help us live the life God intends for us to, not a false idol.
At this stage of the Money Game, we are shifting from a combination of Active Income and Passive Income to strictly Passive Residual Income. There is a difference between Passive Income and Passive Residual Income. An example of Passive Income is buying a property, fixing it up and holding it awhile, then selling for a profit. Also, you could call that specific situation earning “Capital Gains”. PRI means regular dividends you received from an investment passively – true mailbox money!
As we transition to Passive Residual Income, we need to plan our exit. How and when will we achieve financial freedom? This means no longer being dependent on a job or passive income investment to pay the bills. It also does not refer to the “bag of money” you’ve been saving from your career for retirement. We want a regular check arriving in the mail that will outlast that 401k, and give us the freedom to live comfortably and help others.
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