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4 strategies for intelligent investing (what millionaires do)

2. Understand Opportunity Cost

I’m going to explain opportunity cost a little differently than the standard textbook definition. The analogy I want to present to you means choosing which of these paths to pursue:

  • Manually: Trading your time for income and only generating wealth when actively investing your energy.
  • Automated: Creating multiple streams of income that generate wealth for you, even when you’re sleeping.

Automated seems like an obvious choice, yet the reality is most people say one thing, but do another. They want automated (passive) income, but never take any steps towards learning how to create it.

In order for you to make the switch, you must consider the long-term opportunity cost of only relying on manual, or active, income. Think about how your future will look like 10, 20, or even 50 years from now and imagine how much more of life’s pleasures you can enjoy — IF — you weren’t overworked and stressed.

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