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Focus on acquiring assets that generate passive income from "summary" of The Millionaire Next Door by Thomas J. Stanley,William D. Danko
The most financially successful individuals understand the importance of acquiring assets that generate passive income. These assets work for them even when they are not actively working, allowing them to build wealth over time. One key reason for focusing on passive income-generating assets is the concept of leverage. By investing in assets that produce income without requiring constant effort, individuals can multiply their earning potential and achieve financial independence. This passive income stream can provide a sense of security and stability, allowing individuals to weather economic downturns or unexpected expenses. Moreover, passive income-generating assets can provide a reliable source of income in retirement. By ...
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