How to Quit Your Job and Live off Passive Income

One of the best moments of my life was the day I quit working for a boss. 

I had a boss who bullied me every day. He was an a-hole. I’m sure you’ve dealt with a few people like that too – the naysayers, the negative Nancys, the haters… they’re kind of everywhere. 

Here’s the thing. Life’s full of haters. In fact, the more successful you get, the more haters will come out of the woodwork and try to bring you down. But while you can’t control what other people say or do, you can control the response you give it. 

Will you let their negative energy defeat you? Or will you use their energy in a positive way, fuelling your desire for even greater success? Because the best revenge is success, after all!

And when I’m talking about success, I’m talking about living a life on your own terms, financially free, and having no boss telling you what to do. That’s the dream, right?

So why don’t more of us achieve it?

Why do so many people spend their lives desperately wanting to leave their jobs, stop working for a boss, and do their own thing, but they never do anything about it?

If you want to gain the financial freedom to tell your boss where to go, I’m going to give you my best tips on how to do it sooner.

Tip 1: Have a strong why

Your ‘why’ is your big reason for leaving. It’s what motivates you to work hard every day to create the scenario where you can actually leave, and start to do your own thing.

People are motivated to succeed in different ways. Some are motivated by the idea of being able to provide more for their families, some are motivated by having the financial freedom to go on 4 holidays a year… everyone’s different. 

There’s two main types of motivation. There’s motivation from and motivation to. Basically, does the thought of getting away from a situation motivate you? Or does the feeling of achieving something do the trick?

For example, wanting to get away from office politics at your work is motivation from. Hating the type of work you do every day at your job is motivation from. You want to get away from something.

Where motivation to is when you’re looking forward to something you’re yet to do. It could be an achievement of setting up your own business. It could be the dream of buying a big new house by the beach. It could be having the money to take your family on holidays.

Both types of motivation are important and powerful. Make sure that when you think about why you want to leave your job and gain passive income, you include both types of motivators in your reason. 

Tip 2: Pick your passive income vehicle

There are many ways to get passive income, but most people choose between the ‘big two’: property and shares. While the share market can be a rollercoaster full of risk, property – if you invest right – is a sure thing. 

The Australian property market runs on cycles that result in around 6.8% growth annually. Sure there are dips and rises, that’s what cycles do. But property values double approximately every 10 years. Yes, even with market shocks like the GFC and most recently. COVID-19. Just look at property trends in Australia for the past 50 years and you’ll see the pattern emerge. 

There’s a reason why people don’t say ‘safe as shares’, they say ‘safe as houses’! 

There will always be demand for property because people will always need somewhere to live. And when you can invest in the right properties, in the right places, at the right time, you can build a portfolio that gives you the financial freedom to live however you choose to, without worrying about money ever again.

Beware of the self-employment trap

A lot of people quit their job and start their own business. ‘I’m finally free!’ they think. 

But then the reality sinks in – they’re working longer hours, and often earning less than when they worked as an employee! 

Or they’ll quit their job and get into property, but will spend their time developing or flipping property. While this can result in a short-term payoff, it requires a lot of work – basically, you’ve handed in your old job to start a new full-time career as a project manager!

I don’t know about you, but I view financial freedom as not having to work for my money at all. I want to be making money while I’m sleeping, while I’m out having lunch, while I’m visiting friends, and whatever else I choose to do in my life. And thanks to my property investment portfolio, I do. 

In short: I don’t sacrifice my lifestyle to make my money. And neither should you.

Personal finance expert Robert Kiyosaki illustrates this well through his Cash Flow Quadrant. In each corner of the quadrant, you’ve got the different types of wealth generation. 

As you can see in the diagram above, the best way to leverage the most income for the least work is to be an investor. As an investor, your income keeps building whether you work or not. 

Having a cashflow positive property portfolio gives you this freedom. I personally make around $1,000,000 a year in passive income from my portfolio. The best part? It takes me less than 20 minutes a week to maintain my portfolio.

How to get started building passive income and say goodbye to your job

Building a passive income through property isn’t a ‘get rich quick’ scheme. It takes work at the beginning to set up.

You’ve got to have your right strategy. 

You’ve got to know what each of Australia’s 12,000 markets are doing. 

You’ve got to be able to identify what is a good deal. 

And you’ve got to have the right people around you who can set all your legal, financial, and management obligations up so that you can run your portfolio ‘hands free’.

The good news is it’s entirely possible, and if you commit to taking action NOW, you will be reaping the rewards of your actions within just a few years (or less!)

The key is to get the right knowledge and coaching so that you make the right moves, and avoid the common pitfalls that leave most people stuck at their first property.

At Positive Property Solutions, we’ve helped 100s of Australians create property portfolios that put income in their pocket every week, while also growing assets for a comfortable retirement. 

Take a look what our members have to say at this page: 

And when you’re ready to start your property investing journey, get in touch with one of our friendly team using this booking link.

Or join our 14 day LIVE challenge where I personally guide you to create a blueprint for getting your first, second, third and fourth (and beyond) property. 

Click here to find out more about the 14 Day Live Positive Property Challenge