Konstantin Lichtenwald based in Vancouver has helped many people take strong financial steps to improve their lives and avoid serious struggles later in life. Unfortunately, many people may still struggle after the COVID-19 pandemic hit in 2020 and aren’t sure where to move forward in 2022. Here are a few of the most critical steps that you can take to regain your financial freedom and personal strength as a person.

Financial Steps That Konstantin Lichtenwald, Vancouver, Suggests for 2022

As 2021 ends and 2022 looms, it is crucial to take steps to begin preparing for your financial future. Not only should you be looking to establish a strong level of active income but passive income. Much of your money should be going towards investments, Konstantin Lichtenwald says, to ensure that you can retire with ease and avoid any long-term financial struggles as you age. 

What steps can you take to begin this planning process? First, looking into any self-funded retirement plans is essential if your job does not offer one. For example, there are personal 401k plans that will grow in stature as you invest more money into them. These funds can provide you with a strong level of passive income and personal capital, making your retirement easier and more effective. 

What exactly is passive income? Konstantin Lichtenwald, Vancouver, often helps many clients who’ve never heard of this term and who have set up almost no passive income network. Of course, your job is your primary active income source because it requires you to work actively to expand it. However, passive income grows without your constant active involvement and provides secondary sources of revenue. 

The most obvious form of passive income is probably real estate. Buying a few homes and renting them out provides you with a constant stream of passive income that you can use in many ways. For example, if you buy two houses with mortgages of $500 each, you could rent them out for $1,000 to earn an extra $500 per home every month or a total of $1,000 extra. 

Convert that passive income into other sources, such as trying out affiliate marketing (promote another company’s products on your web content), e-commerce (buying and selling goods), and stock investments. The latter option will require you to actively engage with stocks at points, though if you set up stable and low-gain long-term stocks, you can just sit on them and let them build for you. 

Konstantin Lichtenwald, Vancouver, strongly suggests a financial adviser before starting any of these steps. Too many people try to handle investment on their own without the help of an expert. While you might be able to invest in things like Bitcoin for a potential high-yield profit, these often volatile investments can wipe you out quickly if you don’t have an adviser who fully understands their risks.