On September 3, ISM data showed that the U.S. manufacturing index rose slightly in August from July’s eight-month low, and the employment situation improved, but the overall trend still pointed to weak manufacturing activity.
Us ISM manufacturing index 47.2 in August, expected 47.5, compared with 46.8 in July, when ISM manufacturing PMI hit its lowest reading since November last year. 50 marks the difference between growth and contraction.
The ISM manufacturing PMI is the first major gauge of the U.S. economy this week and is closely watched as Wall Street uses it to gauge whether the U.S. economy is headed for a soft landing. More importantly, it also has important implications for the Federal Reserve’s decision at its September 17th meeting. The Fed is expected to cut interest rates for the first time at its September 17-18 policy meeting. A 25 basis point cut might be accepted smoothly by the market, a 50 basis point cut might spook the market, the market would think that the economy is worse than it thought, and the stock market would be very volatile. Let’s wait and see! No matter how the economy develops and how we wish to achieve financial freedom as soon as possible, we, the citizens, must plan our own future. We must learn to create passive income to achieve financial freedom faster. Here are four signs you can jump from wealth to wealth:
1. You need to have multiple sources of income, in addition to working 8 hours.
If you have more than one source of income, this may indicate that you are moving into the upper class. In addition to your 8 hours of work income, there are other types of income such as: you may have rental income, investment dividends, or side business profits to supplement your additional income. If you’re looking for ways to get rich, consider creating multiple sources of passive income, such as starting a side business, investing in real estate, or putting your money in stocks.
2. You want to invest in long-term assets and have passive income to live on.
Many people in the middle class own a home, have a mortgage or other debt, but if you no longer have debt, and you have been making capital gains on your investments, that is, you have moved out of the middle class and into the ranks of the rich. As a middle class person, you may have a stable income and be able to live above and below your income. Owning a home is probably your biggest investment to have true wealth: it is your net worth that needs to grow so much that you have to rely on investing and reinvesting to reach wealth freedom with passive income assets sooner rather than later.
3. There must be continuity in making money.
The definition of wealth is not all about how much money you make this year, but the continuity of your money, whether your capital/principal can continue to generate profits for you, so that you can generate income while you sleep. In order to be rich, you must have assets that allow you to enjoy a rich standard of living without losing money and hurting your economy. In the current era of high inflation, an average net worth of $3 million is considered wealthy.
4. You have built up some profitable properties and assets.
If you create property assets that consistently make money, such as a business, or a property real estate company, it may also be a sign that you are no longer middle class. To build wealth, your income must be based on something that generates profit. You can put the money into savings and investments, such as stocks or real estate that earn interest dividends in the stock market, or invest in a growing real business.
