“The key to financial freedom and great wealth is a person's ability to convert earned income into passive income and/or portfolio income.”

Simplified Meaning:

To achieve financial freedom and become wealthy, it's important to turn the money you make from your job into sources of income that earn money on their own. For example, let's say you have a job and you are paid a salary. If you use part of that salary to buy stocks or invest in rental properties, these investments can make money for you, even when you aren't working. This way, over time, you can rely less on your job and more on these investments to pay your bills and support your lifestyle. Think about someone who writes a book. They work hard once to write it, but then they keep making money from book sales over many years without additional effort. Or consider buying a vending machine; once it's set up, it continues to earn money while you do other things. By focusing on creating these sources of income, you can eventually stop worrying about working long hours and instead have your money work for you. This approach can help anyone gain more financial security and peace of mind.