The Milky Way at night, over Porthgwarra beach in Cornwall

The Milky Way at night, over Porthgwarra beach in Cornwall© Provided by The Motley Fool

Warren Buffett famously said, “If you don’t find a way to make money while you sleep, you will work until you die”.

Here’s my simple plan geared towards achieving this goal.

Focus on the long term

Rome wasn’t built in a day, as the old cliché goes. It’s going to take time to construct a portfolio large enough to generate sizeable passive income.

To me, then, 2025 is just another year of building up my portfolio. This Foolish perspective helps me avoid taking unnecessary investing risks.

The opposite to this approach is to try and make as much money as quickly as possible. But this might lead me towards meme stocks, pre-revenue penny shares, and other high-risk/high-reward ideas.

Ironically though, following this get-rich-quick strategy means I could end up with far less than I started with. As Buffett also famously said, “Rule number one: never lose money. Rule number two: Never forget rule number one“.