Ways of Creating a Passive Income
Food is up.
Fuel is up (if its not, it will be again soon).
Clothes are up.
Interest Rates are up (if they're not, they will be again).
Flights are up.
Property is up.
School fees are up.
Salaries are NOT.
The cost of living has sky-rocketed and you need more money to live comfortably.
You probably would like to have an extra few THOUSAND Dollars per month. But you
don't have the time or energy to earn that extra income.
Passive income is the answer.
WHAT PASSIVE INCOME WILL GIVE YOU
Besides the rising cost of living, there are other reasons why you would like to earn an
extra income, and more specifically, passive income.
✔
You would love to make a few hundred or thousand Dollars extra every month
to combat the rising cost of living, to spoil yourself or enjoy some extra luxuries,
like: weekends away, a few more romantic dinners, an overseas holiday, more
manicures and massages, or a few more "toys" like a quad bike, jet-ski or a
laptop computer.
✔
You want to start creating a passive income stream while you are still holding
down a job. Your goal is to get to a point where your passive income can
replace the income from your full-time job. Then you quit your job and can start
pursuing your passion, without having to worry about finances.
✔
If you are a working or single Mom, you would much rather be at home, raising
your children. But you have to work to pay all the bills.
✔
Perhaps you are a stay-at-home Mom. You don't need to, or cannot find work,
but simply would love to earn some extra income every month to have more
financial independence.
✔
You would love to quit your job and have financial freedom. Working in a job
may provide a regular income, but most times that income is not enough and
you lose your freedom. You have to do things you don't like to do: be at the
office at a certain time, take lunch and coffee breaks when you are told, and
work late on short notice. Often you are not appreciated, and taken advantage
of.
✔
You are frustrated because you have struggled financially. You are sick and
tired of "being sick and tired". You really want to change your financial future.
You are sick and tired of:
•
Living in debt;
•
Worrying about your financial future;
•
Not having money at the end of the month;
•
Not being able to spoil yourself whenever you want to;
•
Working for a boss;
•
Having to leave your children in day-care all day while you fight the traffic
and your job; and
•
Not enjoying overseas travel.
✔
You want to develop a passive income to provide for your retirement, because
you realize that you have not saved enough to adequately cover your
retirement needs.
✔
Lastly, you would like to earn some extra money, but don't have time to start a
business or the money to invest huge capital. You need something requiring
very little effort and low overheads.
Perhaps you can identify with one or more of the above situations. You are looking for
something that will take you to another financial level.
When you earn enough extra income from passive income streams, you still have
time for other important things.
Creating a passive income stream will give you more money and the time to do the
things you want to do. But above all, it will radically improve your lifestyle without
having to work more hours.
What is Passive Income
A passive income is an income that is not related to your efforts. In other words,
earning money without having to directly work for it. With passive income, the
, whether you work or not.
In
"Rich Dad Poor Dad", Robert Kiyosaki explains that if you want to be financially
secure you have to develop many passive income streams. As long as your income
is dependent on your efforts, you are always at risk. If your company retrenches you,
you have no more income.
To have a passive income, you have to
invest (time or money) in the
beginning
Of course, you have to invest in something that will provide a continuous income. I
have learned from hard experience what is worth investing in and what is not.
