Building your life around just one means of income brings severe strain. Creating other means of income that yields you returns even when you are not actively so engaged in it helps you put a balance in your finances.
This is one key difference between the rich and the poor. The reason the rich keeps getting richer and the poor keeps getting poorer. In today’s economy, having a passive income seems to be more of a necessity than something of convenience.
Imagine this, you hop on a flight to a resort of your choice. You spend a month reveling on the sand and surf. You don’t even carry out any of your official activities, you are just own your own world relaxing, and then you return to your base, check your bank account, and notice your balance has grown while you’ve been away. You’ve returned from your month-long trip with more money than you had when you started. This can be your life if you create self-sustaining passive income.
“Okay, sounds nice! So if I desire passive income I’ll just sit, snap my fingers and voila! It appears!”
Sounds more like magic, but no, that’s not how passive income works. You should have done something before you expect something, passive income is no magic.
Some of the things you can do and not be actively involved in that can yield you passive income includes;
Shares are portions of a public company stocks offered to the public which makes them a part of the company ownership. You can be actively involved in your basic means of income while you keep getting dividends passively from your shares.
Earning From Businesses/Investments You Own But Don’t Actively Operthe
You can establish business ventures and employ someone to manage it for you while you continue with your basic income job or business. The established business in turn yields you passive income.
Real Estates Investment
This is the buying and selling of houses, lands and assets. You may need directly involved and you can as well run this through an agent.
This is one key means of making passive income. It involves working hand in hand with like minds in creatively building wealth. Many people have shunned this means of passive income as a result of some fraudulent perpetrators, cheap and weak thought out platforms. I’m currently surveying a well thought out MLM/Networking platform that will sure be a booster to your passive income. If you desire a sustainable passive income, stay in touch and anticipate it in my next article.
Having a passive means of income is invaluable. It is a great tool for everyone who desires to keep his finances at balance.
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