Creating Passive Income
I bet we’ve all heard the phrase, ‘worker smarter, not harder.’ How about a new phrase that says simply ‘work smart?’ What if we worked smart so that we wouldn’t have to work at all? What if we created ways to have money coming in without having to do anything? Well, that’s how I see passive income!
What is passive income you ask? Well, here’s one definition that we can expand upon: Passive income is income that requires little to no effort to earn and maintain. It is called progressive passive income when the earner expends little effort to grow the income. Examples of passive income include rental income and any business activities in which the earner does not materially participate.
Today, we can make passive income from a lot more things than rental property. Think about writing and selling your pieces to magazines, and on-line publications. How about turning one of your bedrooms into an air b and b? Or what about becoming a representative for a multi-level company, building your own team and watching the cash start to flow in! The important thing to remember is that in today’s world, you can create your own vision of what your future holds by watching others and learning from them. Making money has to do with being astute and open to try new things. While not every gig is going to be for you, if you are willing to try, you have conquered half the battle to ‘work smart!’ and creating positive cash flow with which to enjoy life more!