Each of us should be striving to have money working for us instead of the other way around. Most of us know about getting a job and then getting up and working at that job Monday through Friday for as long as they let us work there. That is not the only way to provide for our families.
What is passive income?
Passive income is money that is earned from doing nothing, or almost nothing. Getting up and going to work is active income. You have to do something to get it. If you don’t do something then you don’t get the money. Passive income is the opposite. Investments are passive income. Books, songs, and films are passive income. Once you’ve created the thing, it can be sold in perpetuity with little to no more work from you. It’s a truly beautiful thing.
Why do we want it?
There is no greater satisfaction than knowing that you are earning money while you sleep. A key axiom of life is that we should work smarter, not harder. You may be thinking that you enjoy your job. You don’t have a problem with your income and you don’t have the will to create a passive stream of income for yourself, and all of that may be true, but if you could earn income from doing little more than you’re doing right this second and get more income, wouldn’t you do it?
How do we get it?
There are several ways to set up streams of passive income, but one of the most direct way is to create something from nothing and sell it. That could be recording a CD that can be sold on CDBaby.com or publishing a book at CreateSpace.com. The key is to create something that can be easily replicated and sold online. Another great option is to own multi-family dwelling units. You let other people pay your mortgage off while a property management company handles the day-to-day problems.
Regardless what form of passive income you choose to pursue, the point is that you must incorporate passive streams of income into your wealth building goals.
What streams of passive income are you considering?
Shay Olivarria is the most dynamic financial education speaker working today. She speaks at high schools, colleges, and companies across the country. She has written three books on personal finance, including Amazon Best Seller “Money Matters: The Get It Done in 1 Minute Workbook”. Shay has been quoted on Bankrate.com, FoxBusiness.com, and The Credit Union Times, among others. To schedule Shay to speak at your event or to download her new eBook, visit www.BiggerThanYourBlock.com.
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