It is likely that you have regular job (prime income source), but your earnings are not enough your financial obligations. There is no reason to panic. You can start earning passive income.
Let it sink in though it is called passive income, but it is not totally passive. However, you will be able to earn without much efforts. But it beats doing another job. it’s a viable way to make money, and offers you security and freedom.
The best way to plan your life (in terms of income) is to have your active income source, known as your job. Simultaneously, engage in activities that will eventually generate income. Income from these activities can be termed as “passive income”.
It is likely that when you start into sources that may create passive income in the future, earning may be slow. You are likely to get frustrated, but you can be sure rewards will be coming. But be cautious in selecting the sources that will generate revenues. It is suggested that minimum goal you need to set is that at least 15% of total income ought to be generated as passive income. Simply put, for every 7 years, you will be earning extra one year’s income.
The importance of passive income can’t be ignored.
- FREEDOM: Once cash flow is established, you have resources to do what you want for yourself and your loved ones. No need to wonder about finances, assuming you stay within limitations. Simply put, the more you earn passively, the less you are becoming slave to your money (job)!
- FINANCIAL SECURITY: Once established, you get steady flow of income thus not being totally dependent on your job totally. It is also possible that your passive income may catch up or exceed your active income. Passive income may just make you DEBT FREE.
Really, the sources to generate passive income are endless. You can start with small ideas then work your way up. In establishing a flow of passive income, check for various ideas and sources to get you started.