What It Takes to Earn Passive Income
Before we get into the passive income ideas I think it’s a good idea to first clear up a couple of misconceptions. Although the word “passive” makes it sound like you have to do nothing to bring in the income this just isn’t true. All passive income streams will require at least one of the following two elements:
1) An upfront monetary investment, or
2) An upfront time investment
You can’t earn residual income without being willing to provide at least one of these two. Today, I have a big list of passive income ideas you can try regardless of the category you fall in.
You can get out of debt too
Paying off her student loan so quickly was not easy and it required sacrifice. But her advice is to believe in yourself. You can do this!
Another thing that worked for Adrienne:
“Take some quiet time to really imagine how it feels to be out of debt and envision how it would feel not to have to make that payment. Try to step into the feeling of why and how it feels to do it. You don’t have to live with debt forever.”
How would starting a business affect your financial situation? What kind of sacrifices would you consider making to improve your financial situation?
Spain — In last few years (and despite the economic downturn), Spain has become one of the premier places to teach English. There are plenty of jobs, the government has an active program for attracting teachers, and your visa means you can freely travel around Europe. There are also many opportunities to teach private lessons on the side. You don’t get many benefits (or high pay compared to Asia or the Middle East), but the pay is still enough to live off of.
By being open about your side gig, you make scheduling a social life or family events a lot easier. When everyone knows you have another job or jobs you’re committed to, they’re often more understanding of your schedule.
Keep in mind that your employer may not allow or be pleased to find out that you have a second job, so there are still times when it’s best to keep it quiet. But as long as you’re legally allowed to do side work and are able to deliver results at your main job, owning your side gig will help you be more focused on all your work.
Passive income, by contrast, is unlimited. Once you’ve wrapped up one project, you can move onto the next — and wealth starts to pile.
That’s the ultimate difference between active and passive income. Active income rewards you for infinitely trading time-for-money. Passive income rewards you for working hard today so you can reap the rewards for decades into the future.
What does that mean? It means it took the world a little while to catch up to the weird.
That’s always the case with something new, different or unusual.
Maybe what you’re working on is weird. Nobody has done it quite like you. It would be easier to conform to how it’s always been done. Ordinary seems simpler sometimes.
Weird can be exhausting when so many people doubt you.
But we’re full up on ordinary. We’ve got supplies of common to last a lifetime. The storehouses of boring are shelved to the ceiling.
How did Julia multiply her income by 30x?
Can we peek at a day in her life?
How did she conquer limiting beliefs and shatter her scarcity mentality?
What does she think about earning more vs. pinching pennies?
Why does she only work one full day per week? How else does she fill her time?
What income-skyrocketing advice can she offer to Rebels like you?
Above is exactly why I enjoy publishing my monthly income reports. I like to show others that you don’t have to hate your job and hate your life. You can make changes to your life and make money in a way that allows you to truly enjoy the life you are living. I’m not saying that you have to LOVE your job, I’m just saying that your job should at least allow you to do what you like to do outside of work (whether that be spending time with loved ones, painting, hiking, etc.).
How do you create multiple streams of income?
Save, Save, Save – Save 10 – 20% of your net income every year.
Expand Your Means – Start a side business or side career that generates additional income.
Create Multiple Baskets – Invest your savings and additional income into investments that generate passive income such as: residential rental properties, commercial rental properties, TICS, triple net leases, seasonal rentals (beach areas, ski resort areas, lake front areas), equity investments (stocks, bonds, mutual funds), annuities, permanent life insurance, royalty-generating property (timber, oil and gas), boat rentals etc. If you can’t do it on your own, partner with others and keep building your portfolio of assets that generate passive income.
You Get to Choose What You Want to Do
When you start a side business you get to choose what you want to do. You take a skill you have and twist it into a profitable service. Your side business is tailored to what you’re good at.
Nobody else is choosing for you.