Have you ever read a post or an article that asked for ideas for passive income; however, when you scrolled the comments, every idea was anything but passive? Or maybe, you’ve tried googling passive income ideas, but again, it was a lot more work than you anticipated.
Well, there are many misconceptions about what true passive income is. Over the next few posts, I will break down what passive income is and provides tools for how to start adding passive income to your quota TODAY.
What quota am I referring to?
I’m so glad you asked.
I don’t know about you, but my goal is to be a millionaire and build generational wealth for my family. You’ve certainly found the right place if that is your goal too. (Click Here for a free profitable Business Checklist) The more I researched millionaire habits, the more I learned that the average millionaire has at least seven income streams. Seven sounds like a lot if you had to dedicate 40 hours a week to each one. However, the majority of the seven streams of income are passive.
So, What is passive income?
According to Forbes.com, passive income is “money you can earn without too much ongoing effort.” Actual passive income is when you no longer exchange time or exchange little time for money.
Here are four things to consider when building passive income streams
- The upfront work and time investment are often anything but passive. However, once you do the work, you should enjoy the fruit of your labor with minimal maintenance.
- One stream of passive income doesn’t have to make much money. People tend to overlook the small amounts of income-generating sources.
- Multiple passive income streams are one of the best ways to generate wealth. After all, who doesn’t want to make money while they sleep?
- You don’t always have to invest money to get started. There are plenty of ways to build passive income streams with little to no investment. I will give you examples in the next blog post. (Subscribe below to stay up to date)
See you at the top!