Building one’s wealth is a skill that we should all try to develop. Being financially stable is one worthwhile goal to set. The earlier we start, the better. This way, we will be able to ensure not only our future but that of our family’s as well.
One of the things that I found fascinating is the concept of passive income. As the term suggests, it is earning without being directly involved in the process. In other words, you can continue on with your day job while your money continues to grow. This also applies to retirees who want to enjoy life rather than find ways to physically keep the income coming. It is one way to build your wealth without having to do so much.
So, how do you earn passively? There are two that can be readily applied in our context.
First, invest in real estate. Once your property is up and running, you can have it rented out. To make it fully passive, you can hire someone or a property management firm to handle everything from finding tenants to collecting rent money
Second, use your creativity. If you can take beautiful photographs, create greeting cards, compose songs, or write e-books, you can post them on websites that pay for content. You earn money each time your “products” get sold. It’s like receiving royalties. I came across this website called pincstyle.com. It works like Instagram. The only difference is that you get paid once you rack enough points. You get x number of points per post.
There are other ways that you can earn passive income. You can invest in the stock market or in insurance products. You can lend money via legitimate websites that do crowdsourcing of funds that are loaned out. You can sell used (but not abused) clothes online through websites that offer such service. Try to capitalize on technology and your creativity. That can truly do wonders.
Word of caution, however. Just because you are not involved as much does not mean you do not do anything at all. It’s like running a machine. You have to manually put it on before it functions on its own. This means the initial stages (planning and early executing) are very crucial. You have to be there so you can carefully lay the groundwork. This is essential for your business to succeed. You also have to check in from time to time. A certain degree of monitoring will protect you from being duped or getting cheated.
So there you go: a lowdown on passive income. What are you waiting for? Get those creative juices going and let’s (side) hustle!