Most people Settle for mediocrity or even below mediocrity compared to what they can achieve in life and their business. Like a wise man said that poor people will spend their time to save money while rich people will spend their time to save time. Those who work for others only exchange their time for Money while people who build successful business to create passive income in order to save time and use their time with things that are meaningful to their family and world in general.
We must beware of joining or sticking with the 40, 40, 40 club! These are people work in a job for 40 hours every week for 40 years and earning just 40% of what they earned after they retired.
What is a Passive Income?
According to wikipedia, Passive income is an income received on a regular basis, with little effort required to maintain it. It is closely related to the concept of “unearned income“. Passive Income is the BIG SECRET of the wealthy. However, it is not just knowing how important earning passive income is because it will to come to you but it will only come to you by following a system that will earn you passive incomes. This can only happen by taking action and implementing them.
6 Ways To Create Passionate Passive Income
1. Start an Internet Business
You Can start a successful business on the internet with little or no capital, but to create huge success online, it will require your time and money too in order to learn new skills and implement them. To earn passive income on the internet, you seek to build an eCommerce business selling physical products, you can also sell information products ie be an infopreneur, provide services on the internet etc.
2. Invest In properties:
You can also invest in properties such as buying properties and earning rents to make money, there is property flipping and property development where you will buy a property for cheap prices especially those in poor condition and you renovate them and sell them for higher prices. However, this will require some big capitals sometimes not depending on the country you live in.
3. Build a Traditional Business:
You can also own a brick and mortal business such as a restaurant, dry cleaning business, tutoring businesses, day care centres etc These are businesses that provide services to your local community or the whole national. You can build a system with the right people in your traditional business and you do not have to be there all the time to earn passive income.
4. Invest In Stocks & Shares:
You can also look for stocks and shares to earn from trading e.g. Forex, binary options, spread betting etc. But I will advise you see the right knowledge and skills as this involves high risk especially if you do not know what you are doing.
5. Become A Marketer (Earn Royalties and Commissions):
You can earn passive income, selling other people’s products and services and earn royalties and commissions. You become either a network marketer or affiliate marketer
6. Having Savings and Investment accounts:
You can also look for opportunities in investing your money with banks or companies that will yield good profits without you doing any work o your part.
We must understand that success in life is all about taking action. To be successful in any endeavour in life and business we must see what majority of the world population cannot see (which is opportunities) and once we see them, we must take immediate action to make them become a reality.
Obstacles to Avoid In making Money and creating Passive income That You must be Aware of Are;
- You must be careful of who you listen to. Therefore ensure that you surround yourself with positive minded people, join a mastermind group that will motivate you in achieving your goal of creating passive incomes.
- Do not try to do all The 6 ways of creating passive income at the same time! Please remember that “Jack of all trade is a Master of None”. Therefore focus on one thing that you are passionate about and do it well then you can move to other ventures as you enlarge your coast.
- Failure not to invest in the right education and planning before starting a business. This is a recipe for disaster. Please endeavour to seek the right knowledge and implement.
Please contribute and share your views if you know any other ways of creating passive income. I believe this will help us all to grow and seek opportunities that resonate with our individual passions. You can do this by commenting your views below as well as share with your community of friends and colleagues.
PS: if you have never made any money online or you have goals for your business or planning to learn how to build a profitable business online. Click here to learn more
Yours in Success
Online Business Coach
Skype Me@ olosko2011
Please feel free share your opinion or comment to this blog post, I look forward to hear your contribution.
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