What's better than earning income where you don't have to trade your time for it? This is called ‘passive income'. Income that is generated without you having to lift a finger. It accumulates even when you are sleeping. The 2 ways to achieve passive income is firstly by investing money to make money, which requires money in the first place. Secondly, you can be investing your time to build passive income streams through business and until such time the desired income is reached.
Being In Control
There are obviously great reasons why people aim to create passive income streams, including being in control of how their PERSONAL TIME is spent and to have FINANCIAL FREEDOM. Achieving financial freedom is not rocket science, but few people actually achieve it. However, more and more opportunities are opening up online and you should take heed of them.
Traditional Passive Income
Investment opportunity includes PROPERTY INVESTING. It's one of the most common opportunities but can be expensive. Passive income is achieved when an investor has acquired rental properties and built-up a PROPERTY portfolio over several years usually. The RENTAL PROPERTIES are the CASH-COW. The income from rents is coming in regularly and steadily each week and month. It doesn't require the investor's full-time attention once set up, especially if you have property managers on board.
Getting It Online
BUT more and more people are turning to the INTERNET since it has opened up AFFORDABLE opportunities to anyone who has an internet connection. Amazon, Youtube, Facebook, and Affiliate platforms are more popular than ever to build and generate online passive income. So popular, that online affiliate businesses are the fastest growing of it's kind in the online industry. Platforms to build online business make it affordable to the average persons in most cases, costing as little as $500 US to fo host manage and operate an online affiliate business for 1 full year, with a profit margin of 300% in the same year in most cases.
Step #1. Do Research And Then Some – Watch Out For Scammers
Take at least a couple of months, nothing less, to thoroughly research the opportunities that interest you. Nothing at this stage is more important. There are unfortunately a lot of people who have discovered that scamming people out of their money online is as easy as a click or two away! It's easy to be fooled by these fools, who are getting rich off vulnerable honest people like yourself. Remember that if it sounds too good to be true, then steer clear. If someone is promising you riches for just $$$ without putting your own sweat into it, RUN…
Step #2. Allocate Your Time & Sink Your Teeth Into It
After all your research, decide how much time you will give to the business and sink your teeth into it. As a business owner, you should always know about that industry even if you plan to outsource parts or all of the business to other people to run. Giving your business your time initially will give you a real insight into various aspects of the business. Many online opportunities won't require your full-time attention, thus allowing you to stay employed in a job while building up an online business. A couple of hours a day can be enough time initially to build out a very successful online affiliate business for example.
Step #3. Learn As You Go – Know Every Aspect Of Your Business
There is no need to learn everything there is to know before getting started. Learn as you go. Take the time to learn about your chosen industry through training if necessary – you should at least be familiar with the fundamentals of the building blocks of your business. You can do this in some cases while building out the business. Be hands on for at least the first couple of years before handing it over to others to run if this is your intention.
Step #4. Build A Team You Trust
Faceless businesses are not uncommon, but the people who work for you can better relate if they can see and speak to the person they work for. Don't be too hasty in handling any or all parts of the business over to others to run it for you. You must absolutely be able to Trust the person or persons especially if you plan on being a hands-off business owner somewhere down the line. You should still be involved in some aspect. Actually, it is better for the people who work for you to have you involved also. If they can relate to your dream and plans of the business and to you the person, the better they will be at doing their jobs.
Step #5. Scale Up Your Passive Stream Of Income
The great thing about online business is that they are very scalable, doubling, tripling, or multiplying your income streams. If done properly, the opportunity for scaling and multiplying your passive income streams online is unlimited. If you really want to reach your FINANCIAL FREEDOM dreams sooner, then this is the way to go about getting there. This is a very real opportunity for very real ordinary people from anywhere in the world who have an internet connection.
LIVING THE DREAM – More Accessible Than Ever Before
What does Living The Dream look like to you? Everyone is different but the same – what I mean is that everyone wants to have more time and more money to do the things they want to do depending on their interests, but their reality is far from this. Most of the worlds working population is working for someone else and have no control over any of it. However, the internet is changing all of this and we haven't even broken through the surface of possibility and potential yet for humans in this space. On another note, AI or artificial intelligence is already replacing human labor and new forms of earning income will have to be found elsewhere. But AI is another topic for another time. For now, the internet opportunities have already changed the world and more and more people are riding the wave of the opportunity presented there. Are your ready to also ride this wave?
What does living ‘financially free' look like to you? Do you think it is possible to find your financial freedom online? Comment below to tell me what you think and how you might find Financial Freedom for yourself.