Starter guide to passive income. Stop sacrificing time for money.
Begin to detach from your 9-5 by utilizing your 5-9 with passive income.
Work hard. Go to school and get an education. That's what they say. Get a good job and work for 30-40 years. Hopefully, you will have decent savings or pension, so you don’t limp through retirement. Is this the American dream?
You can get the best job you want, but if you’re earning an hourly wage, your earning potential money is limited—even the most educated and qualified people trade time for money. Lawyers need retainer fees and charge hourly for consultations. Doctors get paid on an hourly, per procedure, or per-patient basis, too.
Everyone can relate to working hard for a paycheck. Even teenagers pick up extra hours at the community center to afford new shoes or a trip to the amusement park. Adults work hard for new clothes, trips, cars, houses, or bills. We get more money by working extra hours.
So we take time from family and friends to make out pockets fatter, but with what are we left? Is it worth the sacrifice? The extra digits in your account balance don’t bring back your energy or time with your people. Also, you can’t work extra hours indefinitely, so the income isn’t reliable.
What’s the solution?
Simple. Stop trading time for money.
That’s not simple at all. I know.
Here are the basics of passive income.
Get a side hustle. Invent something. You are skilled, intelligent, and creative! Revolutionize a process. Offer your expertise to others who need your skills. Sell a new product or a new take on an old product.
Invest. Don’t spend all your money. Don’t just save your hard-earned dollars. Put them to work. Make them work as hard for you and you did to get them. Your dollars are like little soldiers or employees. If you put them in the right places, they’ll bring you more money. Don’t waste your extra dollars on deliveries. Amazon has plenty of dollars to go around.
Lastly, get money for specialized knowledge. When you have a music or book, then you can earn royalties. Youtube, IG, FB, and other online platforms will pay for advertising. You can develop a training program, coach, or consult. Pass your gifts on to others.
Here are your doctor's orders:
Now don’t go quitting your job. I want you to find a side hustle, emphasis on the side. I suggest waking up a little earlier each day. 30 minutes a day will go a long way. Eventually, you’ll be making money while you’re asleep.