Really?? Generate Wealth even when sleeping? Sounds Impossible? Maybe not.
Have we ever thought if we STOPPED working perhaps for a month for some strange reason, perhaps a sickness, or the need to take care of a family member, etc. would I still be having income?
Would my SAVINGS, if any, be USED up?
In this article, let us dive into some of the possible options we may apply soon to be able to generate income even while we sleep.
So lets start & let me share with you the 2 types of Income: Active & Passive.
This is what a big majority are all familiar with.
We may have heard many times: “Study hard, finish school, then get a good job…”, so it ends up many of us exchange our time to earn money, which simplifies the definition of: ACTIVE INCOME.
We log in time = we get paid
No work time = No pay.
This could also apply to owning a traditional business, for example a restaurant. A closed restaurant won’t produce any income, correct?
But this is not what we are interested in… so lets move on to the next Income type…
Now here is where it gets exciting where we have an opportunity to generate income even while we sleep….
Let’s now dive into some of the popular Passive Income options: (NOTE: There are many other Passive Income options however these are what I am very much familiar with & have provided me good results)
Paper Assets used as an Investment (take note, not TRADING) is a good option for Passive Income.
One advantage of Paper Assets is it needs a minimal amount to set up, but the down side is, this takes time….uhm lots of it actually… lets say about at least 5 years for your money to grow significantly?
Two of the most common Paper Assets to take note of would be Stocks & Mutual Funds
This particular money generating tool enabled me to purchase my very 1st car, in CASH (uhm without me even noticing the years that has passed).
A Paper Asset is a good addition to have as a supplement income stream but NOT your MAIN source of livelihood.
Our next option is owning property then having it rented out.
Yes, rent out the property. Buying & selling a property may give you bigger income, however, you would still need to continually do the “buy & sell” routine, which in effect is NOT passive income since you need to exert time & effort with this.
Renting out property is another good option as it enables consistent long term income if managed properly.
Some draw backs & perhaps a major one is it needs a LARGE Capital. Also some effort at the start to look for good tenants is required as well.
This particular income stream is what helped support my daily expenses when I lost my corporate job & stemmed the tide on my recovery from a long term sickness for about a year & another year to look for a new job.
Now we come to the last but most promising option..
Okay, okay I know Networking Business has had so many negative feedback, however, choosing a reputable & established Networking Business can be your best bet in building consistent Passive Income in the long term.
2 things may be needed to enable a much higher probability of success in this kind of business:
1) An established Networking Business where the product is easy to sell (if you are seriously searching I could suggest a good one: let’s CHAT, simply say “Hi” & click link ➡️ https://goo.gl/ZHgZYn )
2) A Networking Business which has a team with leaders who are happy to support your growth.
NOTE: Interested to know more details on the Must Haves of a Networking Business before joining one? Find out in this other article.
A Networking Business does NEED hard WORK at the start (perhaps that is why its called Net-“working” huh?), but when set up properly.. It can allow you to gain consistent long term PASSIVE INCOME.
It is highly suggested to have at least 3 separate INCOME Streams so that if 1 fails, there are 2 others to support as back-up.
Here’s to our Growth in all areas of our LIFE
P.S. If in any case that:
-you already are involved in a Networking Business BUT not happy about your results OR
-you are not yet into a Networking Business but need someone to help guide you..wink wink..uhm ME?
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