Without passive income, you can never be free. I learned this to T. Harv eker. Passive income will really help you achieve financial freedom.There are two types of income in financial world, the first one is working income and the second one ins the passive income. What is it? It is a type of income that requires no effort on your part, less time, less or no effort all. Passive income is the recommended type of income that you should have if you really want to become financially free.
A passive income simply means you are making your money to work for you. You can make money even without your presence or supervision. The beauty of passive income is you will only use little time so that you have more time for yourself, family, friends and loved ones. Therefore, you have more time to play.
There are lots of passive income ideas and opportunities. Passive income from your investments and businesses. If you are the type of person that obsess to residual income, or continuous income streams, here are the suggested ideas;
Passive Income Investments
You will invest money those investments will make another money without making additional investments. You will only invest once but you will earn profits from your investments from dividends or capital appreciation.
Such passive income investments are;
- stock shares
- mutual funds
- certificate of deposits
- other money market funds
Passive Income in Business
You can earn passive income in your business as long as you know how to use leverage, you will use less effort and deploy other people to work for you. You can also earn passive income in business if you know how to attract other entrepreneurs to apply or buy for a franchise in your business.
What about passive income online?
If you know how to generate passive income offline, you can also generate passive income online. There are effective ways to generate passive income online and here they are;
A blog or website can be a passive income if you have a steady traffic in your website and make money out of selling ad space. Also, you can earn money in your affiliate products.
You can find the best passive income opportunities if you know how to invest money and start your own business. Being an investor or business owner has an advantage in generating passive income streams.
Looking for second income ideas? If you are an employee now and only relying on your salary, you need to find a source in making a second income. Some employees use their spare time selling products and services, investing money, trading, etc. just to make second income. But, make sure you generate passive income from those second income ideas.