In this article I am going to share and explain my biggest tip for getting started with passive income.
Before I share the tip let me quickly explain the theory behind passive income and why you might want to break into it.
What is passive income?
You most probably have a regular job and that is common referred to as active income. This involves the exchange of your time for payment.
Unfortunately there are only 24 hours in the day and you need some of those for basic functions such as sleep. So there is only a finite amount of money you can earn from passive income.
Passive income is money you earn while you are sleep, eating, brushing your teeth or actively earning. Passive income is something you setup and monitor at intervals.
Why should I want passive income?
This comes down to your motives for earning more money than your current career can offer. Perhaps you want financial independence and an early retirement, or are trying to earn some extra cash to enhance your lifestyle. Passive income is ultimately a way to earn money each day without having to sacrifice more time.
My top tip for getting started
If you are reading this because you are looking for the magic secret to overnight passive income success, then I’m afraid that I have some disappointing news coming right up.
The is no overnight, instant shortcut to reliable, passive income.
There will always be stories of people who invested in the right thing at the right time and now they are earning more office income than they can spent. But for the rest of us, building up passive income takes time and a whole lot of persistence. Before you even get started, you need to find the best suited passive incomes streams for you. From print on demand, stock imagery to Google AdSense and Amazon affiliation, establishing consistent passive income takes time and consistent commitment.
Good luck and consider bookmarking this blog for more tips on financial independence and passive income.