Why You Need Passive Income |
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| By Randy Laboy |
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| keywords: passive income debt get out of debt earn more money work smarter wealth building personal development motivation personal finance | ||||
| There you are again. Sitting at the kitchen table scribbling
down your monthly bills, comparing it to your monthly income
and finding out what you already know; you’re not making
enough to cover your expenses. In a situation like this most people start thinking about how much overtime they can get or they think about getting a second job. Some may even start planning a new career path, but no matter what they choose those people will end up right back at that kitchen table scribbling down their expenses and wondering why nothing they do helps. These people have been brainwashed. Their parents, their friends, and their education have all taught them that the way you get money is that you go out and find someone who’ll pay you for your time. The problem is that when someone’s paying you for your time, you only get paid when you work. Passive income is money you earn around the clock without major effort. Passive income can include things like money received from a rental property, interest on a loan you made, royalties, etc. Basically its money you earn without having to engage in a revenue generating activity. Sounds good doesn’t it? Maybe it even sounds too good to be true. I mean, if passive income is that great why doesn’t everyone get some? The truth is that passive income takes a lot of effort to set up. Someone who owns a rental property spent a lot of time researching potential real estate before settling on the one they purchased, there’s a lot of background information needed to underwrite a profitable loan, and plenty of time and effort goes into a work that will generate royalties. Not only is it a lot of work, but while you’re doing all this work you’re getting nothing. Not one red cent and that’s more than most people can stand. But for the fortunate few with the intestinal fortitude to stick it out, the rewards are great. Once the front-end work is done setting up a stream of passive income, the money flows with little effort freeing you up to create more streams of income. Getting an extra $100 a month from one project may not sound like much, but I bet getting an extra $3000 a month from 30 projects does. Especially if it only takes you a couple hours a week to keep the money flowing. True financial freedom no longer comes from working harder. Those days are over. Today the only real way to be financially free is to generate and sustain multiple streams of passive income. In today’s world, the only way to avoid those frequent debt sessions at the kitchen table is to work smarter. |
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| keywords: passive income debt get out of debt earn more money work smarter wealth building personal development motivation personal finance | ||||
| Article Source: http://interpret.zar.vg | ||||
| About The Author Randy operates a blog where he discusses various aspects of developing streams of passive income, investing, and personal development. Learn more about starting streams of passive income at: www.getandinvestmoney.com/ |
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| © 2012 interpret.zar.vg |
