Today, it is more important than ever to not only work hard but also let your money work hard for you. This is the smart way of earning money.
With the risk of the financial markets collapsing and shrinking job markets, many people have been looking for alternative vehicles to help them generate passive income and grow their financial wealth to achieve financial freedom.
First, you need to understand what is financial freedom.
What Is Financial Freedom?
Financial freedom usually means having passive income that exceeds your expenses so that you can be able to not to work and yet still can maintain your current lifestyle. This is because the passive income that you have built or generated is able to pay for your current lifestyle’s expenses. Hence, you do not need your job in order to sustain your lifestyle.
For example, your monthly expense is about $3,000. A regular person will find a job that pays him a minimal of $3,000 so that he can afford to pay for his expenses. However, a smart person like you will likely have a job, and at the same time, you will also look for ways to build your passive income so that in the near future, the passive income will take care of your expense and you no longer need to work.
What Is Passive Income?
Passive income in simple words is any stream of income that you bring in on autopilot, a revenue source that works for you after you had done the initial work. Passive income will continue to generate without you being force to work and earn for it.
One of best sources of passive income is rental income. For example, you have a real estate property and you rent it out and collect rent. Your initial work is to have the real estate property and find a tenant. As long as there is a tenant, you would continue to receive the rental income every month with any additional input from you.
So the key is build the rental income to a point that it helps to cover your expenses and you would achieve financial freedom.
PASSIVE INCOME > EXPENSE = FINANCIAL FREEDOM
However, to deal with real estate is not that simple. Firstly, you need to have the property available for rent. If you don’t have it, then you would need to spend huge sum of money to own one.
Alternatively, you can also invest in stocks that pay out dividend. This would mean that you also need a huge sum of money to invest in order to gain any significant dividend payout.
Therefore, creating passive income streams can be very challenging at times and not every income stream created will be successful.
But the key is to recognize what works and what fails and use the information to your advantage.
In today environment, it is now possible to own online “virtual real estate” that pays you monthly.
How It Works?
Before I explained how it works, I need you to know that I had been marketing online for years and wasn’t very successful until I found out the number 1 mistake that many online entrepreneurs faced.
Number 1 Mistake
It is not having a system that generates passive income. A lot of times, marketers only earn an one-off commission due to the natural of the products they are selling. Hence, they need to be constantly promoting.
So, I decided to focus only on generating passive income streams and finally developed a proven system to do that.
I called it Passive Income System.
So I developed a system in which you can build your own “virtual real restate” that collects monthly “rental income” at a surprisingly low initial start-up cost. Unlike the thousands of dollars that you might require to have in order to invest in a real estate property.
Thus, it is possible to earn passive income without investing huge sum of money and the best part is that it is easy to start using my proven system.
Hope it helps.