Passive Income | Finding Your Way To Financial Freedom

thefauceteer (42)in #passiveincome • 5 years ago (edited)

If you’ve read, watched, or heard personal finance content, you’ve heard of passive income. In fact, a very significant part of the world of personal finance seems to be positively obsessed with the idea of passive income. There is indeed a plausible reason for this obsession. Passive income is The Holy Grail, but is it possible to make money without actually doing anything? What could be better than that? Is Getting A Passive Income Really Simple? Can you really make money without doing any work?

The first step to start generating passive income is to take a personal inventory and get to know your real motivations, goals, strengths, and weaknesses a little better. Most projects fail due to a tendency to be superficial about the core knowledge of the self and its purpose. Grasp the right mindset and take action. A stream of passive income will free up your time to pursue whatever your dreams are. What are you waiting for? Act on it!

Table of Content:

What Is Passive Income?

(...) Passive income is a periodic stream of income and a tool that will help you to experience more of the world and have a fuller life. The idea is to create or buy a system that generates a recipe with little effort. There is a spectrum of passive income opportunities, and they all require different energy in time to create or maintain. (...)

How To Create Passive Income?

Time, Money and Personal Inventory

PERSONAL INVENTORY

(...) The first step to start generating passive income is to take a personal inventory and get to know your real motivations, goals, strengths, and weaknesses a little better. Most projects fail due to a tendency to be superficial about the core knowledge of the self and its purpose. (...)

TIME AND MONEY

(...)After the tough part of the process, it comes another no less important but, more objective, how much money, and/or time you have to invest. There are three ways to create passive income. (...)

CHOOSING AND RESEARCHING

(...) So instead of looking for the fast return investment to start, look instead for the investment that you are willing to stick to, regardless of the surrounding circumstances. Investing has its inherent risks, evaluate well all details, and aways D.Y.O.R.

SETTING GOALS

(...) Break objectives into sub-goals, follow your commitments and have fun in the process. Some roads lead to other purposes and discoveries.

KEEP TRACK OF YOUR ASSETS EFFICIENTLY

(...) the fisherman who checks his traps all the time never rests and enjoys the beach, so find the best time to check your investments and don’t dwell too often on results. Balance is the key!

MEASURE THE SUCCESS OF YOUR INVESTMENTS

(...) Think about the impact and influence generated, and also about the time or energy that you spent on your project. Evaluate the returns and optimize them, a good passive income portfolio grows with time.

TO SCALE OR NOT TO SCALE

(...) Some investors on this level will choose to scale by cloning their passive income asset several times, replicating their passive income stream. (...)