Passive Income Opportunities...
Most individuals trade their time for money. Whether they are charged per hour, per day, or per project, they do not get paid until they work for a period of time as agreed.
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Passive income opportunities are the answers to your dilemma.
Yes, there is way to get rid of the notion that you need to work your heart out in order to earn massive amounts.
But do not be misled though. Passive income is about not working at all while earning money. In reality, you still have work responsibilities.
It just means that you do not need to be involved directly in a job because what you do, you can delegate.
1. Passive Investment Income: This is the income earned by investing money in order to generate more money. The money is invested in a business that produces passive income.
However, you should be cautious in the investments that you make. Good decisions on investments can make the road to financial freedom easier to reach.
On the contrary, bad investment decisions can cause otherwise.
2. Passive Residual Income: This is the income generated by your knowledge and skills. Examples of these are creative work, musical compositions, writing books, and online investing business.
All of these examples do not need you to work on eight hour shifts just to earn money. All you need to do is use what you know in order to generate income.
The income comes in a form of royalty and automation. This means that after you have made something, you get paid even when you are no longer making more of it.
In some cases, a large amount is needed for an investment. But in most cases, only a small amount is necessary.
3. Retirement Investment Income: This is not a passive income in itself although it presents passive income opportunities.
This income is what you get monthly after retirement, given that you have been an employee until you reach retirement age.
During your employment period, there is regular salary deduction that is accumulated and this is where your retirement investment income will come from.
Assuming that you are a satisfied employee and do not opt for the other two options, this is what you normally get when you retire.
These three passive income opportunities are what you need to consider should you decide to take on the path to financial freedom.
While you may not necessarily leave your day job in order to generate passive income, you should consider your options first.
Financial freedom is for those who are brave enough for its responsibilities. Thus, having a solid plan is recommended and necessary.
Generally, an aim is not enough when you do not have the means to back it up. By and large, this rule applies to financial freedom.
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