Passive income explained

Published on June 19, 2020

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What is passive income, and how to build passive income. Let me start with explaining how most people misunderstand passive income. What if you are faced with two choices. First option is to generate active income, by working to get paid, basically exchanging time for money. With working, I mean either working as an employee or as a business owner. Second option is to generate passive income, earning money while you don’t have to be present. Basically sitting on the beach watching the sunset while collecting money. What would you choose? First option or second option? Left or right? Well, if it is presented this way, I am pretty sure you would go for #passiveincome, right?

Here’s the harsh reality: there is no direct road to passive income. Unless you were born in a very wealthy family, you will first have to earn money in order to put that money to work to generate passive income.

That’s what I call the active road to passive income. Go active before going passive. There are two ways to do this: work and invest, or build and harvest. Let me show you how to build your passive income this way.

⏱️TIMESTAMPS⏱️
0:00 Introduction
0:12 Active income vs passive income
0:45 The reality about passive income
1:04 How to build passive income
2:00 Passive income versus expenses
2:33 Build passive income online

Philip de Vroe (The Finance Storyteller) aims to make strategy, finance and leadership enjoyable and easier to understand. Learn the business and accounting vocabulary to join the conversation with your CEO at your company. Understand how financial statements work in order to make better stock market #investing decisions. Philip delivers #financetraining in various formats: YouTube videos, classroom sessions, webinars, and business simulations. Connect with me through Linked In!

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What Is a Passive Business, Passive income explained.

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You will need to have the best state of mind and want to work hard to accomplish your goals. This is one of the best passive income ideas for the internet. Lots of start by setting up at least 8 income streams.

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You offer a little bit of helpful details, but not too much. At first you might feel baffled about the entire idea and might not understand which method to move even more. You are totally free to wake any time you desire.

Making passive income means making money routinely without having to do a great deal of on-going work. Because this sounds so unbelievably fantastic it is often dismissed as a pie in the sky concept without any examination being done on the matter. However, if you look into the subject just a little you will discover these unexpected truths.

You can develop passive income sources if you are ingenious. When you get income without doing any work, a passive income is. The majority of income sources need that you do some work to start it off, but once it is running you can preserve some income sources with extremely little work.

Don’t forget to make certain you have great passive income streams to promote in your online posts. You don’t desire to waste all the real-estate you are collecting. If you find effective keywords, find or develop products related to them. What great is all the traffic, if they don’t buy anything – right?

Another of the excellent passive income ideas to think about is to make financial investments. Ending up being a shareholder in a company that pays dividends to their financiers is a great way to ensure that you will have money coming in on a continuous basis. The majority of business pay dividends quarterly. The number of shares you hold, determines how much your dividend will pay.

It does not cost you a cent to set up a Google account if you have not already got one and it does not cost you to put AdSense ads on your site. It can’t get far better than that!

To start with, you write as many posts that you possibly can about your niche. You offer a little bit of helpful details, but not too much. You just need to give sufficient details to inspire the reader to click the link to your site. This is an effective situation in which you drive more traffic to your site.

This elaborate pattern of back scratching and multiplying income streams through associated products is not unethical in the least. But you ought to understand it and keep your charge card in your pocket unless you have a clear and present need for an item. Undoubtedly, as you progress in your online marketing service, you will benefit from as many of these monetization approaches as possible. Keep in mind, the holy grail of the internet online marketer is to develop passive income streams. Income which does not need a lot of hands on management. Anything else is just trading one employer for another.

At the end of a year, you’ll have 12 additional sources of income. The income which earns for you without your presence involved is called Passive Income. The majority of us don’t have much money but one thing we all have is time.

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