Image Source: Creating A Passive Income
By Doyin Jaiyesimi
For some months now, I have been focusing on increasing my streams of income. This has involved monetizing certain skills and increasing the services that my business offers. What I failed to pay attention to is creating passive income.
Do you know it is very important for you to have passive income? I didn’t realize its importance until I fell really ill at the end of August and I had to be placed on bed rest for at least two weeks.
My business requires me to write and create content. While I have someone on my team who executes some of the projects that we get, a lot of things still depend on me. Needless to say during the period that I was on bed rest, I didn’t earn much.
This was such a scary thing for me because the bills did not take a break simply because I was on bed rest. Even though I am better, I can’t work as aggressively as I did in the past, at least for a few weeks. This will definitely have an impact on my income unless I do something about it.
Now, I am beginning to think of ways to build passive income. If you don’t know what passive income is, I’ll tell you. In simple terms, passive income is income that you earn whether you work or not. This type of income typically comes from investments and real assets (if you think your car is an asset, you need to find out what a real asset is). That is how the rich get wealthy. Whether Warren Buffet goes to work or not, money keeps flowing in from his investments.
I don’t know about you but I want to earn money even as I sleep. I want money coming in from investments that will cover my day to day needs and the kind of life that I want to live. I think you should desire that for yourself as well.
So you may be wondering how you can begin to build passive income. The answer is to do some research and get informed. What can you begin to invest in? Do you know that this is the best time to invest? Do your research and identify the kind of passive income you want to build. If you can afford to invest now, please do it. If you can’t, work out how much you need and create a plan to get the required funds for investment.
Entrepreneurs who end up becoming wealthy don’t exert so much physical energy to make money. Work does not grind to a halt when they do not go to their office or when they fall sick. They use their brains to create passive income for themselves. They also know how to delay gratification so buying the latest iPhone does not become a priority until they have purchased an asset.
Adopt the mindset of the wealthy entrepreneurs and build passive income for yourself. You’ll reap the rewards in a few years if you start today.
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