You may have already known that building passive income is very important in achieving true and ever lasting wealth as well as financial freedom. Within this following article, I will share with you some passive income ideas, how you can obtain it, and by the end of this article I will reveal to you the most powerful way to building passive income with no startup money, and once you’ve applied what I’m about to reveal to you, you will literally be-able to make money in your sleep.
So why is building passive income so important? Well it is because it gives you the most powerful leverage of all, and that leverage is time. And time is the most valuable thing in the whole world and I would say that it is even more valuable than money. The sad truth is most people don’t have a lot of time, because they are busy working at a full-time job trying to earn enough money to feed their family or to pay their bills.
Why is time a powerful leverage? Just think about people who had to work at jobs, the amount of money they get paid is determined by the amount of work they do, or the amount of hours they work for. They are using up their valuable time to earn money, instead of using money to buy more time. This means that the amount of money they can make is very limited because they only have a limited amount of time during their day.
So we have established one important thing; the more time you have the more money you can make. Now by earning money automatically without working you are actually giving yourself more time and freedom. Having income that you did not invest time in obtaining, will leave spare time for you to make more money. The time you can spare the more money you can make.
Now Let’s get into the process of how to build a passive income stream for yourself. The most obvious advice is to own real estate or property and renting out those properties to receive positive cashflow. Another idea is to buy skill tester or gaming machines like the ones you’d normally see at shopping centers.
Having your own business is also a source of passive income but you must remember to never confuse owning your own business to working in your own business. The number 1 tip is to have leverage, this include the leverage of other people working for you.
Source by Dong Tang