It has always been a dream for people since centuries to achieve a treasure which would make them earn millions ? We are always fascinated by stories of Alibaba, Jeanie, etc. But we notice that all these stories are aimed at bringing one thing i.e financial independence. But is that really possible ?…. Certainly not ?However, there are people who have worked hard in their initial stages of life and built businesses that earn them money even if they aren’t working ! ?
The idea behind making money while you sleep corresponds to something called as a passive income. Passive income is the kind of income that requires little or no presence of the owner which means that as long as you and your business are both alive, you will earn money without working for the business. Example : – A property owner or say a landlord , a patent holder, etc or any business that does not require your presence ? Active income is that kind of income which always requires you to work for it. If you stop working then you will miss your income. Example :- Any type of job or a shop which requires your presence.
Active income occurs when YOU WORK FOR MONEY whereas passive income occurs when MONEY WORKS FOR YOU
There are many ways of earning passive income. Some require a lot of investment while some are quite cheap to start with ?
Here are a few ways by which you can earn passive income. These may also require some degree of risk involved ? and might demand a lot of money and energy from you in the initial stages. We have mentioned three of the many ways by which you can earn a passive income.
Become a real estate investor
Real estate investing is the only way where you can use debt in order to get rich ! Yes, you heard it right ! We are often taught that debt leads to poverty but if you just look around and observe, then you would be astonished. There are people who started investing in real estate ? with almost no money and now they are owners of property that an average person could only dream to own ?
“Ninety percent of all millionaires become so through owning real estate.”
– Andrew Carnegie
( Andrew Carnegie was a Scottish-American industrialist. He led to the expansion of the American steel industry in the late 19th century and is often identified as one of the richest people ever )
There are also several people who retired in their 20’s because they had so much cash flowing into their bank account that they could easily quit their job ? Kris Krohn is one of the best examples who retired at the age of 26. If you want to know how he did it, then please click here. However, you need to take a lot of care while doing any business or you might get duped at some point. But that is how it is ? Here is a nice quote taken from the Holy Bible which illustrates about running a successful business.
Those who watch the wind blow will never sow, and those who observe the clouds will never reap. Just as you don’t understand what the life-breath does in the fetus inside a pregnant woman’s womb, so you can’t understand the work of God, who makes everything happen. Scatter your seed in the morning, and in the evening don’t be idle because you don’t know which will succeed, this one or that, or whether both will be equally good.
–THE HOLY BIBLE
The second way is to invest your risk capital into a company that you know and trust
This might sound too risky for some of you ? Investing with the proper resources is always a great way of generating passive income. However it is recommended that you learn the fundamental basics of trading. There are two ways of investing into a company ✍ One is by investing into the stock market and the other is by invest directly into a business. Both of these methods have advantages and disadvantages of their own ⚡
Rakesh Jhunjhunwala is one of the idols ? of many aspiring stock traders and stock investors. After completing his CA, he told his father that he wanted to go in the stock market. His father reacted by telling not to ask him or any of his friends for money ? He told him to earn and trade with his own money. He started his career in 1985 when the BSE Sensex was at 150. Mr. Rakesh made his first big profit of Rs 0.5 million in 1986 when he sold 5,000 shares of Tata Tea at a price of Rs 143 which he had purchased for Rs 43 per share just 3 months prior. Later on, he kept on buying and selling shares which escalated his net worth. Today he has a net worth of 2.8 billion US dollars according to the Forbes magazine. He has written many books such as How to Become a Billionaire by Selling Nothing and many more.
Write and sell an e-book online
If you have a hobby in writing ✍ then writing and publishing an eBook has become a widely popular means of earning passive income in recent years. eBooks on non-fiction topics like online marketing, business development, career advice, and the like are especially successful. While fiction eBooks are also good sellers, the market for them is much more competitive as compared to non-fiction ones. Once you’ve written an eBook, you can put it up for sale on platforms like Amazon’s Kindle Direct Publishing or Apple’s iTunes Connect. This doesn’t require much of an investment but it definitely helps in developing some momentum in terms of generating a passive income.
Here is a link where you may get started: