first, lets dispel a few myths before discussing passive income steps.
Passive income is doing something once, then earning rewards from it into the future. this income takes upfront Investment of time, sometimes money, and a lot of nurturing.
lets begin.
Here's 7 steps to building passive income.
1. What you build now can pay you for the rest of your life.
A long-term decision like passive income, necessitates short-term sacrifices.
You could receive residual income for years to come, if you're prepared to invest your resources. For an idea of passive income to take off, you need to know where to begin, and decide what resources you're ready to invest in.
2. choose an idea.
this important stage is to determine how to start, and write down ideas. if you need help with deciding, check out our next video that lists popular passive income ideas.
3. learn a necessary skill.
time is important, Given that it is our most finite resource. Trying to increase your income or generate passive income typically involves learning new materials, or developing new skills. this won't happen overnight. the goal is to work hard now, so you can relax, and live the life you want later.
4. calculate how much Passive income You'll need.
Determine the monthly passive income you'll require in the future. This amount represents how much money you would need to generate each month.
Once that amount has been calculated, increase it by 12 to get your yearly pay amount.
5. use a job to fund your side business.
One of the best financial decisions right now, is starting a side business.
use your job to fund your side gig. As with anything, evaluating your skills, talents, and abilities, including those you utilize in your personal and professional life, can also help you get started. If you love doing it, and there are enough clients to make it very profitable, you'll be more driven to make sure the side business succeeds.
6. don't quit your job until u make the same or more, in your side business.
Do not quit your 9 to 5 work, until the moment is perfect to fully commit to your side business. Determine the amount of money needed to generate, in order to live the life you choose. when your ready, only leave when your side gig makes as much, or more, then your full time job.
7. the goal is to hire people.
Time is money.
once there's enough income coming in to your side business, it's time to hire help. this will free up alot of your time, to work on the next passive income project.
The importance of passive income stems from time. It is far more precious than any sum of money, since you can't make it back. consider passive income, and how to use it to your advantage.
this is simply money that is received automatically each month, with very little work. Although it may be tempting to try and start multiple side gigs at once, it's strongly advised that you nurture and build up one at a time. Choose an idea, develop a proven winning strategy, and commit to working on it until it generates cash.
