Today, we understand the importance to generate Passive Income and are willing to work for it.
It’s not about your passion or positivity, but, it is with knowledge and wit, that you are going to generate a Passive Income Source.
(READ CAREFULLY TILL THE END AND DO NOT MISS EVEN A SINGLE LINE TO UNDERSTAND THE WAYS OF CREATING PASSIVE INCOME)
Passive income is such a term that we all love to hear and would like to reap the taste of it.
But very few know that, we have to go through different stages of efforts to actually make a full proof effective Passive Income source.
Now the question is, what are these stages?
Let’s discuss the stages involved in creating Passive Income source:
1. Work More, no income.
2. Work More, low to medium income.
3. Less work, more income.
4. No work, recurring income.
These are the 4 stages involved in generating a Passive Income source.
The problem with many of us is, we know a lot.
‘Corona virus has proved with a huge shout out that we should not be dependant on one income.’
Almost 80% of us quit during the first two stages of generating Passive Income.
The Real Secret of Passive Income to be consistent during all the stages. Stages pass one by one when we are consistently working for a goal.
Now, let us understand what are the different ways to create a Passive income source:
- Royalty income: through a book you have written, or a song, etc. If you are talented enough and have the passion and skill then you can try creating Passive income source through these.
- Investments: Investing in Mutual funds, real estate, etc. If you have money to invest, you can follow this path but do gather required knowledge before you lay your hands on it.
- Online income: By creating a website on a Niche that you are passionate about or through YouTube, etc. ‘It is simple to make money online, but not easy.’
- Network Marketing: This is a platform which has created the maximum number of Millionaires in a year. A very well designed industry structure with low to zero investment. But, if you wish to succeed in creating Passive Income through this, then the thing you need to focus on is education not money.
To know more you can watch: Basic skills required for success in Network Marketing.
Whichever way you choose, remember that, you have to go through the 4 different stages and, consistent learning and efforts is the key for a financially free life and to earn a Passive income of Millions.
You also need to develop The Money Mindset. To know more continue reading The Secret: Money.
Important to Read: Different stages involved in generating Passive Income.
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