What is Passive Income and Why Anyone can Add Hundreds or Thousands Monthly in 2022
Don't believe those that tell you that it's not possible to earn passive income or make a living off passive income. It is absolutely still possible to use passive income to have a little extra money or you can scale up to replace your income and live off passive income.
In this video first I am going to discuss what passive income is and then I am going to dispel some common misconceptions. Most people would be happy to earn an extra $50-200 a month. The thing most people don't think about is that you can start generating passive income WITHOUT quitting your 9-5. You could even replace your full-time income.
Many of the tips that we will explore in my videos have little to no start up cost so you can really start the process wherever you are - almost like a risk free trial period. Now, I know what you're thinking, if it's so easy why isn't everyone doing it? I think it comes down to mindset. I cannot tell you how long I put off doing things I was fully capable of doing because I did not think that I was worthy. I did not believe in myself and was afraid of people judging me.
I hope that by sharing these tips I can show you that you can do this. Anyone can do this - I've been doing it. Why NOT you?
So what is passive income? Passive income is a way of earning money that requires minimal work to earn and maintain. You can literally earn money while you sleep.
Some forms of passive income like rental income have high start up costs and are cost prohibitive for most people when looking to start creating passive income. But there are others that anyone can do.
Passive income once it gains momentum can help you achieve financial freedom, pay off debt, retire early, and build wealth by maximizing your income compared to the amount of time you spend. Think about it this way--when you go to a job you trade your time for money either as an hourly wage or in the form of a salary. When you leave that job at the end of the day you will earn no more money for the work you already did. If you want to earn more you would have to go back to work and trade more of your time for money.
With passive income you spend a set amount of time at the beginning creating the income source and you earn money for days, weeks, months, or even years with no extra time expended. Sound too good to be true? That's because there's this belief that people cannot change their financial circumstances. They think that because they grew up in a certain area or work in a certain industry or do not have higher education that they cannot build a legacy and it is just not true. Will it be easier for others to grow faster because of initial capital (i.e. rental income opportunities) or special abilities? Sure, but that does not mean that you cannot start generating passive income.
If you're ready to start learning about passive income and building your legacy then hit the subscribe button, turn on the notifications bell, and let's make every day pay day.