One thing that I have heard a lot of people say is that there is no time, but surprisingly, I always see that we use 24 hours every day and that’s the same time everyone has but there are a few people who have the time to travel the world and do other things, while there are a few people who do not have enough time in a day because they sacrifice time for money. A lot of people really want to make money at the end of the week or the month, so we sacrifice our time for the money we are making while some people have learnt the trick of allowing their money work for them and so they can use their spare time for other important things. So many people enjoy this liberty through passive earnings.
Like Warren Buffett said “if you can’t find a way to make money while you sleep, you will work until you die.” So if you can’t make passive income then you will not be having enough time. Passive income doesn’t mean you will not be doing anything at all, you need to look do a few things like look at spreadsheets, and information. It is not a lazy man work, it is a payment from a work that is done previously but keeps paying till it is stopped. Let’s begin;
Investing in Stocks
You must have heard of this in so many places, on the radio, television, on the internet and so on, people would have told you to invest in stocks as that is the best way to get passive income. Well, they aren’t telling you lies but the truth is, investing in any type of stocks will not bring in passive income. This is where the home work begins. If you just put your money in a company’s stock because you hope to get dividends without doing your due diligent, then you are simply burning your money as it will not yield anything.
You need to first look for dividend yielding stocks, companies that have been trusted for over 10 years to be doing well and paying dividends, and also investing in stocks for dividend is capital intensive. It take a lot of money to get good dividends from a company as dividends are tiny part of a company’s profit to reward stockholders.
Invest in Real Estate
Real estate income is often regarded as a fixed method of passive income which can be transferred easily to another person or offspring. This often require capital as well and in some cases requires time if you are the one in charge of your building.
Real estate is tangible and the market doesn’t fall easily, also when it comes to real estate, the land is valued separately and the building is valued separately. Also, if you have your real estate in the right place, then you will always get people to occupy it. The payment a tenant pays for using your real estate is known as rent and when you are tired of collecting rent and want to sell off the property, you are surely going to sell for a higher price.
other ways to invest for passive income is investing in REITs, renting out properties like cars to people while they bring returns, creating a blog or vlog where you monetize its traffic for advertisements and so on. Making passive income is very much important and although it requires capital and time but not as much time as it is required to work actively and not as much capital as it is required to start a company.
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There are many ways to have a plan b, and not just wait for a salary, everything is in proposing it and trusting that it can be produced from somewhere else. Most people prefer to be employed all their lives for fear of losing their capital or their time.
If you want to make it very fast in life, make sure you have
Venture into passive income, it will help to see your business achieving a new height. I have heard about real estate for long now, I will surely take a closer look at it.