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Why Building Passive Income Should Be Your Priority

By Edited Nov 13, 2013 0 0

Get Your Money Working For You

Get Back Your Time and Stop Working for Someone Else

I've read many financial books and biographies about successful people and many of them say that you need to get your money working for you.  This is the opposite of what most people do.  Many of us chase money.  If you have a regular 9-5 job as an employee than you are chasing money.  The only exception is usually upper management do to their excessive salaries these days.

What you need to do is start building passive income streams that will slowly generate income for you each day, week or month.  These are generally methods that require significant upfront work and sometimes a little up keep while generating a steady income.  Since they require little time and effort after their initial startup you can move on and build your next income stream.

These passive income streams can be anything from buying dividend earning stocks, selling products online, membership sites and so on.  The options are endless to how people make money online.

Choose something that interests you and start a blog or forum around this topic.  Maybe you have a skill you can teach people or have a product that can help people. Anything you can think of generally has some kind of demand online.  Sometimes you don't need any of these things.  You can just gather information on a certain topic and put it together in a nice package.  People will pay money to save time and even if they could find the answers themselves.

Sell things on eBay, Overstock or Kijiji.  Offer your skills to people online in exchange for money.  Sites like Odesk.com, Elance.com and Fiverr.com allow you to offer products or services in exchange for money.  These sites will worry about collecting the money and distribute it to you.  Offereing your time in exchange for money is not the best passive income strategy but you need to start somewhere.

Work on your projects a little everyday if you can.  Maybe spend more time on the weekends.  Try to work in some time during your lunch break.  Skip tv in the evening and work on your project for 30 minutes.  Everybody can find time if they want too. 

If you never do anything different then don't expect any different results.  Don't expect money to fall from the sky and magically change our life.  This is going to take work.  You will have all kinds of excuses why you can't do this but you must get past this.

Building passive income has been an obsession of mine this year.  My goal is to continue to build a passive income that eventually surpasses my full-time work. 


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