With a brand new 2019 in full swing, a lot of have been looking back at how we’ve done the previous several months, and one action item that commonly makes the round of New Year’s resolutions in the subject of making money.
Specifically– on making more of it.
For many, it might be about getting promoted, or switching gears to a more rewarding career. For others, it might be about finding a side hustle, starting a new business venture, or looking for opportunities to make some passive income.
Should you seriously be considering making passive income?
Our quick answer is: why the hell not?
A passive income is earnings derived from an enterprise in which a person is not actively involved. This means that earnings aren’t directly tied to hours put in, which is great news for those already putting in 40 or more hours a week at a full time job.
65% of self-made millionaires have at least three streams of income. As Warren Buffett puts it, “If you don’t find a way to make money while you sleep, you will work until you die.” If you’re looking to get ahead financially, acquiring a passive income stream is something you may want to consider. The time requirements are mostly front-loaded, meaning you do the work once and then enjoy the income while only making occasional minor adjustments.
Need some ideas? This infographic from Lexington Law breaks down various passive income ideas by time and money requirements. Set up your passive income stream today and start on the path to financial independence.
It’s not a question of should you be making passive income, but rather which passive income model best fits you and your current lifestyle at the moment.
There are a number of suitable ideas presented above on how you can make a little extra cash even while you’re sleeping– depending mostly on the amount of money and amount of time you have available to dedicate to your chosen passive income revenue-generating endeavor.
Whichever passive income method you choose, however, probably the biggest takeaway from this whole piece is that you have to start working on a passive income project right now.