Passive income is income generated from business systems and/or income generated from investments. Businesses and investments are assets. An intellectual property is also an asset.
Royalties from intellectual properties as copywright of books, music, softwares or art works are also passive income.
Increase passive income by acquiring assets
You do not have to work in order to generate passive income. People and/or money work for you. In this article some passive income ideas are described. You can increase your passive income by acquiring more assets. You are financially free when your monthly passive income is greater than your monthly living expenses.
Which asset category are you passionate about? Choose the asset category that you love. Focus and master one asset category and then go to the next one. Be an expert in that asset category. When you are comfortable with that asset category, focus on the next asset category.
Before acquiring any asset get financially educated in that particular asset category first. Invest in yourself. Invest in your financial future. Get the financial education to make your financial goals a reality. Most importantly take action on what you have learned.
Financial education increases your financial intelligence which help you make better financial decisions. Financial education helps you to strech your mind and develop new money making ideas.
Passive income ideas from businesses
Passive income from Internet business
An Internet business is a business that sells online products as e-books, courses and trainings on a particular field.
Passive income from network marketing business
A network marketing business pays you commission when you sell the product to another person.
Passive income ideas from investments
Online money making opportunities
There are many online money making opportunities today. Do a research first before investing in these programs. Talk to a person who has already invest and achieved results in the program of your interest.
You buy a real estate and rent the property. You receive monthly cash flow for renting the house or appartment if the real estate is a ‘good’ investment. A ‘good’ investment is when the income covers the expenses.
Virtual real estate
Passive income from virtual real estates is when you buy a website with membership. You receive monthly income from the members for their membership.
Automated machine as gold automated machines. You insert cash in the machine and you receive gold. This is a ‘good’ investment when the costs to purchase and maintain the automated machine are lower than the income.
Passive income ideas from other assets
Intellectual properties as copywright of books, music, softwares, art works. You receive book royalties for writing a novel, royalties for making a music, software or art work.
Make a commitment with yourself each week to do one or more of the following to develop your knowledge in the different asset categories:
- Read financial websites, magazines and news letters
- Play monopoly, cash flow game or the game of abundance
- Attend educational seminars on business, investing and financial education
- Consider hiring a financial coach to support you through the process of becoming financially free
If you know another interesting passive income idea, please share it here with us!
For your financial success!