We’re lucky. We live during a time where it has never been easier for individuals to create a residual, or automated, source of income for themselves.
Anyone today, no matter what they’re good at or what they’re interested in, can now start a business that can run even while they sleep.
If you would like to free up your time so that you can make money while doing the things that matter most to you, whether that’s traveling the world or spending time with your family, then there are a lot of things that you can do.
Here are a few of those things:
1) Start a blog. This has perhaps become the most popular way to earn a passive income nowadays because it’s relatively easy. Launching your own blog only takes a couple of minutes to setup and is cheap to start. The only costs are those associated with purchasing your domain name and paying for hosting. After that, start creating amazing content that people would be interested in reading or sharing. If enough people love your content to visit your site a lot, then you can monetize it through affiliate deals, self-advertising, sponsors, or by selling your own product.
2) Create an online educational course about something you’re passionate about, whether it’s on how to build an online audience, how to start a business online, how to do Facebook marketing, etc.
3) Become an investor. Invest in things that you’re informed on, whether that’s real estate, businesses, or mutual funds.
4) Create a business that doesn’t require you. Or build a business around something you’re passionate about and put someone else in charge to run it.
5) Write an eBook or a book and learn how to self publish, market, and sell it online. This can be a lot of work upfront, but once the eBook is created and marketed, it can provide you with a passive revenue stream for years. You can either sell the eBook on your own website, Amazon, or offer it as an affiliate arrangement with other websites that provide content related to your eBook.
These are just a few of the things that you can do to create a passive source of income, although there are still A LOT more things that you can do as well.
The great thing about spending time to learn how to create an automated source of income for yourself is that you then no longer have to always be trading your time for money.
This is the difference between being rich and being wealthy.
Being rich is all about having money, while being wealthy is all about having time.
Doctors are rich, for example, but they have no time to enjoy their money because they always have to be working.
This is why you want to learn to design your life in a way where you can have both money and time.