Passive income is earned money that requires little to no effort to maintain. Since becoming a corporate dropout, I've been living off my passive income streams. It was scary to leave behind a steady paycheck and company benefits.
Yet, having passive income allowed me to ride out the 2020 economic downturn.
For years, I tried different passive income ideas. After making a ton of mistakes, I eventually reached financial independence retire early (FIRE).
That's right, I replaced my salary with passive income!
Ready to starting building passive income too? First, find out which passive income strategy best suits your strengths and interests!
Over the years, I played around with different passive income ideas. I made a ton of mistakes and learned a lot of hard lessons along the way.
Eventually, I reached financial independence retire early (FIRE) by replacing my salary with passive income.
I was finally able to leave a career that was no longer a good fit by creating multiple income streams from investments and side hustles.
Watch the video for my story...
Regardless of your career field, resigning from any job position can be a big decision.
While there's no "right or wrong" time to resign, there are many things to consider to determine an ideal time and date to leave.
Some factors depend on whether you plan to quit without another job lined up and the length of your financial runway.
Most financial experts recommend anywhere between three to nine months of emergency savings.
Need to build up your savings fund?
Building passive income can help you take off the golden handcuffs of working in the 9-5 cubicle life.
Multiple passive income streams can help free up your time and energy to do other activities that you enjoy.
As business owners, creating passive income can help you serve a lot more people without burning out.
Good news: There are many ways to make passive income.
Not so good news: There's no one size fits all passive income strategy.
We all have different strengths, interests, risk tolerances, and skill sets. What works well for me may not be an ideal fit for you.
So start with one strategy to find out which best suits your strengths and interests.
While I've build passive income streams with digital products and affiliate marketing, my preferred passive income method is index fund investing.
Creating a significant amount of passive income doesn’t happen overnight with the stock market.
But when it comes to passive investing, the magic of compound interest adds up! Ready to start investing?
Build multiple income streams.
Whether it's passively or actively earned, millionaires have an average of seven income streams. After all, having multiple income streams is one of the great keys to wealth.
There are many ways to have a side hustle these days. You don’t even have to start a business to do so.
First, find out which passive income strategy best suits your strengths and interests!