What is the first thing that comes to mind when I say, “Retiree”? This is what I think of: an older gentleman with white hair, socks up to his knees, and 3 or 4 coats of sunscreen on his nose (P.S. To my dad the just recently retired, I am not describing you – I’ll let you know if you fit this description in the future though). It’s only natural to think of a retiree as an old man, but this is not always the case.
How Do These Stereotypical Retirees Survive?
Often, the advice of a retiree is something like this, “Get a great education, find a safe secure job, and retire on your 401(k) and pension.” While many of the current retirees didn’t have a college degree, they are taking their own advice when it comes to their retirement accounts. Most of them are heavily invested . . . → Read More: Retirement is a Matter of Income, Not Age
I recently got my hands on Mark Riddix’s e-book, “How to Make $2,000 A Month Online” and was blown away (plus, there’s a money-back guarantee; available on the left of this page)! This book gave me so many resources to make money online, plus it provided a realistic roadmap for developing a passive income. Also, Mark made me realize that passive income doesn’t happen overnight, no matter who you are or what you’re doing. Sometimes hourly income is necessary in order to gain that residual income in the future.
I wrote an article last week regarding the 3 common ways to receive passive income, and after reading Mark’s book, it was obvious that any form of passive income will first come with hard work, sometimes for zero or very little money.
The first form of passive income was with dividends. This often takes a lifetime of investments to . . . → Read More: Passive Income Will Take Time and Effort
If you are a hardworking individual with an 8 to 5 job, you currently make a living with “earned income”, which is paid either per hour or by a yearly salary. If you are suddenly unable to perform at work anymore, you will no longer receive checks and your income will plummet to $0. This is why “passive income” is so important! With passive income, you would perform your work with very little or no pay in the beginning, but once your project is complete, the paychecks will continue to come in (sometimes for a lifetime!). Every person alive should be looking for these 3 common ways to receive passive income.
What are the different ways to create a passive income?
1) Dividends – The idea is pretty simple. There are quite a few companies that pay a quarterly dividend if you become a shareholder. This method is great for . . . → Read More: 3 Common Ways to Receive Passive Income
As I am digging my way out of debt, I’m beginning to ask myself, “What’s next?” I know that job security is at an all-time low and I’m very fortunate to have employment with a reputable company. However, based on the current economy, my employment could end at any time. I have known quite a few people that have expressed their confidence in their job security, but a few weeks later, their boss said ‘see-ya’. The way to defend your finances from this scenario: passive income.
What if you were completely dependent on your current income? Maybe you’re even living paycheck to paycheck. All of the sudden, you lose your job and your income has plummeted to $0.00 a month. It gives you a pretty sick feeling doesn’t it?
Now, what if you have developed a passive income that generates an extra $2,000 a month and is completely . . . → Read More: Passive Income with Dividends
When most people hear the words, “start your own business”, they start to think about how expensive it would be to purchase the building, stock the shelves, and pay the employees. This is how businesses used to run 30 years ago, but today, there is a much cheaper route.
Some individuals have decided to buy garage sale items and resell them on eBay for a substantial profit. If they post and sell 1,000 items in a year and make a profit of $10 on each item, they’ve just made themselves $10,000 in that year. This type of business does not need a building or office; it can be run by any one person that owns a computer and has an internet connection. Plus, the start-up cost is practically zero dollars. This is excellent, but I think that we can do even better.
I am a big advocate of regenerative (or . . . → Read More: Start a Business For Passive Income