- January 08, 2022

Passive Income: Make money work.

"Compound Interest is the 8th wonder of the world"

-Albert Einstein

Passive Income is the Endgame for many Investors and Entrepreneurs, and we all know how precious is our time, It's sacred. We all get just 24 hours a day. None of us has more time than that but then too, People say that the rich are getting richer and the poor are getting poorer .but have you ever thought that how is it being done, what's the actual strategy behind it. Now you would be wondering that it's because of black money and illegal works, yeah somewhere they can be the reason but probably we can't blame these kinds of stuff for everything. As we need to make effort as well.

We are the makers of our economy. We have to find ways for higher GDP. No matter what's our age, occupation, religion, the color of our skin, or wherever we live. If we are on Earth, it's our responsibility for the optimum utilization of resources. And many do take their responsibility very well. they help in growing the GDP and economy with their contribution and efforts. As you know that time is the greatest equalizer as not a single person can have more of it. Time can never be created or respent. And that's exactly why passive income is so important - because time is more valuable than money. In the book " Rich Dad Poor Dad " Robert Kiyosaki quoted "the key to financial freedom and great health is a person's ability or skill to convert earned income into passive income or portfolio income.

The goal of the passive income strategy is of course to earn money while you sleep. It is the money generated from investments, properties, or side hustles. Without the daily commitment of a full-time job. Broadly speaking, Passive income is money that flows in regular intervals without the need of putting in a considerable amount of effort to create it. Many financial experts consider different forms of investment income as passive, but as per IRS, the following sources are considered to be portfolio income:-

Blogging
Investment in Real Estate
Investment in stocks and bonds
Create media assets

There are many other ways too, which will be discussed in the next article.

Accordingly, passive income allows us to think and explore new ways to further strengthen our financial stability, and grow it, this helps to create fiscal clarity in our minds, fueling us towards our financial goals. And we all have the power to treat our mind's eye on the things that will provide us with greater growth and prosperity over time. but the fact is that many people don't get the idea of passive income, they overlook that the importance of passive income is paramount. But it isn't that hard, let's take the example of blogging: with a large reader base, it's possible to generate revenue through display Advertising, Google Adsense, sponsored content, affiliate marketing. But yes apart from the benefits these tactics require a lot of upfront investment of time to build traffic, as well as pressure to maintain a blog to keep the traffic. Therefore, what we need to do is cut back on all non-essential expenses, very carefully. Plan and prioritize all spending. As it is said - Money saved is money earned . therefore the things seem difficult at first but trust yourself we can survive because WHATEVER THE MIND BELIEVES, THE MIND CAN ACHIEVE, for that reason we must get into the process of exploring the ideas to generate passive income, and investing in income-generating assets.