GENESIS OF MY FREEDOM !!!
Knowledge about Passive income & Residual income
Passive income is income that requires little to no effort to earn and maintain. It is called progressive passive income when the earner expends little effort to grow the income.
Examples of passive income include rental income and any business activities in which the earner does not materially participate
Passive income includes regular earnings from a source other than an employer or contractor. The IRS says passive income can come from two sources: rental property or a business in which one does not actively participate, such as being paid book royalties or stock dividends.
There are two main routes to passive income – either you invest money to make it happen, or you invest time to make it happen. But is there a third option? Sort of.
I’ve talked about passive income before but today I wanted to tackle another question that often comes up:
How can I create passive income with no money?
And what is the different between passive income and Residual income?
Can You Create Passive Income Without A Financial Investment?
Passive income can be earned in two ways. The first is to make your money work for you. This could be done by investing in the stock market or a business.
The second way to earn passive income is to invest your time. For example, you can start a side hustle.
While it’s definitely possible to earn passive income with no money, it isn’t easy. It will require a lot of initial hard work and comes with no guarantees.
If you want to give it a shot here’s how to create passive income with no money.
Create An Information Product
If you have expertise in any particular subject you can create an information product and sell it online. This could be a course, a guide, or an eBook.as the book sells or get a click you have an income /inflow.
Sell Your Class Notes
Are you a college student? If your answer is “Yes” and you happen to be an excellent note taker you can sell your class notes for passive income.
Study Soup has a program that allows college students to upload notes and study guides and sell them to other students who need help.
Top note takers have earned as much as 1000NGN per semester sounds strange but you can relate with passive income
*Sell Stock Photos*
If you’re a freelance photographer or just enjoy taking photos and are good at it, you can earn a passive income selling your stock photos online.
Different sites will have different rules and commission rates. However, there are a ton of different places you can submit photos to.
The great thing about selling stock photos is that one photo can be purchased by many different people.
That looks easy right?
It all about Earning from things You’d Do Already freely….
If you’re looking for easy ways to earn money that don’t require as much of a time
There are many more ideas to have passive income. Just mentioned few…
*Does passive income really work?*
Yes! Passive income is how the rich continue to build wealth. When you don’t have money, you can leverage your time and effort to create income streams that will grow into the future. As you accumulate money, you can deploy that money (and even combine it with your time) to generate more and more passive income.
Passive Income: It Takes Time or Money
There really are no shortcuts to passive income. You’ll find a countless number of people who’ve created solid passive income streams with and without money.
The important thing to remember is that those people who did create passive income without money were willing to put in the hard work it took to create the product that would earn them passive income over the long haul.
Have you tried creating passive income without money? If so I’d love to hear what did and did not work out!
Check out some few passive income you can think over …
- Rent Property. …
- Affiliate Marketing. …
- Referral Rewards. …
- Create a Dropshipping Business. …
- Flip Garage Sale Goods. …
- Launch a YouTube Channel. …
- Create an App. …
- Sell Your Talents.
Sound goods like residual income right?
Residual income are in different context …but for the purpose of my article am looking at Personal Finance.
So in the context of personal finance, residual income is another term for discretionary income. It refers to any excess income that an individual holds after paying all outstanding debts, such as house rent and Data. Subscription, children schools.etc
For example, assume that worker A earns a salary of #4,000 but faces monthly house rent payments and Data subscription loans that add up to #800 and #700, respectively. His/Her Residual Income is #2,500 (#4,000 – (#800 + #700)). Essentially, it is the amount of money that is left over after making the necessary payments.
Residual income is an important metric because it is one of the figures that banks and lenders look at before approving loans. It helps the institutions determine whether an individual is making enough money to cater for his expenses and secure an additional loan. If one demonstrates a high Residual Income , his loan, or travel visa is more likely to be approved than for an individual with a low Residual Income.
*There Are Few Things In Life As Beautiful As Residual Income*
Residual income is defined in the official Listen Money Matters Dictionary (not a real thing!) as:
An income source resulting from cash flow received on a regular and predictable basis, requiring minimal to no effort by you to maintain it over the long-term.
As one of our hero Robert kiyosaki put it…I quote …
” __My rich dad taught me to focus on passive income streams and spend my time acquiring the assets that provide passive and long-term residual income…income from capital gains, dividends, residual income from business, rental income from real estate, and royalties. “_
There are few key point to pick from the quote
Residual income a predictable and regular income stream. That is, think of payments that are relatively the same amounts coming in on a monthly basis.
Second, building residual income requires minimal to no effort by you to maintain it…over the long term! This means that you shouldn’t be putting in 20 hours a week to keep that income coming in. That’s a business.
Buiding residual income must be passive in nature, and there’s a lot of opportunities to add this type of income to your financial tool belt. But first, let’s clear a common misconception.
*Passive Income vs. Residual Income*
Income refers to money a person or business entity receives in exchange for providing a service or when making an investment.
Two types of income are passive and residual income. Although these terms are often used interchangeably, they are fundamentally different.
While residual income may be passive, passive income isn’t always residual. Passive income is money earned from an enterprise that has little or no ongoing effort involved.
Residual income is not actually a type of income, but rather a calculation that determines how much discretionary money an individual or entity has available to spend after financial obligations or bills are paid.
Yes, passive income ideas have become buzzwords around the personal finance interwebs as of late. I don’t want you to get the wrong impression, so I feel like I have to clarify what I mean by passive a little further.
We aren’t talking about those spammy bloggers who assure you that you can earn thousands while you sleep. All you need to do is give them #10,000 for their program and you’ll be all set. Yes, they take credit card…..No no no am not party to that as a matter of fact I have slept already💤💤💤.
Neither am I talking or luring you to MLM…without knowledge….
But If you want to Consider Multi-Level Marketing.
Multi-level marketing can leave a bad taste in people’s mouth and I completely understand that. In fact, there’s nothing like logging into Facebook and seeing a dozen people trying to sell an MLM product. I get it.
However, all multi-level marketing doesn’t have to be done in such an in your face type fashion. If you can find a product that is truly helpful and that you’d tell people about anyway then you have a fair shot of making MLM work.
But beware of MLM firms that are focused extensively on recruitment or strongly encouraging you to buy more and more of their own products. MLM can work, but it can also fail you.
Having a prior knowledge about MLM before dabbing into it will make you feel on top of the world ….it guaranteed Opportunity to have both Passive income and Residual Income .
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Earning both Passive & Residual income is a way to live a fulfilled life ..
Opt In today like I did few years Ago…..Now am enjoying both Passive & Residual Income…
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Do you have anything to loose ?
Are you gaining?
*Big Yes* !!! ….
_So don’t waste time in few years to come you will see the decision you took today as billion dollar worth_
Time value of Money… remember your Capital today ….will be 100x your income tomorrow.
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