For most people, nirvana is financial freedom. Knowing you are financially independent, having an income that exceeds your outgoings and remaining that way for the rest of your life with little or any effort on your part.  It’s a dream for virtually everyone.

 

We all know that the best things in life are free but, without a shadow of a doubt, freedom from financial worries does contribute to your overall wellbeing. 

 

 

So how do you create multiple sources of passive income?  Well, it’s a lot easier than you could ever imagine.

 

Let’s start by defining passive income.  Passive income is where money works for you as opposed to earned income where you work (give up your time) for money.

 

Let’s start by listing a few sources of passive income;

 

Rent from property

Rent from a lodger

Rent from your drive, parking space or garage

Renting your car

Business income

Your own website

Dividends from shares

Interest from a bank account or bonds

Royalties

Network Marketing

Online trading

Selling electricity to energy companies from solar panels

Vlogging 

Blogging

Affiliate income

Product endorsement

Social media

Sponsorship

 

You pays your money you takes your choices!  Quite literally.  As you can see there are countless ways to create passive income.  By contrast, there are only really two sources of earned income being from employment and self-employment.

 

 

 

 

So where do you start?  I suggest choosing some simple and easy ways of generating a passive income first.

 

Why not start by renting out a spare room in your house to a lodger or rent out your drive, if it is empty during the day?  You could try your hand at trading on Amazon or eBay by buying and selling products you know about for example.  Create your own website using a tool like WordPress and start to build a presence as a blogger and/or vlogger on a subject you are knowledgeable and experienced in.

 

 

 

The key thing is to make a start. It’s all about taking that first step.  Don’t procrastinate.  Action, action, action.  Don’t worry about making mistakes.  You will make many but you will learn a lot from those mistakes and that will make you better.  Business is not about being perfect.  It’s about creating good habits and sticking to them.  Perseverance has to be your byword.  Don’t be deterred.  Remember Thomas Edison who performed 10,000 experiments before he invented the electric light bulb?  He didn’t understand giving up.  He was convinced he would find the solution and eventually he did.  

 

Adopt Edison’s mindset and you will be successful too.  You know it makes sense.*

 

Risk warning 

* This blog is based purely on my personal opinion and experience. You should always seek advice from a professional before investing your money. The contents of this blog are for information purposes only and do not constitute individual advice.