The “fools” guide to passive income - How to make money while you sleep
I've spent days, weeks and even months researching all sorts of crazy passive income ideas. One thing that I've learnt is that it really is possible to make money while you sleep.
To create streams of passive income, you should spend very little time setting up the income stream and sit back and watch as your bank account grows. It really is possible.
Passive income is not a dream or a myth. It's certainly not reserved for people with bulging bank balances and multibillion rand investments.
Anyone, even you, CAN create multiple streams of passive income - You just need to find the right opportunity.
By asking the three questions I'm going to show you today, you can separate the wheat from the chaff. You can focus on passive income ideas that don't take up too much of your time and deliver exceptional returns.
Creating enough passive income to support your lifestyle is possible. You can set your own working hours, spend more time with your family and make your own decisions.
Take it from me - it's a great way of living...
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Three questions to help you get the most out of passive income streams
When you discover a possible passive income opportunity it’s important to do thorough research. I usually ask myself three questions. These questions can help you assess the viability of the new opportunity so that you can decide to invest, or run.
Passive Income Question 1 – How much money will this require upfront?
Most passive income streams require you to put up a little capital upfront. A good example is dividend paying shares. To cash in on the dividends, you need to invest in dividend paying Exchange Traded Funds (ETFS) before you can earn hassle free profits.
So make sure that you know how much money you need to invest before you commit to the opportunity.
Passive Income Question 2 – How much time will I need to put in to get this started?
If you’re starting an online business, how long will it take you to set up the websites? If you’re investing in dividend paying shares, how often will you need to monitor your investments?
Remember passive income means you’re invested in an opportunity that makes you money while you sleep. If you’re required to spend more than 15 minutes to one hour on the income opportunity a week, then it might not be worth your time and energy.
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Passive Income Question 3 – How much money will I stand to make in the long-term?
If you want to enjoy all the benefits that passive income holds, like setting your own hours, making money while you sleep and having enough money flow into your bank to support your lifestyle while you do nothing... Then you need to know exactly how much passive income each opportunity you look at can generate for you.
If you are happy with the outcomes of these answers start investing. Once it is set up and the money is flowing into your account, you’ll then find yourself getting a little richer everyday for putting in minimal work.
When this happens, you’ll be in the money.
So, if you’re looking for passive income opportunities, make sure you ask all the right questions. This way, you won’t burn your fingers on false hopes, get-rich-quick schemes or fly by night chancers.
I recently found a unique way to create passive income by lending money to people and businesses that need a quick cash injection. It’s 100% legal and won’t cost you a fortune to get started. I’ll tell you more about this unconventional income opportunity in the next issue of Real Wealth.
Let’s build your wealth together,
Editorial Contributor, Real Wealth
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