These two words are very, very powerful words, and to me, they evoke a strong sense of independence and freedom, both in financial and literal sense.
And this word ties in very closely with the famed “passive income” – you cannot be financially free without passive income flowing into your bank account/pockets.
It seems that many people think that becoming financially free and building passive income is a very hard thing to do, but frankly, it isn’t. Yes, there are many different methods which ranges from dividend stock investing to rental properties purchasing to licensing to making money online to intellectual property – there are so many roads that lead to passive income.
There is no right or wrong answer, there is only “your preferred” solution answer.
I pretty much don’t really like handling and investing in rental real estate, so I don’t go for that (needs too much money and too much management and too much related costs); I hadn’t been able to do licensing or have intellectual property, so nothing there.
So I make my passive income from my dividend stock investing and make money online – these are my current two approaches, and even within each of them you can further “zoom in”. I have different websites selling different things from different companies, because of differing interest as well as to spread out the risk and diversify.
Likewise for my dividend stock investing – I am vested in about 15 different dividend stocks that pay me anything from 5-9% per annum. Also to diversify and across different companies and sector.
Thing is, this means that I have about 15 passive income streams from my dividend income stocks; and 3 passive income streams from my online businesses. Collectively, as you can see from my passive income reports, they form my passive income, and I aim for them to hit $100K per annum, and that’s when it’s significant enough for me =D
That’s my game plan to financial freedom at its lower level (Phase 1)
Phase 2 is to invest more deeper and with more diversity (or less) such that my passive income from my dividend stock investing hits $100K per annum. Once I hit Phase 2, I know that I am pretty much very safe and stable financially already – truly Financially Free.
And then if have much more surplus, all the surplus will be channeled to dividend stock investing, and we will live off the dividends.
For me, the easiest way to start is to learn how to make money online – the cost is low (you can sign up free membership with Wealthy Affiliate to learn how to build a profitable website) and it can truly grow and scale, rather than having to save or make thousands to put as downpayment to rental property etc.
What about yourself?
If you’re a student, stay at home mum, or an executive, you must find a side hustle that you can build on the side.
It’s not a luxury, it is a necessity.
It will give you options and flexibility and choices, and can be very low cost to learn and test and grow. Heck, the option that I am putting to you has even a free version (sign up for the free membership that don’t even need a credit card too) and learn all you can about online business, experiment with the 2 free websites too.
I am making money online, and I can foresee my financial future getting better and better.
I believe in building a passive income internet business that will work for me day in, day out; serving readers and customers profitably and delivering value 24/7, and only one program taught and help me create a money making website, and it’s the only program I feel very comfortable and confident in sharing: Wealthy Affiliate.
I’m tired of being cheated and scammed by gurus and programs out there that promises I will make money online by shelling out hundreds if not hundreds of dollars for their magic solution – note to self: there is no magic bullet solution. I am building my online businesses from scratch, finally making money online and I’ll recommend you learn it too. It’s a life skill and it’d future-proof your life and future income.