And Can You Get It?
Yes, you can. But it will take some activity on your part in the beginning, with one exception.
The one exception is if you start life with money in the bank. Then you start out with money to invest. You also have a good chance of being educated on how to make the most of your investments.
But since you are reading this I suspect that you will need to work hard to earn extra income to invest. It is one of the best forms of passive income.
You will need to have the knowledge to invest wisely or hire an expert to advise you. And although there is little work involved you have to manage your investments. You should not put your hard earned funds in a bank and forget about them.
Still, those who start early, exercise disciplined spending and wise investing can see a nice stream of passive income come to them in their retirement.
Develop a New Idea or Invention
This form of passive income depends upon your ingenuity and hard work to develop something no one else has thought of. Then selling at a huge profit and then investing those funds.
Colonel Sanders is an example. He started selling fried chicken during the depression. He understood the value of franchising an idea. The first Kentucky Fried Chicken franchise opened in 1952.
When the business grew too large for Sanders he sold it to a group of investors. He was 62 when his first franchise opened and 74 when he sold to the investors.
If you have an idea that would make life simpler and easier for folks. Develop it and then reap the rewards.
Writing a best selling book series like Harry Potter or singing like Michael Jackson will bring you passive income. But for every J.K. Rowling there must be hundreds, maybe thousands, of writers like me.
I have written two novels. One I edited, had friends read it and love it, and then I reedited. Still when all was said and done I knew that it was not something I wanted to invest more time in. The second novel was finished and since then I have not even read it.
I will still write another novel. The first two were great learning experiences. But I am not counting on my writing for passive royalty income.
But you may be the next J.K. Rowling or Michael Jackson. If you are a performer there are several opportunities for you to be “discovered.” If you believe in your story or your talent be persistent. J.K. Rowling was rejected by 12 publishers before the 13th publisher let his 8 year old daughter read the first chapter of Harry Potter. She demanded the second chapter and now the whole world has heard of Harry Potter.
You just never know what will happen when you persistently believe in yourself.
This is a way to earn considerable money and it is easy to fit into your schedule. I am not sure that it ever becomes truly passive income. But, come on, if you are working for a couple hours on your laptop at poolside in the Bahamas, is it really work?
The trick is to find good products to represent and acquire a sizable email list. I have learned a lot about this marketing in the last year. There are good companies and there are not so good companies. I’m not going to name any of them here. But if you are interested contact me.
A good network marketing or multi-level marketing company has residual income that you can build to be a nice retirement fund. It is like royalties. You have to work to build a team but when that team is established your income keeps coming based upon the sales volume of your team.
Too many people overestimate how quickly this can happen and believe that it comes with just a little work. It takes work, persistence and finding the right company and products. But if you put in the work and time you will probably underestimate how large the return can be.
The beauty of network marketing is that the initial investment capital required is relatively small in comparison to the potential return. For the less economically advantaged there is the opportunity to create “sweat” equity.
I am convinced that I will see more retirement money from my network marketing business than my future novel. The MLM money will enable me to promote my novel so I get the supreme fulfillment of being read.
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