How To Generate Big Financial Passive Income For The Future : When you consider the words “passive income”, what do you imagine. Do you envision a life without the stress and hassles of a full time job? Do you imagine living without a budget for things like groceries, fuel, entertainment, travel, etc.? Do you envision life without worrying about how your financial obligations will be met now and in the future? Everyone’s passive income picture is unique.
Now consider the words “financial freedom” and “financial independence.” What do you imagine?
Consider the things you have not accomplished in life due to lack of time and money. Maybe you haven’t traveled as much as you’d like. Maybe you’re not buying the house you’ve always wanted. Maybe you don’t have the money to go back to school. Maybe you don’t have time to spend on family or friends.
The beauty of passive income is that it allows you to do the things you want to do because, unlike active income, it doesn’t require “time for money” transactions. Passive income is based on work or financial investments you make to achieve residual income. If done right, this residual income will continue to flow into your pocket day after day to infinity.
Passive income is stronger than active income because it can be compounded. When you consider the amount of time available for work in a day, you realize that active income is limited. There is a maximum of 12 to 14 hours available for active earning. However, when you consider passive income streams and how they can be multiplied without actively working, you begin to visualize the opportunities available to you.
Passive Income is freedom! Freedom from your job, freedom to allow you to buy the things you want in life, freedom to allow you to do the things you want to do in life. Imagine having your own money making machine that puts money in your pocket even when you’re not working. What kind of financial independence will you have?
The internet has opened up many amazing opportunities for creating passive income. You have to admit that many of the pioneers were visionaries and were highly valued for their early work. Many of them are still cherished and live lives most can only dream of.
The technology available today makes it possible to create multiple streams of passive income. Have you ever thought about how to use social media to make money? Do you have a Facebook account? Twitter account? LinkedIn account?
If you can connect with people through social media, you have what it takes to create passive income with the Internet. You have opportunities today that many didn’t have 5 years ago. The growth of the Internet and the number of people who use it every day have created some great passive income opportunities.
You’ve probably heard the term “affiliate marketing,” or “network marketing.” People connect with others in many ways through the Internet and educate others about life-changing services, products, events and companies.
How to build massive passive income is what I really want to explain in this article. It goes beyond affiliate marketing and network marketing. This is a way for you to receive a substantial monthly income for life. What do you imagine when you see the word “substantial”? $5,000 a month? $10,000 a month? 100,000 per month? Whatever you’re imagining, double that amount and you’ll be close to the amount of money I mean in substantial terms.
About 35 years ago, I worked at Sam’s first Grocery Club. Located in Midwest City, Oklahoma. It had been open for over a year before I started working there. I went to the junior college just across the street and a student in one of my classes, an older guy who took classes part-time to pass the time, told me about Sam and said he often shopped there. I’ve never heard of it before, but I wanted to give it a try.
I completed an application at Sears earlier this week and haven’t heard back from them. The HR lady from Sam called me the next day and asked if I could come for an interview. I wasn’t impressed with the building when I arrived. It is old, outdated, looks rustic, and needs repair. He explained what work was required including salary and I was very impressed.
They offered much higher hourly wages than I would work at the grocery store down the street or a Western Sizzlin steakhouse. I actually worked for Sam for about 5 years. They gave me a $5,000 college scholarship which was very helpful as I had transferred from jr. attend the University of Oklahoma and the tuition fees are much higher.
I moved from the Midwest City area after graduating from college. My first employer after I graduated was based in Plano, TX and I was excited about the prospect of moving to the Dallas area. As fate would have it, my assignment was not in the Plano or Dallas area. It’s in Kalamazoo, Michigan. Yes, that’s what I thought when I was told. Kalamazoo-WHAT? I had never heard of Kalamazoo much less visited the area.
But it’s a great place to work if you enjoy very cold temperatures and lots of snow for 8 months of the year. I worked at a General Motors factory as a business analyst. My major in college was Management Information Systems so of course I worked for one of the biggest data processing companies in the world – Electronic Data Systems or EDS.
General Motors bought EDS a few years before I was hired. EDS gave me a scholarship when I was in school which is another reason I chose to work for them over other companies that were after me.
I moved to the Dallas area about 18 months after moving to Kalamazoo and starting work for the GTE Directory. I worked as a business analyst for about 5 years then accepted a job at a software company in Irving, TX. I was there for about a year and received another job offer and a $10,000 bonus. After working there for 6 months, I accepted another job that paid $14,000 more than I was earning at the time.
My skills are in high demand and the industry is growing fast. Many of the projects I am involved in are Internet related. DOT COM is growing rapidly and I take advantage of this opportunity. Until 2001. Shortly after 911, the DOT COM bubble burst and companies reduced their information technology budgets and personnel.
The company I was working for at the time bought its main competitor and, as a result of the merger, my entire department was eliminated due to personnel cuts.
My options then were to find another IT job, which was rare and highly competitive, or to change my career. I chose to start my sales & marketing career. There was a feeling of relief when I finally made my decision. It was bumpy at first to be completely honest. I’ve been using the left side of my brain during my IT career and now it’s time to put the right side of my brain to good use.
One of my last sales jobs required me to sell through the “roadshow” method of displaying, demonstrating, and selling products. This is a full body vibration (WBV) device. It vibrates your body when you stand on it to increase blood circulation and build muscle tissue. It was a good show. I can use it as much as I want and my body always feels great.
After all, roadshows had been booked at various Sam’s Clubs in the Oklahoma City area and I was finally booked for roadshows at Sam’s Club where I had worked 30 years earlier. The original building was demolished so that a new building could be built on site. The air conditioning worked very well and the building was immaculate.
I keep thinking how lucky they are because they have a climate controlled warehouse environment, clean bathroom facilities, snack area, and a well-lit building to work in. Memories of the hot summer days and the scorching winter days I endured while working in the dilapidated warehouse kept coming back to me. The image of the old seclusion that fell from the ceiling filled my mind.
It was interesting to talk to some of the colleagues who have been there since I started working there. Some of the early employees moved into management and moved on, but there are some early employees who still earn an hourly wage and are happy to have a job. Our conversations are mostly about other coworkers and what they do, who they marry, etc. It was amazing to hear that story.
Even more amazing is the fact that this partner was the pioneer responsible for making the first Wholesale Sam’s Club a successful “boiler plate” and a training ground for managers at Sam’s Clubs around the world but they did nothing about it. except for their working hours.
Imagine working your whole life to build something as amazing as Sam’s Wholesale Club chain and having nothing to yourself after all is said and done. What kind of feelings, what kind of hatred, what kind of regrets will you have?
I believe things happen in life that change us dramatically and it was the experience of being reacquainted with a true partner that brought me to the realization that it is up to each of us to shape our destiny. Action, sometimes massive action must be taken if it is to be different.
People without passive income live their lives paycheck to paycheck. Many people will be homeless if they lose their income for two weeks. People who rely on active income are at a much greater risk of bankruptcy, foreclosure, credit default, and vehicle recalls than those who receive passive income.
Disruption in industry has provided many people with income opportunities. Uber and Lyft drivers can earn extra income by sharing their vehicles with others. Airbnb hosts can earn extra income by sharing their homes with strangers. Uber Eats (sometimes spelled UberEats), Postmates, and other food delivery services allow vehicle owners, and in some cases, bicycle owners to earn extra income in their spare time.
With the exception of Airbnb, these side businesses are considered to provide an active income opportunity. Having extra money from anyone from this side job is great. It is time, maintenance, and in some cases, inconvenience that can become a problem. Exchanging money for time will never give you the wealth and financial freedom you desire in life.
Other industry disruptions open the door to passive income. Consider the number of training websites that have just appeared. Many of these Web Sites offer training offered by technical schools or currently offered by technical schools. The training curriculum is created by individuals with specific skills and knowledge but not necessarily degrees or certifications.
Developing and selling training courses allows individuals the opportunity to earn real passive income.
Websites like Udemy charge a fee to market the training course, but the balance is paid directly to the course creator.
What if you had the opportunity to share valuable information with people who were looking for it and were willing to pay you for it? What if you could keep the majority if not all of the results? How will it affect your life? Let’s say you have the opportunity to help hundreds of people who are willing to pay a monthly fee every month to get information and you can collect that information early in the launch.
This will require an investment of time but you can rest and enjoy the benefits of your work once it is created. Charging $10 a month for the information you need and being willing to pay a hundred people will get you $1,000 a month. What if the monthly fee is $30? Your net profit will be $3,000 a month.
Imagine if 1,000 people paid you every month. Earning $30,000 per month in passive income will go a long way in increasing your wealth. Right? Now imagine if you could double or triple your membership base over time.
As consumers, we have been conditioned to pay for subscriptions. Today fewer people pay for newspaper subscriptions or magazine subscriptions, but they do pay for Netflix, Hulu, Amazon Prime, iTunes, and Microsoft subscriptions. Do you pay for the operating system and software applications on your electronic devices (PC, laptop, iPad, Mac, etc.) with a subscription? Do you pay for an online subscription like the Wall Street Journal?
How about membership? Do you have a membership in a gym, country club, travel club, Hilton Honors, Costco, or Sam’s Club? Subscriptions and memberships are a way of life. People pay for services and information through subscriptions and memberships and they have accepted the fact that they will continue to pay for services and information through subscriptions and memberships.
Many professional service providers have adopted a membership model and charge their clients a membership fee to receive consulting, services, or other value through their membership Websites. Life coaches, business coaches, and therapists are among the many types of professional service providers who have opened their client base which, in turn, has opened their wallets to receive services.
If you don’t have specialized knowledge of high-demand subject matter, can you research it, study it, and gain the specialized knowledge that will earn you subject matter expert (SME) status? Does it take a little time and effort to gain financial independence? Maybe you know enough about a certain subject and it’s just a matter of polishing your information offering to start creating a passive income stream.
Membership sites have become very popular because they provide owners with great opportunities that have value to offer consumers who want to pay a monthly fee in exchange for the value. People prefer to pay membership fees over large upfront installment fees for the desired information in a “on time” state. Membership sites are one of the fastest growing methods for generating passive income and building wealth.
A small investment and a little training time is all it takes to start a profitable passive income generating membership site that changes your life forever. Perhaps it is time for you to explore the opportunities that membership site ownership offers if you are not 100% satisfied with your current financial situation or your financial future.
Imagine having the ability to retire, having the ability to help others in need, having the ability to provide a better life for your family, having the ability to contribute to your church, civic charity, or any other organization you believe needs your financial help. .
Imagine what life would be like if you had enough time and money to do what you really enjoy in life. How do you feel?