Passive income is the path of the wealthy!
What qualifies as Financial Freedom? Is it having enough to pay the bills each month? Is it having a six-month buffer in your savings account like recommended by many financial consultants? Maybe it’s not having to worry about where your next paycheck is going to come from?
To me, Financial Freedom means having the money I need to do what I want when I want. That is going to be a different amount of money for each person. Everyone has their own idea of how they want to live their life, so only you can answer that for yourself.
Passive income is key to generating financial security because you don’t have to exchange hours for dollars. You can get paid for work done even when you’re not actively working for it.
Unlike its counterpart, active income which requires you to continually work to earn income, passive income only requires passive participation. For instance, an example of active income is working at a job for any company. You either get paid hourly, or by salary, and once you stop working you won’t receive any more money from that company. You may get a severance package to assist with your unemployment, but that’s it, and that’s usually limited.
Passive income doesn’t mean you don’t have to work. Instead it means you work smarter. Most people work in their business, but their goal to have their business work for them.
With passive income, you may do a lot of work upfront to setup the passive income system, but eventually you’ll be able to slow down and minimize your efforts while still getting paid. Once the systems are setup, your passive income will continue over time.
Having a passive income stream gives you more freedom, flexibility, and more independence. You get to choose what you want to do, when you want to do it, and how you want to do it without having to worry about how or if the bills are going to be paid, or where your next paycheck is going to come from or how large it will be.
Once you’ve grown your income to the point that money is no longer a stress factor in your life, you will have attained that financial freedom. Establishing multiple streams of income is one way to grow your passive income stream.
When you change your perspective on earning and money management, you take a large step toward a more permanent state of financial independence. That, my friend, is advice from first hand experience.
If you’re serious and want to live a freedom lifestyle, and are willing to do the work to get your passive income system setup and running… watch the video below to see what I’m doing. I can help you get setup and running.
…It’s working for me, and thousands of others out there online.
And, if you already have a business you’re happy with, I will still cheer you on!
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Let’s have some conversation!
By Lynn Huber
p.s. I’m looking forward to helping you succeed and live your dreams!
If you are happy in a business, that is great. If you are looking for the right business; the right mentor; something you can build online, I would love to share what I am doing with you. Click here and let’s explore the possibilities.