Greetings my friend!
It's been a while and yet here I am, back again writing this post. Barely 2 months ago, I did a blogging hiatus because I got so occupied with lots of stuff. My job gave me lots of deadlines and at home, I had to do chores which left me so tired in the evening. During weekends, my downtime was spent more on sleeping, reading books and relaxing. That's the main reason why I haven't posted for a while.
Apart from these reasons, a big chunk of my time was spent on building and growing my passive income. I started building this in 2015. At first, it seems like there's little to no progress but this 2018, it started to take-off.
I'm so proud to say that as of this writing, I've now created a cash machine capable of generating a retirement income. And yet, it's still growing! Yahoo!
Why Building Your Passive Income Should Be Your Top Priority?
Besides investing, building a passive income stream should be one of the topmost priority of anyone who wants to retire at the age of 40. Having this early in your life creates an enormous advantage later in your life.
When I developed the habit of setting aside 20% of my income to invest in stocks, I slowly realized that this isn't enough.
To be able to retire at the age of 40, I had to create something that will spit out cash consistently and has the following characteristics:
Why Do People Fail At Generating Passive Income?
The reason why most people fail at this is the lack of education. If you try to start a business without the proper knowledge and training, you're just setting yourself up to failure.
You don't have to fail many times in order to succeed. A lot of the passive income generation hacks can be studied in the Internet. If you study, you arm yourself the weapons you need to survive the business. This lessens your risk of losing money. You can do Google searches on any passive income topics and you'll be surprised by the number of search results that will come out.
Ok, I'm Ready To Study, Any Ideas Where To Begin?
I did a lot of searches when I was starting out. I read blogs, e-books and watched Youtube videos. But I found real value when I started subscribing to different Udemy Courses.
In Udemy, you can find lots of instructors who are experts in their fields. I looked for the highest rated instructors and subscribed to their courses. I have bought many of these courses related to stock investing, Forex trading, affiliate marketing, blogging and e-commerce for just ₱500 per course. The things I learned and have applied from these has given me huge returns.
The investing courses gave me fresh insights which I applied. I'm now a better investor than before. Apart from that, I learned to do blogging and affiliate marketing the right way and is now giving me 5-digit returns every single month. I'm now also experimenting on the e-commerce niche to add to my portfolio of passive income.
Is Passive Income Easy To Achieve?
If you're thinking that passive income is easy to achieve, you're making a mistake. In my experience, it's easier to make money in trading stocks than build a lasting passive income machine.
Passive income generation is a slow and painful journey. There are times that you may think that what you're doing isn't working. If it comes to that point, then ask yourself if you're doing it the right way. Are you doing it how the master and professionals do it? Or are you just exploring and just looking what works for you or not?
If you imitate and do what the successful people has done, it will surely result to success. I have experimented for the last 3 years and spent lots of money finding out what works and what's not. I studied a lot and planned the execution of my passive income ventures. Fast forward today, my earnings already exceeds my present salary and I'm determined to scale it up to get 6-digit returns per month.
I'm Now Earning Passive Income, What Should I Do?
It's not bad to splurge a little of what you make. However, if you want to grow the money you make, then buy stocks of high growth companies on bargain prices.
But most importantly, use the money to scale your business. If you're making money on blogging, make sure to use what you make to get more visitors on your site. If you're doing affiliate marketing, don't be afraid to run ads on Facebook, Instagram or Google. If you're doing e-commerce, increase your visitors and conversion rates.
Generating an additional ₱30k to ₱50k per month will definitely solve a lot of the problems you'll encounter in today's society. You'll be able to provide better healthcare to your family. You'll be able to afford paying higher insurance premiums, the rising costs of fuel and commodities will never become an issue to your finances and you'll be able to travel without sacrificing your budget.
These are just some of the benefits when you have something that generates income on the side. I believe that having a stable source of passive income can solve much of our society's problems particularly the 'lack of money" problem. Do this and you'll never have to worry about money again.
Do you have passive income? If so, what are the challenges you encountered? I want to hear your experiences below in the comments section.
Happy money making!