In today’s world, we are becoming increasingly stressed and overwhelmed by how much we have to do just to keep up – despite the fact technology is said to be making our lives better.
That said, whilst the majority of people are living in a reactive state of “keeping up” whether this is with social media notifications or mortgage payments there are a few people who are living a lifestyle of financial freedom – meaning having the time and money to enjoy life.
The way they manage such a desirable feat is by generating passive income as a result of leveraging assets rather than trading their time for money in the conventional way which most people do, where they trade a unit of time for a unit of money.
Increasingly, we’re seeing adverts on YouTube and Facebook of people that have managed to live a life of financial freedom at quite a young age, encouraging us to learn their secrets and discover how to break free from the rat race ourselves.
In this article, unlike those adverts, there isn’t a course to sell you on – it’s just simple advice offering some ideas into ways you can generate passive income, meaning you are making your money work for you, rather than you having to work for it.
INVEST IN THE STOCK MARKET OR CRYPTOCURRENCY
Astute investors feel there’s a formula to investing that mitigates risk, this means there is still an element of risk associated with investing, yet they reduce that risk by following a specific strategy or insight derived.
We all know how much money we could have made by investing in cryptocurrency, such as bitcoin, had we put a few thousand dollars or even a few hundred dollars into it a few years back… yet, there’s still opportunity within this area, and sites like https://buyandtradecrypto.com/ allow you to buy and trade cryptocurrency with more ease than most people associate with this process.
CREATE AN ONLINE COURSE
If you don’t want to face the risk of your investment going down as well as up, then building an asset such as an online course and leveraging this time and time again, means that you are getting paid multiple times on an initial effort – the true definition of passive income, as often these courses are fully automated in terms of the marketing process and fulfillment.
BUY AND RENT PROPERTY
If you are in the financial position to buy property and rent it out, then this is one of the most reliable and secure ways to invest your money so that you have your money working for you. Let’s take the example of buying a $100,000 home. The mortgage, for simplicity, is $500 per month. There are three bedrooms in the property, and you rent each one out for $300 per month – thus, your gross profit is $400 per month.
Then, in addition to the immediate revenue generated by rental income you have the long-term prospect of capital appreciation in that often properties will rise in value rather than go down.
In summary, there are several ways you can have your money work for you – it’s just a different psychology to that of the employee who relies on trading their time for money.