One of the discussions we had is that we would need to be able to find a way in order to get out of the rat race or what we often call as employment. Most of the financial gurus and experts would say that in order for us to get out of the rat race is when we explore and build multiple streams of passive income.
How can you determine if the opportunity that is being presented to you is something that can be classified as passive income? What are the key features of a passive income opportunity? How can one build and start off earning their first passive income? These may just be some of the questions lurking in your mind as you continue to read this article or post. Here are some tips on how you can start and build your source or sources of passive income.
We have been able to identify and define passive income as money that we receive with little or no effort at all. It is not like the salary that we get from our jobs where we would have to work for 8 hours in a 5-day work week or render at least 40 hours of total work hours in order for us to get paid. With this being said about passive income, it is also for us to note that building and starting up with your first passive income source would not be that easy. It would initially require focus and attention and once that passive income stream starts generating money, then you can simply let it work for you with just minimal supervision and effort.
If we ask people who have found it easy to start off building their first source of passive income, the first and common advice they will give you is to start off your first source of passive income by knowing what your talent is. Since the start-up of any passive income would require effort, and attention, financial gurus and financial teachers would say that focusing on your skills and talents would slash down the effort because you are simply working on your God-given skills and talents.
The first tip that we would be giving out in this sense is that if you would like to build and start up with your source of passive income, you would have to first find out what your skills and talents are and then start off with that. If you’re good at writing articles, then you can start off with creating a blog of your own, choose your topic and find out ways and means on how to make your blog be the top search result in Google and other search engines.
If you are a person who is good at cooking, then you can start off by exploring food recipes and maybe try to create your unique food recipe and sell it out to the public. Filipinos are often known for their ingenuity when it comes to this and often than not, you would see them start off by selling packed meals to their colleagues in the office.
In both cases that we have cited, the initial effort would not be as huge as those who would focus on other possible income opportunity but we can say that is would be not as big or as huge as starting off with something that is not based on your skills and talents. Let’s take the first example. If you are good at writing articles, the effort you would exert on would be on: finding out blog hosts, how and what SEO is, etc.? You don’t need to focus on how to be able to write good articles with the rules of English grammar all set and in place. For the second cited example, the only effort I would need to do is to advertise myself and preparing my daily menu. Since I am good in cooking, I can impress my initial clients or customers by just cooking which would just be second nature to me because it is my skill, it is my talent.