There is a lot of buzz going around these days about “passive income”.
No doubt we need to have a good source of income to maintain our family and for our well being. Most of the people resort to jobs to get paid. They work for a company under certain contracts and get monthly compensations and bonuses for services rendered.
Others build their own businesses as a proprietor or as a limited company. It may be a bank, a restaurant, fashion designer, retailer shop, grocery, hotel, real estate and so on. They heavily invest money and time behind their business and look forward to get return.
The easiest definition of passive income is that you do an upfront work building a property that will generate income for months and years to come without you doing much work. You have a lot of free time to concentrate on other works and spend time with your family.
There are traditional methods to earn passive income such as investing in real estate, opening fixed-deposit schemes in banks, investing in share market and so on. Most of us do that , right?
But these traditional methods sometimes require substantial investment upfront. And you need to put in manual interventions to keep it operating.
The passive income that I am talking about involves creating an online property (like a website) where automation allows the necessary transactions to happen automatically with minimal intervention from the owner.
In other words, you earn money even when you are asleep.
Think about it for a second.
You don’t have to have a 9-5 job. You don’t need to travel to your work place. No more drill sergeant boss, No more huge workload with not-so-high compensation. You get a lot more time to spend with your family, to see your son/ daughter growing up, to celebrate each occasion with family and to travel at will.
Living the free life. The dream life.
And still you are earning way more money than you ever could with a day job.
I felt the need of passive income in my life every day while I was on job with Standard Chartered Bank, Bangladesh. My working hours were long and exhausting. The traffic was very bad. I wanted to give more time to family , but after a long and tiring day. I could barely stand up when I reached home.
I worked at Standard Chartered for five years and during that time I got idea about internet marketing and passive income. I started working on my online venture in 2013 along side my day job.
I worked 2-3 hours a day setting up the systems. Soon enough the money from side-business started to roll in. And during mid 2015, my part-time online income exceeded my full-time income. That’s when I submitted my resignation letter.
This surprised everyone. But I knew what I was doing.
This was all possible because I had and still now have passive income model working.
It is all about working hard now to create future cash flows.
That, my friend, is passive income. It requires little investment , but it does require hard work to set up the system.
And when it works, it will motivate you unlike anything! Keep my word on that!!
I will discuss more later.