Every day you go to work you get a salary or wage. When you don’t work, you don’t get paid, right? Well, that’s about to end because you’re going to learn about passive income which pays you day and night. How woukd you like to work once, but continue to get paid for it? You even earn money while you sleep using any one of these well-known and well-established passive income methods. Are you ready to get started?
What is Passive Income?
Are you like most everyday working people? For the most part average workers are paid or compensated either for what they know or what they know how to do. When applied to most “work” however, these both still translate into trading “hours for dollars”. That is to say, when you work, then you get paid. Or to the contrary, if you don’t work, then you don’t get paid. Whether you’re a physician with a private practice, a bank teller, a car mechanic or a school teacher, your salary or income depends on your “showing up” for work, whatever that may be.
Even many so-called high-income-bracket jobs like stock broker, insurance salesmen and plastic surgeons are not exempt from the income-earning business model of trading “hours for dollars”. If they don’t work, they don’t get paid either.
Get Paid for Work You’ve Done Previously
With “passive income” however, you get paid over and over again for work which you’ve already done only once. You can continue to reap benefits – and income – from work you may have done last week, last month, last year or even earlier. Think of what happens with recording artists, movie stars and producers, for example. The song or music video is recorded once but pays them royalties for each and every time the movie is shown or rented. For each and every time the song or video is played. That’s why they earn so much money. It just keeps coming and coming and coming. Wouldn’t that be nice for you to have as a means of income?
Three well-known and well-established examples of residual, or as it’s also called, passive income are these income models:
• MLM, Multi-Level-Marketing
Consumer products such as vitamin supplements, health care and beauty products, vacation time shares, food storage containers and other products like small item toiletries, creams and lotions are sold via this method which builds a downline of affiliates and customers from whom you continually receive a percentage of sales payments.
• Royalty or Time Payments
Whenever you have any type of intellectual production, say writing and publishing a book, producing a video or CD, any type of multi-media or production from which you receive payments from sales or rentals, i.e., royalty payments, these are a distinctive form of passive income.
• Interest Payments and Returns
If you have income from paper, speculative or real estate investments, interest payments or dividends, commodities stocks, government or other types of bonds, annuities, other financial returns or perhaps real estate and rentals, these are other equally viable forms of passive income.
Enrich Your Life
You can enrich your life bhy using passive income from one of the previously mentioned sources to provide both you and your family with greater financial benefits without adding more hours of work or spending the increased time working needed when you trade “hours for dollars”. You can use passive income to enrich your life without becoming a “slave” to a job. Now doesn’t that sound just great?