Finer Finance Fridays #3 - Part III
Recap from the last two weeks...it is indeed VERY possible to build wealth, for yourself and future generations. One of the ways to do that is to reduce your spending, specifically don't spend more money than you have. In Part I of this series we focused on a few ways to reduce spending. In Part II, we focused on some of the benefits and rewards of reducing your spending. It Pays to Save, right!!! Now, let's talk about the flip side of that equation...how to make more money!
Increase your income!
Robert Kiyosaki, the author of "Rich Dad, Poor Dad" said his Rich dad told him, “If you want to be rich, work for passive income.” Begin by understanding that there are different types of income. "Most people start their life out by making ordinary earned income as an employee. The path to building wealth then starts with understanding that there are other types of income and then converting your earned income into the other types of income as efficiently as possible."
Passive income = Passive income includes regular earnings from a source other than an employer or contractor. The IRS says passive income can come from just 2 sources: rental income or a business in which an individual does not actively participate. Source: www.bankrate.com/investing/realities-behind-creating-passive-income/
www.realpassiveincomeideas.com provides 43 Best Passive Income Streams and Opportunities. Here are a few of my favorites, but you should definitely check out the rest!
Invest In A Rental Property
Resell Online Products and Services
Rent a Room, A Space, Anything
Buy an Existing Online Business
Create a Business System and Franchise It Out
The point, of course you can get a part-time job, or ask for a raise at your existing job...the idea is to continue to make money with no or very little effort on your part to maintain your cash flow. You can also make money doing things that you would do anyway. The possibilities are endless, and there's something out there for everyone! Check it out, there is something out there for you too!
If you already have a side gig going! Please share your thoughts in the comments! I'd love to hear from you!
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