“There are some who start their retirement long before they stop working.”
Are you familiar with the term passive income?
If not, you really should be.
In a nutshell, passive income is money that you earn even when you aren’t actively “working” to earn it.
While it’s rarely like the old saying “Making money while you sleep“, it can be pretty close to that with the right plan and a willingness to prepare.
Simply out, passive income can literally change your life.
Here are a couple of examples of passive income:
1 – Do you know someone that owns rental properties that produce steady rental income?
Well, that rental income is a form of passive income because the owner doesn’t have to get out of bed every morning and go to work to earn it.
The rental income just flows in every month like clockwork as long as the properties have paying renters.
There are management and maintenance tasks that must be performed from time to time of course, but those tasks are usually a long way from being full-time jobs (and they can even be outsourced).
2 – Do you know of a business in which the owner has hired a manager to run the business for them while they works at another job or do all the other things they’d rather be doing.
Except for keeping an eye on the manager to make sure he keeps things running as they should, the owner doesn’t really do much to earn profits from the business. That means those profits are (more or less) passive income.
Of course acquiring rental properties or starting a business requires a significant monetary investment, but there are many ways to create passive income streams without spending a lot of money.
In fact, some of them can be created on a shoestring.
Take blogging for instance…
Almost anyone can start a blog and write a series of interesting posts that can generate passive advertising or affiliate income for years after they decide it’s time to stop writing and do other things.
I know this from personal experience. I started my first blog way back in the late 1990’s and stopped adding new posts to it in 2001. That blog is still earning a decent amount of monthly passive income for me to this day.
Bottom line: Now is the time to start planning for your retirement because the earlier you start, the more comfortable your retirement will be.
And if you’re already retired, it still isn’t too late to start! You CAN create a passive income stream by starting a blog, regardless of your age or educational background.
You just need to get started. Click here to find out how!
If the idea of generating passive income appeals to you, check out this short video that discusses 9 ways to use the Internet to earn $1,000 or more per month in passive income.
Note: As always, you can watch the video at full screen by clicking the “square” icon in the lower-right corner of the video after it begins playing.