I know a lot of people want to be rich but the only way they knew in making their dreams is their day to day job. Your day jobs and your monthly salary is good enough to create other sources of income and making a it a passive income.
Let me first warn you that creating passive is not a get-rich quick scheme. If you hear anyone says "No Risk High Reward"or "Get Rich Quick" without explaining to you how it will works, try to run away from him or better call a police because that guy want you to be a victim of a scam.
The truth is passive income is not earned right away. It takes time. It may take months or even a years before you finally earn. But the good news is, once you start earning from passive income, its potential earning is exponential. And over time, your passive income could match and even exceed your active income but it requires commitment and consistency.
Passive income is like planting, you need to plant the seed, watered it, watch from destructive pest, spray some pesticide and wait for the harvest. When harvest day came it will be a fulfilling feelings for a farmer.
So how you can create a multiple stream passive income?
There are only three (3) ways on how to earn passive income:
- Paper Asset - paper asset can be define as Mutual Funds, Stock market, Bonds, UITF, Treasury Bills and even time deposit. Every time you added or open an accounts from financial institute they will issue a certificate under your name, and that paper worth depends on the investment you put plus the interest and earning of any company you bought in.
- Real Estate - one of the best and known passive income is rental income. it maybe a condominium, farmland, foreclose property etc. that put money on your pocket. Your house can not be consider a passive income unless you earn money from it, but most of the time you loose money due to utilities and maintenance.
- Business - either it is on-line business or traditional business, franchise it is also a good passive income. Self-employed individuals are not yet consider as passive income but it is the start. Royalty income can also fall in business as a passive income.
P.S. 1. Bernard
B. Anduyon is an OFW based in Qatar. He is a speaker and trainor for
OFIE-M (Overseas Filipino Investors and Entrepreneur – Movement), a
small group of Filipinos that advocates and teaches fellow OFWs to be
investors and entrepreneurs. He is also a long-time member of Bo
Sanchez' Truly Rich Club http://bernard.trulyrichclub.com.
P.S. 2. If
you, your family or friends are based in Qatar, then I’m inviting you
to attend our financial literacy talk series every 1st and 3rd Mondays
of every month at Al Thumama, Doha. I give talks on diverse topics such
as abundance mindset, financial planning, investing and entrepreneurship
for Filipinos. I am also a trainor for PINOYWISE-ATIKHA, promoting
awareness on issues affecting OFWs and their families as well as
financial literacy.
If you want a financial coaching, you can send email to b_anduyon@yahoo.com
Please like the pages:
https://www.facebook.com/OverseasFilipinoInvestorsEntrepreneursMovement
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