Set Your Money Mindset to Passive Income
How do you go about creating income streams?
It’s 6 A.M. on a Monday. The alarm is buzzing loud and piercing. You were having a great dream, and it’s being interrupted by that darn alarm. You put it on snooze and go back to sleep for five minutes. After which, you go through the same routine: snooze and sleep. Finally, you check the time and decide you have no wiggle room. It’s time to get up. You need to get to work with some semblance of being on time.
This routine happens five days a week. You are exchanging your time for dollars. Putting vacations aside, if you don’t work, you don’t get paid. If you work part time, you probably don’t even get a vacation. If so, you are truly trading hours for dollars.
Could there be another way?
You need to build up passive income streams. This gives you the ability to earn money without putting in any hours. Of course, they do need to be set up, to begin with, and that could take a fair amount of time. But, once they are set, they bring you consistent income on a frequent basis. It’s almost like having your own printing press at your disposal.
When these passive income streams are ready to go, you could take a vacation, and you are still earning money. You could even be earning money while you sleep. The more of these streams you set up, the more money you make without having to trade your precious hours. Also, as these incomes grow on a monthly basis, you could replace your regular income. There’s nothing bad about that!
How do you go about creating income streams?
One example of a passive income stream is investing in dividend stocks. You will need an initial outlay for this, once you have this, you will collect cash on a quarterly and for some, a monthly basis. If you reinvest your dividends, you can build your portfolio to the point where it’s earning some decent cash for you.
Another way to go about creating a steady income stream is to create a membership website. People sign up and agree to pay a monthly fee to you.
Their credit cards get billed each month automatically. You have to make sure you keep a high level of quality on your membership. Otherwise, you are going to have a high unsubscribe rate, and this defeats the purpose of a membership.
Off course ,there are many ways to create multiple income stream ,today with this article ,we'll just like to tune the mindset to Passive Income Mode., in the coming future articles ,we will explore and share many more options so do follow us , or a Kofi ,will be real sweetening ..we have at least 20 more articles to share on passive income in the coming weeks
You’ve already dreamed of the life that having passive income streams can afford you. You can live where you want, do what you want, have enough money for extras, finance your children’s education, give money to charity, volunteer your time, and so on.
You can travel around the world, not work at all while you’re traveling, and still make money. You can take days off when you’re sick and still make money. You can have power go off during a bad storm and still make money.
Earning passive income is phenomenal and life-changing. Each passive income plan is different. There are some that require more work than others. There are some that might be more lucrative for you than others. There are some that you’re better suited to than others.
There are some things they have in common, of course. You can and should interlink them for even more earning power.
You’ll work hard to set up the passive income stream in the beginning. I’m going to give you an overview of the work involved. The amount of time you’ll spend setting things set up depends greatly on your current level of experience, your mindset, your follow-through, and the amount of time you have available to spend on this task.
You’re going to have the roadmap you created for yourself, and you’re going to use any mistakes you make as learning opportunities. You’ll examine those who are already successful and do everything you can to copy their success.
No matter which passive income stream you’ve chosen, you’ll work it until you see results. You won’t stop until you see results. You know people have been successful with that passive income stream before, and there’s nothing different about you.
You’ll closely examine your results and you’ll know exactly what is working and what isn’t working. You’ll scale up what is working so you can earn better and faster. You’ll cut out what isn’t working. You’ll remain flexible.
Then, you’ll scale up what is working even more. You’ll push that passive income stream until you’re squeezing every last drop of income from it.
Once you get things going, you can start to outsource. Not only will your income stream work for you on autopilot, but you can have outsourced workers take care of some of the finer details.
That four-hour workweek lifestyle you might dream of living is well within your reach at this point.
You’ll also learn to invest in your business. Some people want to set their business up totally for free, even after they’re making money. It’s definitely possible to get started for little to nothing, depending on the business model you choose. However, you should also be aware that you’ll be so much more successful if you invest in your business and yourself.
It’s foolish not to put some of your profits back into your business. This will help you scale it up. Your money will start to multiply itself. This is how a smart business operates. You’re not just playing at this – this is not just a hobby – this is a true business.
You’re going to push it until you succeed. You’re going to push past any walls that have erected themselves in your path.
You’ll add other passive income streams only when you’re ready and only when that first income stream is mostly working on autopilot.
About the Creator
Estalontech is an Indie publisher with over 400 Book titles on Amazon KDP. Being a Publisher , it is normal for us to co author and brainstorm on interesting contents for this publication which we will like to share on this platform
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