Passive income is one of the most important part of our Wealth Building Strategy.
Do you know what it means?
It is the income that you don’t work for it, and it comes by itself.
How is this possible while we all know that people have to work hard to survive?
How can we make money doing nothing?
Well, there are so many ways to do that.
But one of these ways is the best because it hires an honest and hard-working employee that never stops working and making money for you.
It can create a never-ending passive income stream.
Do you know who this employee is?
It is your money.
Yes, your money can work so hard and make more money for you.
Making your money make more money for you is the best possible way to generate passive income.
You are reading this page because you are looking for the ways to generate passive income.
However, instead of listing the known and regular ideas that you can find on all other sites and articles, I’m focusing this article on a much better and smarter strategy that creates a steady stream of income that lasts forever if you want.
The first and most important thing that you have to know and set your mind on, is that you’re financially free only when you make money without working.
If you still have to work to make a living and cover your current expenses, even if you make a lot of money every month, you are not financially free yet.
And, the point is, this situation can turn into a disaster if you don’t change it.
What happens if you lose your job and income?
What if you can’t work anymore for some reason?
You will become poor overnight.
The solution is in passive income.
If you haven’t been able to create some strong and stable passive income streams, or you haven’t taken any actions to do that so far, then you’re only one step behind getting poor and broke.
Passive income which is also known as residual income is the income that comes by itself.
Of course, “residual income” is an accounting term and is different from passive income.
But most people think that they are the same.
The word “passive” has a very deep meaning here.
It shows you the way and tells you how to become financially free.
Most people think that there is only one way to make a lot of money: Working Too Hard
This is true when you have no capital and you want to raise some money.
But, after a while of working hard and when you have become able to save some money that enables you to invest, you should manage your money in a way that it works hard for you, and you don’t work hard to make money anymore.
The question is whether it is possible to have an income that comes by itself and without working.
The answer is yes.
There are so many who have such an income.
Indeed, there are so many who make millions of dollars per year or even per month, while they don’t do anything more than some management and supervision.
How is this possible?
It is very easy.
They have some belongings and properties that make money for them.
For example, they have some residential or commercial buildings that they rent.
Or, they’ve written some good, demanding and popular books that they republish every year and make a lot of money with.
Or, they have some movies, songs, and… that still make money for them.
The easiest ways is to publish content on our website and let it earn points and money, automatically every month. Selling products on our website can boost this process dramatically while it has no extra work once they are placed on our site and start generating sales. Learn how this system works:
- Join the LuckScout Club to Make Money Online from Home
- Make Money and Passive Income Writing Articles Online
- Selling Products on LuckScout.com
How to Generate Some Steady Streams of Passive Income?
Now that you know how important it is to have passive income, you should learn how to create and then boost it to secure your future.
What I am going to teach you here is different from what you read on other sites.
Almost all articles that are focused on this topic have the same format: They all list some known ways of creating passive income.
They don’t tell you how and they don’t consider that something they teach can’t be applied by most people.
For example, how many can write popular and demanding books and eBooks that can be sold for several years?
How many of you are able to create some unique software that people keep on ordering them for good?
There are so many ways to generate passive income.
But how many of them can be followed by ordinary people?
Most of them are too hard to be followed by most people.
So here is my way of generating some stable passive income streams that everybody can follow, not just some special people who have some special skills.
If you like to secure your future, you have to take actions now.
It can be too late to think about creating some sources of income that cover your expenses, after losing your job or in your retirement.
You’d better to do it now.
The best and easiest way of generating passive income that can be followed by everybody is through forcing your money to make more money.
This is what everybody is able to do. But the other ways like creating books, eBooks, software, movies, songs, videos etc. are too hard for most people to do.
Now I tell you how to use your money to create new streams of passive income every year.
1. If You Already Have a Good Income
If you currently work and have a good non-passive income, but you haven’t developed any sources of passive income yet, then you are one step ahead of others.
What you have to do is saving some money to become able to create new sources of income with it.
This is what I explained above.
Your money is the best and most reliable employee that can work so hard and make more money for you.
So, cut some of your expenses down and work a little harder at the same time, to become able to save some money: How to Increase Your Income and Why You Have to Do It
Then, invest your money in the real estate market and buy some properties that (1) their value goes higher over time, and (2) you can rent and make money through them.
This is exactly how you can create some sources of passive income.
You not only make money from renting your properties, but also your capital will be increased as the value of your properties goes higher.
You have to consult the reliable real estate experts to find the right properties that have the above two features.
Make sure not to make any mistakes when buying the real estate properties.
This is very easy to do if you spend enough time to research.
Consulting with the reliable and experienced real estate agents is a must.
Don’t think that you can do it on your own.
I could also recommend you to invest your savings in currency or stock markets.
But you must be aware of their risks.
You have to know a lot to make money through the currency and stock markets.
Also, it is very difficult to find some really experienced, knowledgeable and reliable currency and stock market analysts that show you the right way.
But you can easily find so many real estate experts in any area that you want to invest.
Repeat This Process as Long as Possible
You can repeat this process as long as you still work and make money.
Saving money to become able to invest and make more money, which is the easiest way of creating passive income is an important task that you should always focus on.
The more passive income streams you create, the more financially secure you will be.
Read this article to learn more about my investment strategy.
There are some more important tips on buying the real estate properties there.
2. If You Don’t Have an Income or Your Income Is Not Enough
There are many people who don’t have an income.
There are so many more people whose income is not enough to save any money to become able to invest and make more money.
None of these people can earn any passive income as long as they have such a bad financial situation.
Your non-passive income is the foundation of creating of your passive income.
Therefore, if you don’t have a non-passive income right now, or you have it but it isn’t enough to save money consistently, then you have to take some serious actions as soon as possible.
The easiest way to generate a source of income is our online business system.
It is fast and easy and has an unlimited potential to make money.
Forget about the other ways like starting your own business or working for the others.
You will have a very low success rate and your income won’t be enough to do any investments.
Therefore, I strongly recommend you to start your online business as soon as possible: Join the LuckScout Club to Make Money Online from Home
Also, I recommend you to read this article carefully to learn how our Wealth Building Strategy works and why our online business system is the best way of achieving financial freedom: A Wealth Building Strategy to Create Wealth from Nothing
Passive Income Makes Your Life Much Easier
If you’ve spent your life to work hard, make money and spend all the money you make, then you will have a hard-time if you lose your job and your income for some reason.
Securing your future through creating passive income streams is something that nobody teaches you in any school, college or university.
You are the responsible of your family future.
You are the one who has to secure a good financial situation for your family and yourself.
As you saw, it is very easy to create new sources of income that don’t need you to work.
You can easily find some ways to save some money.
It is OK to work hard sometimes and for a limited time to improve your financial situation.
It is also OK to get loans and mortgages to become able to invest in the real estate market.
That is the only case that banks will trust you very easily because they do know that the real estate investments are so secure and safe and they won’t lose their money if they participate in your investments.
So, you can work harder, cut some expenses and take some risks to become able to create passive income and secure your financial situation.
Your hard-work will get paid when you start making money while you don’t have to work at all.
Nothing is more joyful than having financial freedom in your life.
Okeke
Thanks. I want to join the data technology business as soon as possible. But in-between being dead broke and having a laptop that needs some fixing I hope it won’t be long. I am trying to solve both problems. Thanks
LuckScout Team
Nothing can stop you if you are serious about doing what you want to do.
Mwaura P.K
Hi,
Financial freedom in continuity brings other forms of freedom through eternity.
Great article. Kudos
Innigold
Great article
wealthmap
Fair article. No real steps shown in the piece.
Hillary
I always thought that passive and residual income are synonymous. That they are different terms with the same meaning. But how are they different?
LuckScout
Residual income has a different meaning in accounting. But it has the same meaning as passive income in business and online business.
Cloudnineee
A nicely written article and will surely prove to be helpful for a lot of people wanting to make a side/passive income stream(s).
Myriam Pierre
This article is good. The advice is right.Especially about being a working person.Work actually is a good thing to do but if you do not have multiple streams of income you will have problems. Just look at what we are going through right now as we speak and read these articles. It is so sad that many people have been conditioned to believe that a job and especially a job with a union and that supposed pension promise when you get older and retire is the key. So many people eat that up like a chicken sandwich. It has taken me a long while but since I was in my twenties it had always been my dream tone financially secure without having too all this hard work. And one thing too that many people here do in this city, New York City is wait for garbage night. They collect bottles and cans and they redeem them for small amounts of money. You can imagine how tedious this is. You do know you cannot earn a fortune that way unless you never sleep and that you just want to break your back daily for that. LuckScout deserves gold stars for being here.
LuckScout
Thank you Myriam 🙂
Abu Johnson
At the beginning, you have to work hard to create passive income. Once the passive income starts to generate money for you, you can now sit back and begin to count your blessing in your old age.
fdk191503
I enjoy my current job. And I intend to spend more time and attention on it. Having a strong and reliable passive income is the visible addition to my current live experience that will enhance tremendously the joy i got from my job. This article and the system here in Luckscout are the solutions and answers for my desire.
I am absolutely agree with the main premise of this article, if you really want to enjoy your life, establish a strong and reliable passive income.
Tiger
Very useful article, let money work for us, let money make money for us
My eldest brother and sister-in-law just did that. They bought houses and rented them to other people to live in. Because of the price increase, the current value of these houses is more than twice the value they purchase.
Nolo
Many people find themselves in the second category, trapped in a 9-5 job and not making or saving enough money. The small amounts some people manage to save can barely enable them to establish a strong passive income stream. It seems the only option left is to join a proven system like the Luckscout club.
kalpesh
Passive income is base for financial freedom.
jackso
Vahid, this is all I have been longing to become, ie to have financial freedom but as you have said, it involves very hard working especially at the beginning, that’s why most people remain the way they are.
Now, Mr vahid, I want to know, is there any way how one can be assisted if he wants to have an ebook?
LuckScout
We have good writes who write eBook in different topics. You can order your eBook here from tomorrow:
https://www.luckscout.com/make-money-writing-ebooks/
jackso
Ok, thank you
Tiger
I Don’t Have an Income and my retirement pension Is Not Enough.
So , I Join the LuckScout Club to Make Money Online from Home.
Jackso
Tiger, I’d give such a person a go ahead. I’d give the same advice to those who have lost their jobs due to this pandemic, and I guess they are many, coz I have heard of so many firms rendering workers redudunt due to the effects of this pandemic.
Jonathan
I never thought that finally I came across to where I can earn passive income by the help of people who created the luckscout.com. The real company that helps to provide passive income and will definitely help lots people to earn money for living.