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.