Are you one of those thousands of people who commute to the same old boring job every day and get paid little for all the hard work you put in? Do you do the same repetitive work every day and see the boss go off to play golf a couple of times a week in his luxury car? Don’t you want a change of scenery? Well, the good news is that you can. With just a little thought and planning you can set yourself on the road that inevitably leads to you being completely independent financially. Many individuals, indeed most, find themselves stuck in a rut of a job that involves hard monotonous and very uninteresting work with little to show for it and no thanks from above. They would give their eye teeth to change their state of affairs but don’t have an inkling how to go about it. If you think that you may be one of those people, read on.
The best way to achieve financial autonomy is to do so with passive or residual income. That is income that you receive on a regular basis without having to put in any effort to keep it going. When you have a passive income you will find that you suddenly have the freedom to achieve many of those things that have been in your mind to do “one day when you could afford it”. Passive income can be obtained from a number of different sources. These include:
- Rent from a second property
- Profits from a business that you own and in which you have hired a manager
- A pension
- Royalties from published intellectual property (music or literary) or patents
- Earnings from the Internet
- Interest or dividends from investments
- Ongoing commission on past sales
Most of these sources of passive income will inevitably need some effort or investment to get them going, but not all. For example it is possible to start up a website that will earn you money for next to nothing. It may involve a little initial work from home on your laptop, but isn’t that better than that rut you are stuck in right now? All you need to get going is a change in your attitude or mindset, and Work Your Wealth has set up a number of Passive Income seminars to help you do just that.