What is passive income and why is it such an important wealth creation tool? Thousands and thousands of people in South Africa pass the hours away in jobs that they either don’t like or don’t want, but are forced to stay because they are afraid of the consequences of quitting.
Passive income is a regular source of income that you don’t have to work for, and having such an income is a huge step towards financial freedom.
When you have an assured and established passive income you can become free from any financial constraints and can use and spend your time entirely as you wish.
Some of the benefits of building a passive income include:
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Freedom from any financial constraints
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Freedom to spend your time as you wish
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Freedom of being your own boss
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Freedom to spend more time with your family
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The satisfaction of helping others
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Freedom from anxiety about your retirement
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Control over your future
The mere fact that you are reading this sentence means that you are showing interest – that is the very first step on the road to financial freedom – now you just need the positive mindset and willpower to translate words into action.
Altering your frame of mind from its present negative state into a positive mindset is not a magic formula. By subscribing to the Work Your Wealth weekly newsletter you can read frequent articles about this subject, and learn about the workshops that are available to help you achieve it.
So how do you go about creating a passive income?
Well, there are a number of different ways. A passive income is a source of revenue that demands the minimum of work – often none at all.
Examples of passive income opportunities include:
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A business that you own but that is run by a manager
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Renting out a second property
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Websites that have an income from advertising or affiliates
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Licensing patents or trademarks to third parties
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Royalties from intellectual property such as written works or music
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Trading
These are just a few of the many ways in which you can create a passive income. Some sources of passive income necessitate a preliminary investment, but not all of them do. Once you have got control of your frame of mind, it is perfectly viable for you to build up a passive income with little or no initial outlay.
If you consider your present situation to be monotonous and unfulfilling, the only person who can do anything about it is you. But there is help out there.
Work Your Wealth runs a succession of workshops and seminars expressly designed for people like yourself, and each one is run by an individual who has made the leap forward and now leads a Life of Choice.
You’ll meet other people who are of the same frame of mind as yourself and who have the same ambitions as you, and you’ll meet others who have already made the change and have personally seen the benefits it can bring.
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