I still remember the first time I earned any substantial amount of passive income. No, I am not talking about the pitiful two or three cents you earn a year from your savings account — I mean really income. I remember thinking when that money hit my bank that this was about as close as I would ever get to experiencing magic. Let me tell you that ever since that day, I have been on a quest to generate as much passive income in my life as possible. Fortunately, since that first taste of earning passive income, I have been successful in building out many new streams and I’ve noticed that each new stream requires three important components. What are they? Let me share them with you now!
The idea of earning passive income is one of the most glorified concepts in the world of finance today and it’s for good reason. I don’t think I am surprising anyone when I say that most people I talk to dislike their jobs and the thought of being able to build up enough passive income streams that would allow them to leave their job is incredibly endearing. Now, I will say that in the last few years, more and more people have become aware of the power of passive income but there are still many people who think that there is no such thing as passive income and this is a shame. It’s a shame because there are many of us out here living our best passive income lives while they slave away chained to their active income ways.
I know for myself personally, my foray into the world of passive income started three years ago when I was working in an incredibly demanding job and was way more stressed than I should have been based on the amount of money I was making. I remember that despite working 60 hours a week, I was barely able to cover my bills and let me tell you I was not living an extravagant lifestyle by any means. Basically, I was forced to generate more income and given that I was working so much, I had no choice but to learn to earn passively.
I’ll admit that I was far from the quickest learner when it came to making passive income. It took me about 2 years to start earning 4-figures a month in passive income. Fortunately, every time I wanted to quit, I would tell myself that if I didn’t figure things out, I would be stuck in that low-paying, soulsucking job forever and that was simply not an option I was…