I often talk about my attempt to build passive income streams. I think that part of what makes Passive Income to Retire so unique is that I share how I am working to build up these passive income streams. What exactly am I doing to build passive income?
Building Passive Income with Blogging
If you have been following me for some time, you know that a huge focus of this site is to make money from blogging. While I am not sure whether everyone can make money from blogging, I do think that a lot of people can do it. The distinction is that a certain skill set helps speed up the process. Many people have commented that I am doing really well already. People ask for my secret, but really it comes down to determination and being able to write easily.
I am starting my plan to build passive income by blogging. This is something that I would like to think that I am good at and you should play to your strengths. I have heard it over and over that blogging is not passive income. It takes work to maintain. This is true, but I think that if you are successful enough, you can hire out most of the tasks of blogging and maintain ownership of a blog and still maintain a profit. This means that it takes very little of your time and you are able to keep most of the profit.
Build Passive Income the Smart Way
If there is one thing that I know about building up passive income, it starts with either a lot of time or money. Since I don’t have a lot of money right now, my only option is time. I could keep working at my day job for the next 30 years try to save as much money as possible and perhaps retire early by a few years. Or, I could work a few extra hours each week for the opportunity of being able to retire in a couple of years.
The area where most people falter in earning money online is by thinking that if they invest more time into it, they will get more money. This is a general rule of thumb, but what if you could have slightly less money for less than half of the work? I would personally prefer to keep 80% of the profit while doing 30-40% of the work. If I am desperate for cash, I could pick up a few more freelancing jobs, but I’m not. I would rather create a system that will supply me with greater income for the time that I have invested and that is expandable (since I have more free time). So, when you go to build passive income, if you don’t have a large amount of cash laying around, remember that you have to think smart. Maximize your efficiency and don’t try to do everything by yourself. If you do that, you may burn out and lose out on an opportunity build up a passive income that can last for the rest of your life.
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