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As the son of a small business owner, I realized at an early age that true financial independence only comes to those who own their own business. My father and his friends that were financial independent, all owned their own business.
And, not just any business, they all had businesses that made money even if they were not there. They could be out of town, or on vacation and their If they were sick or on vacation their business still made money, in business, we call this PASSIVE INCOME.
Passive Income is just that, passive. It is where you do not have to always be actively engaged to make money, it runs on autopilot and makes money on its own.
There is a lot of upfront work to get it going, along with some regular maintenance, but once going, it runs on its own. It is like the author who spends months writing a book and then when its picked up by a publisher, they get royalty checks from then on.
Passive income is a pretty slick deal if you can get it going. True financial freedom is usually only achieved by those who figure out how to do it.
You can never be laid off, sick or injured. An example of passive income would be when someone has employees earning money for them or a website.
A website can be a great way to generate Passive Income. It can be automated where you make money one of two ways online, either through advertising or selling products. Both of which can be turned into passive forms of income.
And once you have a large following, this is when your passive income really starts to grow, so when you are spending time with the family, on vacation or just sick in bed, youre making money!
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