It’s the ideal scenario to have multiple passive cash generating opportunities. However, the truth is that opportunities which offer passive income come in two packages. You either work really hard initially, and benefit later, or you ‘buy’ into an opportuninty with a heafty sum.
Passive Cash Generating Opportunities
The internet can offer the former opportunity for those prepared to work at it for some time. Affiliate marketing can allow you to earn money which over time can become passive. In the first instance however, there is a lot of work to be done. However, never before has there been such an opportunity to cash in on the use of automated systems to earn money. Anyone can now build an internet based business regardless of their experience. More on this later or access here to get started.
Passive Cash Generating – Learn To Discipline Yourself
The banks and credit card companies are experts at generating cash. They know people will borrow money because they desperately need it or because they want something now that they can’t afford. However, this method of shopping becomes very costly. The hidden cost of the ‘get it now’ generation is huge. People are trained by advertising to ‘get it now’. Wheras bye-gone generations learned the hard way to save for what you want, and to work for it.
The basic discipline of not spending what you don’t have is worth mentioning in this article because it can save a whole heap of money which you would otherwise spend on stuff you don’t need. One of the first lessons on wealth generation is don’t spend what you don’t have. This sounds obvious and boring but it does train a certain discipline which will save you tonnes of money in interest payments and wasted money.
Live Beneath Your Means
Yes this doesn’t sound sexy I know! But living beneath your means means you don’t spend what you don’t have. You save money lost on things you don’t need, AND the payments you would otherwise make on interest on your loans – a double saving!
Pay Yourself First
Rich people pay themselves first. That is, they pay into their own savings before they spend a single penny. Poor people spend first on all their bills, their rent and their food and spend what’s left. Although this article is titled passive cash generating opportunities, the first step in generating passive income is to stop all the outflowing of cash through bad habits. Taking charge of outgoings is far more controllable than finding new income opportunities.
Pay Off Debt
The credit card companies and banks want you to stay in debt. That’s how they make their money. However, simply by paying off debt you increase you level of disposable income. That income can go into creating money rather than losing it. The small interest payments which you pay on a regular basis to ‘service’ your debt could easily be paying into a trust, a savings account or built up to invest in something. Debt is the opposite of passive income. It’s passive losses going out every month. Anything which costs you money and is depreciating in value is a liability. Get rid of liabilities, increase assets.
Grow Your Assets, Including Yourself
Saving and investments are assets. Owning a home is an asset. Owning a car is a liability. A car depreciates in value the longer you have it. Owning debt is a liability. Get rid of liabilities and increase your assets. This means increasing your own ability to earn money, save money and protect your assets.
Passive Cash Generating Opportunities – Own Business
One of the best businesses to start is an internet based business. An internet based business can offer a passive cash generating opportunity. However, this takes time and effort and you also need to learn the ropes to get started. Some of the best reasons to start an interent business:
- An internet business can allow you to earn a passive income from work done previously.
- An internet business can be worked from anywhere.
- You can work an online business around existing employment.
- It is very scalable
A scalable online business offers the opportunity to grow your income by selling products and tools online. What is best about an online business is you can sell other people’s products and don’t need much experience to do this. Ideally you can sell products which offer an ongoing value to customers.
This might be things like website hosting or some software which is needed for the lifetime of a business. Software sales give the owners and affilaites a lifetime income source for the lifetime of a customer.
Other Passive Benefits Of An Online Business
Passive cash generating opportunities are few and far between. Unless you get royalties for your work, an online business might be your best chance of generating passive income.Â An online business can generate passive income in a number of ways.
- Through content you have created online previously which sends visitors to products.
- From monthly membership subscriptions which you have referred
- From Multi-tier sales closed by your referrals sales or a built in sales team.
- From adverts you are running which connect products to buyers – Although you are effectively paying for this to be done, it is largely automated and so can be deemed a little ‘passive’.
Other Passive Cash Generating Opportunities
Passive income is the best kind. But it usually comes from having cash in the first place. Cash you can use to make investments and savings which earn residual income and interest. Owning propertly can be deemed passive if you have a tenant who pays you rent each month. But for most people this can be outshadowed by their mortgage payments.