Passive income sounds great. Tell me how I can start earning passive income right away. He shares how I can start earning with me and Boom! I get the credit alert every month. This was so easy.
Passive income sounds great. Tell me how I can start earning passive income right away. He tells me I need to start by getting disciplined with my money, make investment a bill, create immense value, move with like-minded people and take advantage of opportunities when they come.
I am motivated. I get started but this is tough men! I’m not sure I can do this for too long. I didn’t think it would be this difficult. I also lost some money and made mistakes.. I just want my money back…sigh
The difference between those who dream and those who live the dream is, the dreamers have never figured out the price of their dreams..
Think about it for a second. What’s in your life today that was once a dream? What seemed impossible at a time but is now in your reality today?
I’ll bet it took some work.
Making money while you sleep has a nice ring to it but let’s be honest, you have to either put in time, money or both.
A lot of people ask me how I earn passive income. While I share in more detail in the Green Club, here’s a summary of some of the steps I took to earn passive income in 2018
I put in time by creating information products. I published a book and continue to launch my online course.
One of the things you’ll notice about most billionaires is they create value for a huge number of people. Jeff Bezos, currently the richest man on earth, serves 300m+ customers. Bill gates Microsoft operating system serves most of those who do not use the IOS system.in multiple continents
J.K Rowling’s, (Author of the Harry Potter book series) books made her a billionaire, although she dropped off the billionaire list after a while because she gave most of her money away. At the end of the day, earning more income is a game of numbers. Serve more people at scale, earn more.
This applies to business too. The more customers you can serve or provide value to, the more income you’ll earn over time.
Second thing I did was to put in money to invest more in real estate. One of the stories that inspires me is the story of a lady who partnered with a friend to buy a piece of real estate in an emerging area. They bought the land at N2m. Fast track to a few months later, they sold off the land at an appreciated value of N5m.
Not resting on their oars, they purchased another piece of real estate and proceeded to build on it. While building, they got an offer for N21m.
They took the offer and bought another piece of property. The goal was to own real estate that earned them rental income and they continued till they achieved the goal. I am on that journey as well
Don’t look down on what you have. Start somewhere and continue to move in the direction of your goal. If you live in a society where you can get mortgage, consider your options wisely.
According to Brandon Turner, an active real estate investor, ”The key to success with real estate is buying smart. Not every piece of real estate is going to provide a good return or prove to be passive. Understanding how to analyze potential real estate opportunities is incredibly important. As the old adage goes – you make your money when you buy!”
Don’t think you have enough to invest in real estate? Start an investment club and stack up funds to get started
Final point I’ll share is I actively invest for income on crowd funding platforms and lending platforms.
Earning interest on safe instruments like treasury bills, mutual funds or bonds is safe and simple except for the fact that they currently earn low interest.
So, I invest to earn higher interest on other platforms because they provide a great way to earn passive income. It comes with risk of course but i’m fine with it because I have a plan
These three points are just a sneak peak into some of the ways I earned passive income this year. There are lot more options in my kitty, some I haven’t even scratched the surface yet.
Did I get to this point in a jiffy? Absolutely not
It took a lot of hard work. I remember all my sleepless nights to get my book published, how I constantly improve the resources for the Green Club and how I am trying not to get overwhelmed with my upcoming plans.
I also know the constant sacrifice I make to invest for income. Funny thing is now I earn income from simply being Tomie Balogun (speaking engagements and all)
Always remember, you are the creator of your life and not the manager
The creator takes ownership and creates the life they want while the manager simply manages circumstances
These are just some examples of how I earn passive income. You can create your own path.