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Posted on October 24, 2007 by Jason Petrina | Posted under Business
Why Passive Income Is Better Than a Traditional Job
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One example of passive income is real estate income -the income you derive from rental property. In the beginning, you have to work to acquire the property, and then you have to work to fix the place up and raise its value, or meet the requirements for rental property in your area. After the property is ready to rent, you have to market it and make sure that you get good tenants. At that point, the income becomes passive. Even though it is passive income, however, you will still have to do a little bit of work now and then. You must collect the rent, arrange for repairs to be made when needed, and market the property again when it becomes vacant. Or you could avoid the work altogether by hiring a property management firm. Royalties are another example of passive income. You have to work to create the product that you will receive royalties from - such as a book, songs, or patented products. If you wrote a book, you would sign with a publishing house. The book now belongs to them, but you are still the author - and therefore, you receive royalties every time that book is sold. The only work you may be required to do at that point is the initial promotional book signings. At a traditional job, your income is directly related to the number of hours that you are able - or allowed - to work. Most companies have salary caps for their various positions - after your income has reached a certain level that is the level it will remain at for the rest of your working years. In many cases, your working years are also limited, and you are subject to the future of the company as well. If the company closes its doors, you are out of work, and your income is gone. These days, people are no longer satisfied with traditional jobs that create traditional income. It isn't because they are lazy or want something for nothing. It is simply because passive income is usually safer, more reliable income that we have more control over. Furthermore, once we have passive income coming in, we are free to create more passive income from other streams - which gives us more income, and more security. The newest example of passive income is Internet related. People work very hard to create products or services that are sold over the Internet. Their ultimate business goal is to automate it. Once this automation is achieved, marketing is done. In some cases, the marketing is outsourced, and in some cases the person may do the marketing themselves. Often, they look for ways to automate the marketing as well! In many cases, this automation comes from sales made by affiliates or downline members. This creates passive income. There are many ways to create passive income no matter what your skills or interests are. It is important for many to create multiple streams of passive income. This way, if one stream dries up, the other streams will still be producing income. Start thinking about different ways you can create passive income, and compare the potential income to the income you are currently limited to at your traditional job. The difference will astound you! About The Author: Jason Petrina is the Editor and Publisher of Article Click. For more FREE articles for your ezine and websites visit - www.articleclick.com |
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