A lot of people are wondering, “What is so great about a passive income?” I’ll tell you what is so powerful about it from personal experience. A passive income that comes in on its own, without requiring hardly any work, enables you to do other things. This particularly means other things for money.
I created a passive income years ago in the gaming industry. When things got bumpy and I had to relocate, money would keep coming into my bank account, while I was planning the move, packing, driving cross-country, and re-settling into my new place. My close friend was once on a job search and when he would see me, and I’d tell him that I was goofing off all day, playing poker and what not (but the bills were still getting paid), and he’d give me this semi-dirty look. I knew what he was thinking, but hey, I told him about this years ago and he didn’t join me, so that’s too bad for him.
Another passive residual income I created is with a popular free online survey company. I referred people to them because they would pay cash for filling out surveys, and each one they did would pay me one dollar. I quit doing surveys when I quit my old job and focused on other things. The income would keep coming in because of my referrals. That was 12 years ago. To this day, I still log into my account every few months and get about a hundred bucks mailed to me. Again, my last paying online survey was taken 12 years ago.
Passive income is ridiculously powerful. Even if it’s 5 bucks that comes in on its own every now and then, most 9 to 5 jobs won’t pay that if you quit the job. Your paycheck will quit too. When your hands are free, because you’re earning passive income, what would you like to do with the extra time?
by Tony B.