As far as money matters are concerned, there two types of people in this world. We have the first type who work for money and the second type who have mastered the art of letting money work for them. Each one of us falls to either of these two categories or a hybrid of the two. Where you fall determines how much income you get per year which consequently determines your personal freedom in living a lifestyle of your choice.
Category one is made up of ladies and gentlemen who wake up every morning to go work at someone else’s company. They live from end month to end month and their monthly income is fixed and dictated by their bosses. In a few cases where there are no office politics and where rationality and logic is involved in performance appraisal, guys falling in these categories can to some extent influence how much they earn through bonuses & promotions. However, the bonuses and promotions are still under the discretion of the bosses and if you happen to have a personality disconnect with your boss you end up losing big time.
All is not lost for people in employment though. They have a regular source of income that they can budget for with certainty. They also have other benefits such as social security covers, health insurance, and access to company savings plan and in some cases access to advance salaries in times when they have urgent financial needs. In addition, the beauty of mastering your profession as an employee and becoming an expert is very fulfilling to many, and the better you become you become in your profession the more you are likely to be paid.
On the other hand, we have the people who have decided to take the bull by the horns and turn things around. Instead of waking up every morning to go to work at someone else’s company and wait for a salary, they have decided to get money work for them. These are the people we often refer to as entrepreneurs, business men and women, investors, movers and shakers of economies or better still money makers. They are a breed of people who choose not to let someone else determine how much they can earn in any given day, but rather take the bold step of writing their own personal cheques every month.
The second category are the people who take calculated risks to try out different investment strategies to generate enough income to fund their chosen lifestyles, with or without their physical presence. People both old and young who are creating start-ups and growing them into huge business empires fall in this category. Others who invest through other investment channels such as TRADE24 which provides online forex trading platforms and those who invest their money in the stock market also fall into this category of financial freedom seekers. In addition, there are others who invest in commodities such as oil, gold or cereals through the futures markets and reap big benefits without physical being present at the futures markets. Investing in real estate and in interest earning fixed deposit accounts is also another option of creating wealth for the second group of people.
It is however important to note that even in the second category there are glaring distinctions between the people there in. The major difference is that there are those who are actively involved in creating their wealth through their business ventures and those who are passively creating more income remotely. These include those who have created start-ups and running their businesses by themselves. They get to determine how much they make by how much business they do hence enjoying the freedom of infinite returns, but they also must be physically present in their businesses for them to make a dime. For those who passively create incomes, they have learnt the art of selecting their investment channels cunningly such that they can still be making money without their physical presence at the business.
Passive income earners have a wide range of investments to choose from including investing in stocks through the stock market, investing in mutual funds, unit trusts, venture capital and private equity funds as well in online forex trading platforms. By using these investment avenues, passive income earners are able to allocate their incomes, savings and investment returns to any of the above investment vehicles on regular periodic intervals. Once their money has been invested they sit back and relax as they monitor their portfolio performance over time. They leave the day to day hustle of managing the portfolios to the experts in the financial markets. The experts then report to them on regular intervals about their portfolio performance and advise them on necessary adjustments that need to be made to the portfolio mix based on prevailing economic trends.
Forex trading provides a unique opportunity for passive income seekers in the sense that all you need is an online trading platform and internet connectivity for you to start minting money. Some advance training on the basics is recommended but that never takes too long before you master the game and get playing it as an expert. The beauty of forex trading is enhanced by the fact that you can keep your day time job and at you own free time keep trading since it is a global market that runs arounds the clock.
Whether you fall to the first or second category, you still have the power to determine you financial freedom and actualize your dream lifestyle. The decisions you make each day on how you spend your income determines where you end up in days to come as far as financial freedom is concerned. The best place to begin is to save, then get financial advice from an expert on the available passive income avenues that are suitable for risk appetite and expected returns. After that just start to invest your money in passive income generating channels immediately and watch as you slowly start getting that extra income you have always wanted to help you afford a better quality of life.
I’m very much an active participant in my business. Would love to move more of my income to the passive stream, though!
FF @ Femme Frugality recently posted…How to Find Inexpensive Engagement Rings
I am aiming to have a dependable passive income this 2016. Thanks for sharing your wonderful ideas Pauline.
Jayson @ Monster Piggy Bank recently posted…Making Money While You Sleep
I think I gotta start looking for means of having passive income this 2016. This is a wonderful idea, Pauline!
Jamie recently posted…Welcome 2016
Passive income is what I am aiming for this 2016. Thanks for sharing your thoughts on this, Pauline.
Kelly recently posted…Selling Online? Time To Get Serious & Start A Business & Get Insurance
I just feel like passive income is just one of the greatest ways to enjoy life and build a good retirement plan.
James recently posted…How to Become More Frugal in 2016
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