Generate passive income using this question
You probably already know what is the definition of financial freedom.
Simply put, you have reached financial freedom the moment your passive income is bigger than your lifestyle costs.
What is Passive Income?
The perpetual income that you can generate by working only once, or by working once and then just make a minimum effort.
Till you become financially free, you can’t stop working for long, even if you don’t like what you do.
You can’t just decide that “hey! I want to go for long vacations and leave tomorrow morning”.
But how do you become financially free? How do you generate the passive income you need?
As with all things in life, I believe more in habit than in willpower.
When you do something that requires huge resources of willpower, you can’t do it for long.
Willpower wears out.
But habits… habits are easy; habits come naturally.
So, let’s develop together the habit of passive income. It is easier than you think.
During the Wealth Weekend and the Financial Freedom course, we discussed that there are six different kinds of passive income (and you can see that video if you join our discussion below).
Now, I want to help you get in the habit of thinking about passive income opportunities.
The question I want you to keep in mind for the whole day is the following:
“How can I make this generate passive income?”
Let me give you an example.
Right now you probably have your mobile somewhere close to you. Did you know that in certain countries there are apps that pay you just for the right to show you advertisements on your mobile’s lock screen?
At this moment your mobile might be able to generate passive income for you.
Also, if you are still at home, have you ever thought that someone might be willing to pay you to put a big ad on the outside wall so people that are driving by can see it?
Or, that there might be people (especially expats) close to you that would love some additional storage space and your garage could be the perfect place?
I hope you can see that passive income might not be so difficult.
Let’s see how it looks like, applying the question “How can I make this generate passive income?” in different scenarios:
While you are still at home, get in each room and ask yourself: is there something here that someone might want to rent?
You might have some electrical equipment that you use twice per year or books that other people would like to read.
Imagine creating a small list of all the books you have in your house and sharing that list with your network, offering to rent for just 3-5 Euros.
Then create other lists with stuff like your washing machine, garden equipment, bicycle or movies, and business training DVDs. Check if there are online platforms in your country that allow you to share those with others.
If you have a garden at your house, could you offer it as a potential location for children’s parties?
When you enter your car, ask yourself: “How can I make this generate passive income?”
Maybe your neighbor’s job is close to yours, and he would love to have some extra time in the morning to read, or would like to reduce his gas consumption.
Could you agree on a low price that will allow you to take him with your car to work? Should you check online apps that allow you to pick someone with your car as you are on your way?
Also, people are willing to pay you to add an ad to your car. Not all those cars that you see having a big sticker on the side belong to the business owner.
There are online services that connect businesses with individuals for that purpose, but you might as well just visit the store owners in your neighborhood and ask them if they would be interested.
Now, once you start working, you might ask the same question:
“How can this generate passive income?”
You might realize that during the years you have developed systems, blueprints, designs, templates, etc. Would someone want to pay for that? A younger professional maybe?
As you go out to have lunch alone, realize that there are services that connect older people with younger. Someone might be willing to pay for your lunch just to have some company, or a young person that wants to have a career like yours might be looking for a mentor and be willing to pay a small fee for that.
And if you bring your food from home, someone might be willing to pay you a small fee to cook also for her.
Just play with that today, and create a list of things that people might be willing to pay for. No judgment, no “no one would be willing to pay for that,” no “people won’t pay much for this.”
This is not the point. The point is to start thinking about passive income.
Once you start identifying those opportunities, it becomes a habit that is hard to stop.
After a while, after each vacation you take, you will upload your pictures on online marketplaces for photos, and you will be transporting special spices to your colleagues back at home for a commission.
if you want to go deeper into passive income and discover the 6 different passive income categories, I would like to invite you to add below a few ideas of passive income that you came up with, so others can learn from. Once your post is approved, you will receive an email with the access link to the Passive Income Categories video of the Wealth Weekend.
Looking forward to reading your ideas!
Which choice will bring better problems?
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