1 - Say “NO” to being paid only once for your work.
Being paid once by the hour is a terrible deal. Accepting this deal will ensure you always have to work, or have little. Look for ways that the work you do can be leveraged and earn you recurring income.
2 - Working time in an investment for free time.
We are not here to spend our lives occupied by chores. People should work on things they feel are exciting or important, not drag themselves through long days just to make enough money to see them through to the next long day.
If you are not spending your working time now doing something you think is exciting or important, start to view all your working time as an investment in having free time later; where you can do whatever you find exciting and/or important.
3 - Value your hours, delegate accordingly.
Setting up passive incomes can require a lot of active work creating the foundations of it. Remember to be smart, do not spend five hours on something you can pay someone $5 for, your time is worth more than $1/hour.
As you make more passive income, you may have a choice of making $10,000 a month with a lot of work, or $5,000 a month with nominal work - value your time, and be ready to pay the value of it when outsourcing.
4 - Cashflow or Compound.
Look for methods that either produce you cashflow income or are compounding gains on a regular basis. These are much more powerful for generating large sums of money than standard capital gains.
5 - You have to travel to arrive.
Understand that many streams of passive income are only passive once you have done the work. Especially setting up your first passive income streams and building up enough to replace a working income is likely to require a up-front work that does not initially pay. Stick with it! It is worth it in the long term.
6 - Dedication to dilligience.
Just because your incomes are being made passively, do not become lackadaisical about them. Dedicate yourself to be diligent when it comes to checking up on your income methods and seeing if there are any issues you should know of, or ways you can improve what you are doing.
7 - Third or under rule.
Never have over a third (33%) of your income from the one source if you are wanting to live off passive incomes. It is good to have at least three different incomes that are entirely unrelated to each other, this means if there is ever some unforeseeable event that damages an industry that was making you passive income and you lose that income, it will not dramatically affect your lifestyle.
8 - Evergreen Growing.
Avoid fad and flash in the pan sort of incomes. Look for things that can last for decades, these are the things worth investing your time into now; for they decades of free time pay off later. Also, look for ways to build passive incomes that also can grow passively. Passive and exponential income is a glorious thing.
9 - Re-invest and scale.
Be willing to put money you make back into improving incomes streams, setting up new income streams and scaling the most successful income streams. Once you are making money, start to use that money as a nitros to speed you along to making more money.
10 - Be fair, remember to share.
Once you have made it, once you have your income set up and you are making $1,000s a month while having your time free to do whatever you want; do nice things for those worse off than you. Remember, it is the things that you can not buy that matter the most!
If you found this post useful, you can find more of my posts on Reddit at Earn passive income through various online sources. (reddit.com)
