Live Life: Earn More and Work Less
The first post to the series. I do have to say that I feel extremely excited about this post. Not only is this the first post to this series, but with it I hope that we can all reach a point in our lives where we are living our lives rather than being slaves to it. Now lets begin.
How do we earn more while working less? The majority of us are taught that if you want to earn something, then you must work for it. It is true that there is some work involved, but what we aren’t told is that we can earn even when we aren’t working. One prime example of this is your personal bank account. When you put money into the bank you are lending your money to the bank and they are paying you a percentage for letting them borrow this money. This is what is called “passive income”.
Passive income is income that is earned without us needing to work to earn it. Another example of this is royalties from selling a novel, but wait, didn’t we have to work to write that book? Yes, we did write the book. However, once the book has been written that is all you need to do. It is not like you have to personally go and rewrite the book again and again to make income from it. The easiest way to look at this is thinking of it as a money making system.
When we build systems we build them to do some kind of task to hopefully make our lives simpler. This is what we need to do for passive income. If we build passive income systems that work, then we can earn more and work less. (A note to keep in mind is that passive income is taxed at a lesser rate compared to active income.)
So here are a few questions I have for all of you who are reading this post.
- How many passive income systems have you setup for yourself?
- What kinds of passive income systems have you had the most success with?
- What did it take to make those passive income systems work for you?
I would love to see your answers in the comment section. One of the things I would like to see happen with this series is that it turns into a learning experience that can help us all live the kinds of lives we want to live. So please post a comment. I look forward to see what you guys have to post.