CREATING MULTIPLE INCOME (S)

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  • #71497

    Nebuzz
    Participant

    Please read this post to the end, there is a powerful quote at the end of the post.

    How do you make money while sleeping?

    By creating multiple streams of passive income.

    You see, there are two major streams of income.

    Active…

    and

    Passive…

    Both of them are very important.

    Active income requires you to work on your job daily or in business.

    In active income, your time is tied to your money.

    Active income is good but it is not the best form of income.

    The ogakpatata of them all is passive income.

    Passive income is making money from early investment of money or time.

    First, you put in the effort and you sit down and watch the money roll in.

    Take this from me, “Your money can never be massive until your money becomes passive!”

    Take another quote from me.

    “Until you make money while sleeping, you don’t have any business spending long hours sleeping.

    Now, what are some examples of passive income?

    1. The easiest form of passive income is supplementary businesses.

    That is, leveraging on an existing business with traffic and customers to sell your products.

    For example, If someone is selling akara, approach the person and drop bread for her to also sell on your behalf. Simple.

    That’s just the basic example. I didn’t ask you to go and sell bread sha.

    This is creating an alliance with an already existing business.

    Leveraging their customers, time and efforts.

    I did this to my mum’s provision store at age 16.

    There are lots of businesses to leverage, just look around you and form a relationship ASAP.

    2. Train a group of people and outsource jobs to them.

    I have writers I give jobs to.

    Others have security outfits and private lesson outfits.

    Can you gather people to do a job without your presence?

    This is also known as the agency method.

    If you are good at what you do and you have lots of clients coming in, get people and outsource it to them.

    You will be sleeping and making money.

    3. Rental businesses…

    The rental business is very passive.

    There are lots of things you can rent out.

    Projectors, sound systems, books, chairs…

    If funds are available, build houses and keep them on rent

    Or even event centres

    Whatever you can rent, will be passive

    4. Write books, sing songs or do anything that can bring royalties

    Amazon is a great platform for publishing books

    You can make an income for life by writing and publishing your books there.

    Just invest a few hours to create any ebook and you can get passive income coming in.

    5. You can also invest in stocks and shares, bonds and treasury bills.

    If you know financial vehicles well, you can make passive income investing there.

    This is not for everyone.

    In fact, if you don’t have good money, don’t get in.

    There’s a big difference between the 10% of 100,000 naira and that of 10 million naira.

    Finally,

    Always look for ways to turn your active income into passive income.

    Financial freedom happens when your passive income exceeds the cost of your lifestyle.
    Then you can travel and live as you want.
    CC: Akpe Emmanuel.
    The Prince of Copywriting.

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  • #71498

    bozzbola
    Member
    Rank: Newbie

    Prof Emmanuel 🙌
    Copywriting Prince 🙌

  • #71499

    Anonymous
    Member
    Rank: Newbie

    Active and passive income;the goal

  • #71500

    Lawons
    Member
    Rank: Newbie

    The first step is working for your money,afterwards your money works for you

  • #71501

    Taiwo
    Member
    Rank: Newbie

    Impactful

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