Passive income streams are absolutely vital to the wealth of a young professional looking to create financial freedom early in their career. There are so many different ways to create passive income. I currently have 4 streams of income, and am working on more.
Please contact me at [email protected] for more information on how YOU can create passive income and “retire” at 27 years old like I am.
Passive & Residual Income:
Multiple streams of income are a huge part of becoming wealthy, and will be a big focus for YoPro Wealth. With working income, you only get paid once for the work that you do. With residual and passive income, you get paid over and over again for your efforts – even while you sleep! These other income types are very similar. Passive income is derived from investments in which the individual is not actively involved (doesn’t require effort from you). Residual income is recurring payments after an initial effort. Examples of each include:
- Passive income: online advertisements, affiliates, rental property, royalties from invention, dividends and interest from stocks/bonds, etc.
- Residual income: books, songs, network marketing, online training courses, etc.
It is easy for young professionals to create financial freedom – all that you have to do is create passive income that exceeds your expenses. If you keep expenses low, then this is relatively easy to achieve.