Time Freedom – Stop Selling Your Time for Money
If you are working a regular day job wherein you get compensated a fixed monthly pay no matter how hard you work, then you are selling your time for money. It’s not that there’s anything wrong with that but if you are to look at it very closely, it’s not a very viable way to build wealth. Unless of course if you are getting paid a gazillion dollars a month. But that is unlikely so allow me to show you ways on how you can stop selling your time for money. Time freedom can be achieved only if you plan for it and these business models I’m going to show you will allow you to make use of your time any way you want with the income still rolling in. This type of income is popularly referred to as passive income. You will only invest your time in it once but you will continue to earn from it in the months or even years to come.
The IRS got it perfectly when they defined passive income as earnings from “business or trade activities in which you don’t materially participate”. Examples of these are royalties from works of art, rental income and interests or dividends from investments. To illustrate, let’s take a book for example. Let’s say you wrote a book and had it published. The only time you invested in the book is the time it took you to write it. But the moment it’s published, you will no longer have to spend time on it. Even if such is the case, you will still continue to receive the royalties from the sales of your book. As long as your book is displayed in bookshelves, you will be earning without you doing anything. That’s passive income. Income that you make with or without your involvement.
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Here are the most common sources of passive income. If you believe that time is freedom, you should start building your passive income so that money works hard for you so that you no longer need to work hard for money. Of course, there are many ways to generate passive income. Below are just some ideas for you to think about.
- Affiliate marketing programs. Affiliate marketing involves selling someone else’s products and services then earning sales commissions from your sales. This process can take a lot of time in the beginning but once your affiliate website is set up, you are good to go. Of course, for the first few days, weeks or even months, you will be devoted to traffic generation strategies or search engine optimization. But once your site is receiving regular traffic and sales, you can pretty much leave it as is.
- Information products. These are among the best-selling goods online. You can write your own ebook, record your own music CD, or some sort of home program. Again, you are going to devote time in the creation process but once your product is in the market, there’s not much else to do but watch your earnings trickle into your bank account.
- Network marketing. There’s a lot of money to be made in network marketing if you are knowledgeable about how it works and of course if you stick on the right opportunities – the ones with the real products and services.
- Dividend Investing. One of the approach in the stock market is to invest into dividend stocks. It’s really quite simple in dividend investing. Look for stocks with a fundamentally sound track record that has been consistently declaring dividend and also not to forget look for a stock that has growing dividend payout year after year.
For anyone to truly achieve financial freedom, it’s really not so much in how much money you have in the bank account. But rather, I feel, it’s how much time freedom you have. And to have that sort of time freedom, you have to break away from the usual “work for money” mode. You will achieve true freedom when you can stop working and money continues to flow into your pockets and banks.