Creating long term passive recurring income… what does all that mean anyway?
I know it’s a mouthful… but I feel it’s important to share what my website is all about.
First of all, let’s consider that last term… income.
Everyone needs income… right?
Money in your pocket… pay the bills… put food on the table… gas in the car. Face it… everything in life revolves around you getting a paycheck.
Here’s another question… what are the different types of income?
First of all, there’s income you earn from a job… employment income.
That’s the type of income most everyone depends on. But what happens when that income stops.
A lot of people have experienced this in the last few months… right?
My sister just got laid off for the second time this year… my son has been laid off twice as well. Both of them did nothing to deserve this financial disaster… it’s just the sign of the times.
What I would like to propose here is that you consider a “proactive” approach to your financial situation… prepare in advance for such a calamity.
I have chosen “Wealthy Affiliate” as a plan for my financial future. I am an affiliate… I started FREE… I earn commissions when someone I refer upgrades to the “Premium Level Membership”. It’s working well for me.
If you would like to learn more, simply click the image below..
Recurring Income… What Does That Mean?
Let’s consider Netflix… it’s a membership where you pay a monthly fee to access their huge database of movies that you can watch from home at any time… right?
Let me ask you this… after your first month finishes, does Netflix contact you and sell their service to you again? Do you have to sign up again every month? No… it’s automatic. They make money every month until you decide to cancel your account.
That’s recurring income… it’s automatic… the customers renew every month like clockwork.
And that’s exactly what I am helping people do at “Go Make Money Free“… find a free or low cost income stream that is recurring month after month. And my primary income stream is Wealthy Affiliate.
OK… What Is Passive Income?
Passive income is money you earn that basically requires little or no effort to maintain… in other words, you get paid while you sleep. Most methods of earning passive income do require some effort and/or investment to set up. But once everything is ready to go, it just continuously pays you 24/7.
Why Build Passive Income?
A passive income stream is a great wealth-building tool… it will supplement your regular job. You can work it as a side project without interfering with your full-time job since it requires little time investment.
If you have to put a ton of hours into your project it just becomes another job… right? And who wants to work a second job anyway! Also, as you build it out, it may even replace your employment income.
Here are some other benefits of a passive income…
- It increases your income
- It can create an opportunity to retire earlier in life
- Very important… it protects you from a complete loss of income if you lose your job
- It also provides additional source of income if you outlive your retirement fund…
My mom is a prime example of this… she is about to turn 90. Her teacher’s retirement was very adequate when she retired 25+ years ago… not so much now. She depends on myself and my siblings to pitch in money every month to keep her afloat.
Why Is Long-Term So Important?
Let me ask you this… do you really want to start over every year or so when the side project you depend on goes belly-up?
I know… this has happened to me!
You want to find an income stream that is stable and that will be around for years to come… right?
That’s important to me as well, and I only share those types of opportunities… nothing that’s fly-by-night, here today, gone tomorrow.
Wealthy Affiliate was founded in 2005… and they have been growing continuously ever since. It’s my number one recommendation!
Here’s that link again… you can check it out by just clicking the image below…