How To Get Rich More Easily By Increasing Your Passive Income

Every income we make can be classified under three types; earned income, portfolio income and passive income. Earned income comprises all the monies we earn as a direct result of work we do. It is limited to employees earn their income. The day they stop working and decide to travel the paychecks stop coming. It is earn as you work.

Portfolio income on the other hand is income from paper assets such as share certificate. It is not necessarily income that you must keep working for. It is income that you get from owning several valuable paper documents. Most times portfolio income falls under passive income.

Passive income is the embodiment of getting paid for work you did either once or few times. It is continual and the money you get paid doesn't depend on whether you came to work or not.
It is very possible to become comfortable through earned income (if you are in the high salary bracket), but the bulk of riches come from passive income. Income that flows even while you are away, sleeping or even flirting.

While many of us can't just drop away from our jobs (that is for the strong hear ted) we can still fast track our journey to millionaire status by identifying one or two means of getting reasonable passive income which we can even re-invest in more opportunities to get more passive income flow. Nothing stops you from doing your job, working your ass of for the boss and still quietly making money even while in your workplace.

The first step to building a steady passive income to boost your financial status is to do a bit of self-search. Discover hidden passions, dreams, talents and skills you have and try to come up with ways to make them earn money for you in your absence. What you do currently for a living has nothing to do with earning reasonable passive income.

I got a valuable lesson when I learnt of the fact that the newspaper vendor who regularly plied my neighborhood overladen with newspapers and magazines had quietly over the span of 13 years acquired two three-storied residential buildings in a nice part of town. He could decide one day to throw back the magazines and newspapers at his editors' faces and walk out the door but according to him he still enjoyed his work and the relationship he has built up with his buyers. His children are all in good quality schools and things are getting on well with the fellow. He even talks of soon adding to his real estate holdings. If he can do it, well why can't you?

How to Start Earning Passive Income
There are various avenues from which you can earn money without putting in many hours everyday. You don't need to start your own business and work round the clock in order to set off the passive income streaming in. Most passive income ideas however may require you to work hard initially (or periodically if you keep on expanding ) to set up the system and then only monitor and nurture it with minimum work.

Passive income can include (apart from income from business you own);
- Music/songwriting royalties
- Real estate income (rentals)
- Stock investments (dividends)
- Income from sale/distribution of products/services you have partial or full rights to
- Consultancy (retainers) fees
- Intrapreneur Deals (profit sharing on specific inventions between employee and employer in this case company) etc...

Your imagination can give you more ways
If you are the writing type (like myself) think about writing in a particular niche and devising ways to get your work published by others who would pay you royalties for the sale of your work. Songwriters also get royalties from musicians and recording companies who use their songs.

Real estate,though not easy to embark on, is a good stable way of ensuring you earn extra thousands of dollars monthly without quitting your full job. This article cannot give you the information on how to get rich through real estate. You'll have to study the real estate situation where you and start with acquiring either residential apartments or business buildings to rent out.
Stock investments while being more risky can shoot your financial worth sky high. If you are the saving type you can regularly invest your saved dollars in companies with promise and good management.

Before you invest be sure of the basics about how your country's stock market works. Get sincere, humble stockbrokers and be committed to study and learn as much as possible.
Sales/Distribution of products/service you have rights to. Musicians, authors, investors fall into this category. It could be the new audio CD on sale for the musician across several music shops, a business advice or self-improvement CD by a business author or personal development expert, or even a new, useful gadget by an inventor being sold for him through a distribution network.
There are opportunities to get richer through passive income. It all involves looking at your personal qualities and choosing the path which best suits you.

Paul Eze is an entrepreneur, writer and MD/Chief Strategy Officer of Pejas Solutions Ltd, a Business Strategy Consulting and ICT Solutions Company. Visit his business ideas, solutions and advice blog @ http://infomister.com



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