Income to Make you rich Pt 3

In parts 1 and 2 of this series, I spoke about the different types of income that can provide wealth and security which no longer require a job to maintain. This is income is always extremely nice to see appearing in the bank or through the letterbox and gives a sense of freedom from the ups and downs of working for someone else, paying excessive taxes etc.  The ultimate type of income is
passive income, and appears continually without you having to do a single thing after the initial hard slog has been put in; which makes the initial hard slog almost enjoyable! In this post, I have highlighted some of the different ways passive income can be acquired.

Royalties

As a music man I enjoy writing songs for artists; some of whom I have faith will make it. Once I reach that stage the income coming in will be totally passive, and is another shining example of working for something different in order to reclaim your time.

Books

Certain people who have the talent and the knack write books which can then be sold repeatedly to whoever is interested in buying, think billionaire J K Rowling.

Inventions

Other things which I haven’t done much research on but which still counts is inventions. By inventing something new and placing a patent on it, the income from that invention becomes totally passive, and nobody is able to come and copy the idea. James Dyson accomplished precisely this with the invention of his bagless hoover, something which had never been seen before. As the patent expired he created a spin on the product with a new one and also invented the bladeless fan, which I must say is looks so nice from a design point of view. This morning my copy of his autobiography 'Against The Odds' came through my door, and based on rave reviews I am sure I will learn a lot from him from an entrepreneurial point of view.

Property

In the property world, once you have put in the hard ground work to find a good area and a property that will ‘stack up’ in terms of providing you with a nice profit each month, your work is pretty much done. As you continue to find more properties that stack up, you can take a slice of your profit/cashflow and use it to employ an organization to deal with all the management issues for you. Totally and completely passive! This is perhaps the most well known form of passive income and many people get super wealthy by utilizing its potential effectively. Investors in property have become very creative and there are plenty of legal ways to acquire property even without a huge outlay of cash, or, in some cases, any cash at all, which have blown all my excuses for not acquiring what i believe is the ultimate investment out the window.What i love is that with a little bit of tax planning, taxes paid on profits can be extremely minimal and far far less than tax on 9-5 income which means more money left in the back pocket!

Business

So in my journey to create my business, the ups and downs of which I am documenting in the 'business diary' section of this blog, I will also be keeping the end in mind, thinking about how I will grow it to the point where I don’t need to be the one running it, another example of working extremely hard in the beginning to build something which allows you to reap the benefits continually afterward. As I documented in ‘A strong mindset’, this is where all of my bravery will need to be employed to the maximum.

How to create your own passive income

If I count this blog as a business, then I currently own one. I love the fact that I’m sharing all of my learning’s and I aim to provide as much information as possible to people to help them to achieve success. I would say that looking around yourself to see what you are good at and love doing is a good starting point. Once that’s done you can analyze whether there is a way to make significant money from it. 

Be a bookworm!

Throughout my posts I am littering titles of books which have provided me with so much powerful info, let’s get rich together!

This whole series is part 1, part 2 and part 3