I figured a frequently asked question (FAQ) segment will be good for me as a reference point, as well as a place to answer common and frequently asked questions.
Table Of Contents
What’s passive income?
The short answer is passive income is income that isn’t tied to any active work or efforts, and it works / I get paid whether I’m working or not.
There are many ways to build these passive income streams, but my so far tried, tested and withstanding the test of time are
To build streams of passive income, it’s mainly by building or creating assets that pays you regularly, such as
- business passive income which you need to take time, effort and keep applying to build business and systems that provide value to clients even when you’re not there – and it’d keep paying you.
- investment passive income where you invest hard-earn monies and savings into investments and businesses that’s run by others and pays you regularly
Why passive income, financial independence, early retirement?
These three points and questions are really interlinked, same but different. Like a trinity.
I…like freedom, and having recurring streams of passive income is my conclusion that will buy my freedom, time and movement back.
Not to mentioned cutting away stresses (imagine, working for fun and interest; and no more sunday dreads).
I love my job and serving a lot, but I feel that when I have more than enough passive income (my passive income now is just nice to pay off living expenses and some lifestyle, which is yum); I just breathe better.
Things dont bother me as much.
Optional: Become richer after early retirement.
Basically, this is part of the “what would you do if you have no more money fears, or if money is no longer an issue?”
I’m not that big into earning more and more and chasing after tens of millions – I like to have more than enough money AND time.
But one of the powerhouse benefits of early retirement is that you have
- less stress and overwhelm
- more mental, emotional and energy bandwidth
means that you are not “stuck” in a “have to keep working”, and you can then choose higher yielding and risking activities that you may not have stomach to take earlier.
It’s hard to take business and investment risks when you earn $5k and your expenses are $4.99k…but if your passive income pays for all expenses, and an opportunity to learn a higher paying skill or work in a high-risk-high-reward startup comes along, you likely can take the risk.
And this is how the rich get richer: they’re not stuck in a job having to pay bills and looking forward to their next paycheck.
So yes, get yourself passive income streams and retire as early as possible for other business and life opportunities.
Nigel, are you all about passive income only?
Of course not.
There is so much outside and beyond passive income, early retirement and financial independence.
My gripe is that people are too stuck in a vicious loop of buying unnecessary stuff / getting into more debt > working more > buying more, on repeat until they die or something bad happens.
I dont want that for myself, for you, or for anyone.
Build streams of passive income that pays for your all your living expenses (and more) as early and young as possible, and go live a life you truly love and that interests you.
What are some of the passive income tools and resources you use?
There are a number of tools that I use and still use I listed in the Resources section.
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