Active Income
When we discuss about Active Income, we are talking about the type of income we are normally working for.
Below are 2 examples of the ways you earn your money through Active Income:
1. Your Job.
2. Your Business.
Active Income is any work that you need to do in order to earn money. On other side you are Trading Time with Money. It could be Engineering Job, Web designer, working in call center , working as a receptionist, working as a Teacher, working in construction as laborer etc.
Whatever you’re doing, you’re actively working for money.
The advantage of active income is that it gives you money fast. You work for a week at a job and you get paid for it. It pays your bills which also come in regularly.
Passive Income
Passive Income is all about earning money without working for it. Even you are on bed and sleeping your earning an income.
There are many different ways in which you can earn passive income, below are some examples:
1. Investing in Stock Market ( Cost averaging )
2. Real Estate
3. Internet
4. Book Royalties
5. Advertising
6. Blogging and much more
Conclusion between Active and Passive
What I’ve read and learnt from my previous experience of earning passive income is that it requires hardwork at first, usually without pay but once you’ve setup your passive income stream, you can leave it forever and get paid forever.A good idea while you’re building your passive income structure is to work on your active income but work on your passive income structure part time. That way your part time passive income project will snowball into a big income stream and that is the day when you’re financially free.
If you would like to know more about active income and passive income, I highly recommend reading the book “Rich Dad Poor Dad” by Robert Kiyosaki.
Your Partner in Success,
Phil
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