The concept of financial freedom has been found to be very popular in today’s world. Most employees in the conventional employment system experience a routine and monotonous schedule which exhausts and restricts them from having a more free-flowing schedule in their lives. Due to the advancement of digital technology and the internet, doors of opportunities for earning income have dramatically changed from active income or earning money with efforts to passive income or making money without much effort.
Nowadays, the passive income industry has developed greatly and there are many offers for a person to develop several sources of income. From affiliate marketing and software selling to investments and real estate, passive income means more security and the ability to control their life.
Stephanie Schuldt’s story shows that it is possible to change from a top managerial position to a life with financial stability and active traveling. Just at the age of 28 years, she was recruited to be the Vice President of a multinational company tapping millions of dollars in revenue source, as well as supervising the training of thousands of employees across the globe.
At the age of 32, she quit corporate life, got a sailing catamaran, and toured the Bahamas to teach freediving, spearfishing, and sailing. She ventured into digital and affiliate marketing and within 6 months she mastered the two and was making more than 100,000 US dollars monthly. Currently, Stephanie is a successful program coach for online education on how to secure financial success and become a successful leader while living a Sea Nomad life sailing their catamaran in French Polynesia.
Meaning and importance of passive income
Passive income generally refers to an individual’s earnings that have been gained without actively providing the labor or service that is normally associated with the income. Semi-passive income is income that can be made while requiring little maintenance of the income-generating asset, after its creation. It also makes people get income without necessarily engaging themselves in business operations on a daily basis. Such income can be obtained from different sources like shares, bonds, rental houses, e-books, or any other internet-related business.
That is why passive income is also often referred to as freedom, money for doing nothing, money while you sleep, and so on. Earning money through passive income significantly alters the quality of life and is a viable option for becoming financially free.
5 strategies to get out of the rat race and build a life of passive income
Affiliate Marketing
Its meaning is quite simple, as affiliate marketing is the promotion of other companies’ products and services and receiving a commission for every sale made due to your recommendation. More importantly, it is a relatively riskless process of earning passive income since you are not creating goods yourself. One has to know that earning a good amount of money is also possible in this field, as represented by Stephanie Schuldt. Regardless of creating a website, a blog, or a page on social networks, you can offer your viewers various products and make money every day.
Digital products
Creating and selling digital products and services including; the sales of e-books, online courses, or even software can be a good form of passive income. Once the product is manufactured and introduced to the market it is a source of income for several years with little or no service requirement.
Investments
Buying shares, government securities, or properties are some of the available ways to generate passive income. Dividend stocks can be a form of steady income while rental properties offer a steady flow of rental income. By smartly investing your money, it is possible to create a large, steadily growing capital which can provide you with passive income later.
Membership Sites
Turning the site into a membership paysite to get monthly, quarterly, or annual fees from the users in exchange for specific content, tools, and discussions can be very effective in earning passive income. This also offers constant income, and the degree of growth can be almost infinite. Using the example of Stephanie, it is possible to observe that membership sites can easily create a strong and steady income.
Print on Demand
It is like drop shipping but in this case, you design the product and they print it for you once you get an order for the item, for example, t-shirts, mugs, and posters. A typical order, from a customer, results in the printing of the ordered product which is shipped to the customer. This business model needs little start capital and is not restricting in the sense that it can be managed from just about anywhere in the world, thus making it one of the best passive incomes out there.
Conclusion
Thus, using passive income, people can become financially free and this is quite realistic. Hence, you can make affiliate marketing, digital products, investments, membership sites, and print on demand, among other businesses, provide multiple sources of income, and work in the comfort and security of financial freedom. Here is an example from the year 2014 on the life of Stephanie Schuldt who worked for a huge multinational company as a director but later became a sailor and an entrepreneur as soon as she understood the power of passive income. Begin this process now and open up the possibility of having the free and fulfilling life you want.
