In part one and part two, I went over the two “easiest” ways to bring in passive income and why they aren’t all that they are cracked up to be. What about other ways to earn passively? Real estate, ira, stocks, bonds, etc….
If you’re like me and your eyebrows raise up (as high as they go) when you spend $200 on a web host for your blog, chances are you don’t have the cash laying around to invest in these things. They are ultimate passive income. They require the most money and the least amount of time invested. The money goes in and it stays in. The average investor does not sit around and watch the market every day on television or online. They do their research. They don’t care about making five bucks today and eight dollars tomorrow.
It’s about the long term with them. And that’s the golden egg. The future. Take the money that you have now and turn it into more money in the long run.
So what do we do? Because we don’t have money now.
Our future is looking pretty bleak ain’t it?
I know plenty of people who started off in low paying jobs and worked hard until they had something. They didn’t go to college. Most of them had no idea what they wanted to do with their lives.
So what’s the key? Where did some people lose where others were able to win?
Debt. That’s the magic word. Just thinking the word makes me shudder. It’s different for everyone. Student loans, gambling, shopping addictions, trouble with credit cards. But the key to building a better future for yourself is to get out of debt. Pay your bills.
If debt is the magic word and we need to get out of debt, then what’s the most realistic solution? Unfortunately, it’s the obvious one. It’s the one that is sitting in the back of your mind and you refuse to acknowledge it. You need more money.
If the monetary gain from blogs and ebooks takes so much time and you don’t have the large amount of money to go with real estate or stocks, how do you get this rise in income?
You work. I’m sorry. But that’s the answer. You get a new or a part time gig. Put as much of that money towards your debt as you can. You live simply and be frugal. Save where you can. Have yard sales. Sell your unused crap on ebay. Whatever you have to do. That’s the answer.
It’s the hardest truth that I have had to accept thus far in my journey. At some point, and some point soon, I’m going to have no other choice but to get a second job. And it’s something that all of the people who are reading this and looking for answers are going to have to accept as well.
If you aren’t ready then you aren’t ready. Trust me, I get it. Working a low paying job for 40 hours a week is already a pain in the ass as it is, now we need to get a second crap job, so that we can work an extra 15-25 hours a week. It’s going to suck.
I know it. You know it.
But in the long run, it could change our lives for the better. And if you ain’t about that, then I’m kind of surprised you’re still reading this….
I’m Matt Ruley, and this is the final installment of the hard truths of passive income series. Thank you all for reading.