The Type of Income Every Person should focus on

Overview: We have always heard of passive income. We see them on WebPages, on books about financial independence, magazine articles, and so on. But do we really understand what this means and its impact on us?

I have read many books about passive income but the best one describing this would be the one popularized by Robert Kiyosaki. And whatever I might write here would most probably be traced to one of his works.

Passive income is the income one gets when a person doesn’t even have to do work.  A man can be on vacation and yet earns. He can be dating with some girls, and yet earns. He can be on a deserted island, and yet earns. 

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I will give you some examples of active income so we can differentiate the two. When a man works for a company, he gets up in the morning then he goes to the office, or he might even stay at home and turn on his laptop. But wherever he is, he works for somebody else. And if he doesn’t do his job, he doesn’t get paid. He can either lose his commissions, or even worse, he can get fired. Another scenario would be if the company gets bankrupt, and the owners would have to lay off its employees.  Whatever reason it is, the man’s source of income depends on his employer.

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Another example of active income would be a situation where one sort of employs himself. He could be a dentist with a small dental clinic. He gets up in the morning and fixes his patients’ teeth and gets paid for that. But when he decides to go on a vacation, he doesn’t get any patients or clients. It’s almost the same as our first example. He owns the business, but he still works for it. No work, no pay.

Passive income however lets him earn while on a vacation. Like an investor perhaps. He might have investments in funds which earn him substantial interest even while he does nothing. His own money does the work for him. It lets him earn more money, which in turn can make even more money for him. Think about it like having a company which is getting more and more employees to work for you, and your output becomes bigger and bigger, exponentially.

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Another example of passive income would be when one has a business with a fully functional system such that the owner wouldn’t have to work and manage his whole business. It might have its own managers and workers already, all fully trained to do what they have to do. The business owner can do whatever he pleases, and then at the end of the day, his business still earns him the dough.

When one has all these passive income put together, a man can earn without having to work for the rest for his life. He has more freedom of choice on doing what he wants to do with his precious time. But don’t get me wrong, all this passive income started with some work on it. One must earn enough capital to build or buy a business, or one must save enough money to start in investments which yield high returns.

So focus on the end goal of earning passive income.