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Passive income is some form of income while you are sleeping or holidaying, the income will still be continue coming in. In another word, the income is automated without putting efforts on daily activities.
Automate Income and Gain Back Your Time
Being as an Information Technology profession, I automate lots of business process through software development. With automated processes, companies save lots of cost and time as well as enhance the efficiency of business process.
Throughout my 11 years of IT working experience, I also start to explore how to automate my income so that I have more time to do what I like to do in life. That leads me to discover passive income. After being discovered passive income, I change my perspective of working life. Instead of working hard to climb the corporate ladder, every weekend I allocate my spare time to build my passive income.
Passive income means it will continue generate income for you even you don’t actively work on it. It is a way of making money while you are sleeping or holidaying. Some of the common examples of passive income are property rental income, share dividend income, celebrity royalty, franchise fees and many more.
As I can’t sing or dance like Michael Jackson and there is no way I can earn the royalty fees like Michael Jackson. I also not smart enough to invent company like McDonald so that I can collect the franchise fees. Fortunately there are properties and share market that has proven that many people has done it and I can just learn up their methods and apply into my portfolio.
I strongly encourage you to spend your next 10 minutes to go through this life-changing video lesson. Parable Of The Pipeline is an eye opening for me towards passive income.
I started off my passive income is to free up my time over long term so that I do not need to exchange my time for money under employment. Along the way, I also discover that inflation will actually reduce my buying power. Building my passive income also one of the way to hedge against the inflation. Instead of getting my second job to generate additional income, I build my passive income to supplement my employment income.
On top of that, building passive income also prepare myself in case one day I get laid off from my work or I ended up with long medical leave due to my health. Passive income also one of my backup plan on my career. Fortunately I did not have to face all these challenges.
After spending few years of consistent efforts to build on my passive income, I finally ready to move on to my next chapter. With some basic of automated income every month, it gives me the confidence to resign my full time employment to start up my financial planning business by focusing on Unit Trust, Insurance and Will Writing as well as Wasiat services. I have been spending most of my time building this financial planning business since 2002 and today I have a well-established agency and a group of consultants working closely with me.
I was very lucky that I discover this passive income method from two of my university mate who recommended me the book named Rich Dad Poor Dad by Robert Kiyosaki. Today the passive income allows me to spend lots of my time on my hobbies like making my coffee every day, wood working and develop my own furniture at home, travelling, spending my precious time with my family members as well as reading lots of books to further enhance my knowledge.
I am very thankful on who I am today. I have started my sharing as part of my contribution back to the society. I regularly conduct my seminars and I hope I can share my knowledge with more and more people so that they do not have to work so hard on their wealth. If you really like the idea of automate your income so that you can have more time to enjoy life, feel free to contact me. Thank you.
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