How You Can Get Ahead With an Online Passive Income Strategy
If you fit into the category of desiring to make more money than what you already have, and you are in a position to start down the online make money path, then it is time to develop your step-by-step strategy on how to do just that. This post is a focus on a higher risk passive income strategy. In this case, it is the strategy that includes investing/placing money that you have to make more money for you (and more money that you can continue to invest).
You can accomplish the passive income strategy whether you are financially independent or not. You need to consider the opportunities. It is a moment to determine whether you are ready to increase that income in creative ways that include passive income opportunities.
No matter how much money you earn, it is always a good idea to take care of your finances and look for ways to help that money pool to grow (especially in passive ways). What do we mean by passive? That means that the income is growing while you are doing other things, like “doing” your business, going to the J.O.B or having fun, including some of those “fun activities” in the list above, like traveling around the world!
Step One: Take Inventory
This first step in gaining wealth and growing your wealth through passive income strategies is to be able to define what your current net worth is before we start the process. If you don’t know where you are, in the beginning, you will not be able to measure your improvement and gauge where you may need to tweak steps along the way.
Another aspect is to determine whether you are in a good financial spot or a not-quite-there financial spot to start your passive income strategy. If you are not quite at a spot where passive income strategies are a good idea, then we need to raise some funds to do so. In other words, you do not want to sell your first-born or take your jewelry to the pawnshop to make a small investment. Instead, let’s get creative and get those funds ready for the timing of funding the passive income opportunity.
By taking this inventory of where you are at, financially, and examining your net worth, you will be prepared to take the next steps immediately to change your life for the better and start your rise in improving your life and your success.
But, this step’s purpose/objective is to help you understand what money you can set aside for investing and where you may need to “tighten the belt” and save so that you have more money available for those investments. Again, this is not a time to go crazy (spending or saving), but to take inventory and plan out responsible, strategic steps, as a result of the financial inventory that you just took, examining your situation.
How would you like to have the surplus of money that it appears that the richest people in the world have? That might be reaching a tad high, but there is no reason you cannot put that as a goal for where you want to go with life. Aim high, take that inventory and take the correct strategic steps to achieve it.
Remember, many of the people who you may envy, who are considered wealthy, started from nothing and managed to build a large net worth from taking risks.
Step Two: Believe in Yourself
Believing in yourself is something that is true even when you have not experienced success, as you define it, in your life, as you know it. So, maybe you have not managed to accumulate a significant wealth or significant savings, and you are not able to attend parties and describe yourself as independently wealthy, but that does not mean that that success is not just around the corner for you. Many people have reached success because they have started with a foundational belief in themselves.
Step Three: Educate Yourself
One of the key strategy steps includes taking a hold of the reins and learning some basics about passive investment strategies. Even if you intend to use a mentor in the niche of your passive income business, it is wise to ensure that you educate yourself, as well. That way, you can also spot a scammer if the supposed mentor is not what he or she says.
The process of ensuring a comprehensive education process for you, in the area of online passive income strategies, may take time and especially, patience. It is easy to give up on something, especially when the challenges of life start to crowd the learning process out of your schedule. However, if making more money, and doing it correctly (i.e. without losing money), is important, then the education process should also be important, and there should be that time carved out in the busy schedule to accommodate the learning process.
As a part of your learning process, you may be asked to define your objective. What is your objective? The objective (goal) may be that you need to get your savings substantially higher than what it is now or pay off a debt that just wont go away. At the same time, as you feel that excitement in seeing your success in growing the bank balance, you need to manage the urge to splurge and spend those profits.
It is not uncommon to reward yourself by just spending a little and then realizing that that small amount of splurging turned into a larger amount than you expected and may find yourself having to start over with your strategy. If that happens, don’t give up, as we all have setbacks in life once in a while, and it is just another opportunity to prove that you can do this successfully!
It doesn’t have to be difficult or complicated. For most wanting to achieve a passive income, they can budget away $1,000 so that they have that money to try an investment idea. Starting with a relatively small amount of money, like the one thousand dollars can be just the right amount to implement the strategy and start to see the success of the strategy for you. Also, an amount like $1,000 can seem like a large amount, but it becomes attainable when you focus on raising the cash.
Step Four: Control Your Debt Load and Consumer Debt
One of the most important steps in building a passive income portfolio is to control your debt. Even though it may appear difficult to manage the current debt level, it is possible and able to be handled, with some preparation and self-determination. It is a matter of setting the mind to accomplishing the goal and the objective of managing the debt level that is yours to handle.
After realizing that it is possible, managing debt level has to do with proper inventory, assessment, analysing, and planning. At that point, it is about creating a workable strategy and sticking to that strategy until you have achieved the objective (i.e. becoming debt-free). Some common strategies include consolidation and awareness of which debts have the highest interest rates and late fees consequences.
By performing a basic visual analysis of the debt load, it allows you to see what is manageable and tangible. That allows a visual analysis of what needs to be done and where you are as far as income. It also allows the opportunity to see what needs to be paid out to lower the debt load.
Of course, if you have a debt that has a high-interest rate, say, at $500, and your $600 loan or debt has no interest rate, you will want to pay the $500 debt before the $600 debt to avoid the charges that can add up with the interest rate and possibly the late charges. In that case, the $500 may seem like the least, as far as amount, but it is more expensive than the $600 when you consider the possibilities of additional charges that can raise that debt level for that single item.
Step Five: The Passive Income Projects
If you are now ready to make substantial changes in the pursuit of your passive income strategy, you might explore online passive income options such as crypto currencies, revenue sharing advertising companies or affiliate marketing. These opportunities are presented through my website www.get1million.com
Regardless of your financial situation, the sooner that you start your passive income plan, the better. Assuming that you have chosen the right passive income path, or the right mentor to make the suggestions, the selection process, when successful, is one that involves being on the path of saving and growing your portfolio. The opposite of that would be spending your assets. That is also why you want to manage your debt level and hopefully bring that down as close to zero as possible, so that you are truly moving forward on that path of growing your assets, unaffected by other factors (like debt).
It is possible that your long-term goals may include education, vacation, or retirement, all of which are made easier when you have built up some passive income positions to cover the high costs that these types of goals require, financially.
Some final advice includes the following two tips:
- Don’t forget to realize the possibility of loss (another good reason to seek out a reputable mentor); and
- Remain open to expert advice and practical techniques to guide you on your path, keeping in mind that ultimately the decision (and results) are yours.
Regardless of how you choose to handle your finances, due diligence and hanging in there for the long haul are qualities that will help you succeed.