Well Joe's and Joette's, you might have noticed that I took a week off from producing content. I was sick as a dog and I was barely able to function. While I was sick I realized something important; We all need passive income.
I was so sick last Monday that I was only able to work half a day. Because I get paid hourly missing half a day is a big deal. I had to take shorter lunch breaks and work longer hours throughout the week. I know what everyone reading this is thinking: "Josh don't you have sick time." I do have sick time but I don't want to use them in case of emergency. With a disabled parent you need to have a plethora of sick time. So what does this have to do with passive income? Passive income means you generate income even when you sick or sleeping.
I know passive income sounds unbelievable but it is real and very powerful. Passive income takes a bit to set up but it's well worth it. So what's the point of me saying how great passive income is without me giving you my own sources of income. So currently I have four sources of passive income. My first source of passive income is revenue from my book sales. If someone buys my book I get paid plain and simple. I worked hard to publish it now I get paid every time I sell a copy. My next source of passive income is from lending club. I lend out my money to people and collect interest on the principle. The only reason this is a source of passive income is because I have it set to reinvest my money. So every time I get paid it reinvests the money so I get paid more the next month. My next form of passive income is from bonds. I accrue interest for lending my money to the government. This doesn't yield a high rate of return but it's still a return. My final form of passive income is from my stocks. Companies actually pay me for being a share holder. Not all companies pay you but it's easy to find the ones that do.
My sources of passive income seem easy enough for anyone to duplicate, right? Wrong three of my sources of passive income require a decent amount of capital to make decent money. My fourth source of passive income is because of a skill of mine. Not everyone can write a book so what are some other forms of passive income? You can make passive income through rental properties. Even if you have a mortgage you can still make passive income if you charge more for rent than the cost of your mortgage. You can develop an app or game and make money through IAP ( in app purchases) or via advertisements. Look at how much money the creator of Flappy Birds made. There are hundreds of other ways to make passive income I don't know them all but that's why we have Google.
The whole purpose of this post was to make you the reader aware of the term passive income. It sucked having to make up more than four hours of pay in three days. My passive income flow is decent but not yet up to the point of replacing my job income. That's the main problem with passive income, it takes time to build. But guess what no matter how long it takes it's well worth it; since it's an extra paycheck.
Joe's and Joette's , that's basically it for this post. If you enjoyed this post thanks, if not oh well. Either way feel free to leave me a comment down below. If you want more content, you can subscribe to the Books By Josh Show on ITunes, Google Play Music and Stitcher. If you want more content then that you can check us out on YouTube. To get notified whenever we post make sure you follow us on Twitter or Facebook. If you wish to support the site, the best way is to tell your friends about us. If you want to show more love feel free to subscribe or support us. If that still isn't enough, feel free to become a patreon or buy a signed copy of my book from our store page. All of the links to everything can be found at the bottom of this post and like always...... I'll catch you guys in the next one, see-ya.