Health and Wealth

Financial Freedom for beginners part 4
Generating additional income

Create a passive income system
Although in the next point you will see that it is very important to save, you must also start generating this type of income. Because as long as you don’t articulate this income generation system, you will be wasting your time (because in a job you sell your time to your boss, and the time available to work is limited).

Start thinking about how you are going to be able to periodically generate income like these:

Interest – A good investment generates returns in the form of interest or dividends. If you buy shares, from time to time dividends are distributed.

Rents : if you own real estate, you can rent them to obtain economic returns in the form of rents.

Recurring income : there are many ways to earn extra money that you can exploit. For example: if you sell affiliate products or have a membership, you will receive amounts of money from time to time as payments for the service offered in the membership or commissions for the sales you make through your website. Analyze what your competitive advantage is and take advantage of it to get more recurring funds. 

Copyright : If you write a book, every time it is sold you will be entitled to a percentage of that sale as copyright. The same happens if you compose a song, since playback on Spotify, for example, generates royalties . And if you sell a course, every time someone buys you access to that course you will be getting money almost without doing anything.