Everyone either needs to have tons of savings or passive incomes for their retirement later. Savings can finish over time but passive incomes may carry on, which make it the most preferred way to prepare for retirement. Traditionally passive incomes are just for retirements, nevertheless, it will be beneficial to have while having our working income from the day job.
Passive incomes famously are usually come from renting out the property. But this will only be benefited as profit after we are able to pay off the mortgage, which usually takes about 20~25 years. This will not be sufficient if any emergency that requires money, occur in our working lives.
However, small passive incomes can be generated quickly at a low cost, so we can reinvest the profits for other additional bigger passive incomes such as property. Small passive incomes with low cost of investment are like investing in ETFs, influence marketing and also business with automated operations.
To be an influencer or entrepreneur, at the early stage, it will be with a low starting capital, need to make sure costs are low to operate and that mean we also need to do everything by ourselves. But later as we are able to expand, we can recruit employees to do other work to lessen our burden and time, and later we can fully rely on our employees to run the business operation. Hence, with a full workforce, we can automate our business as a passive income source.
Everyone has set different financial targets (passive incomes incl.) that can support their preferred lifestyle. And we can start planning by setting three targets and by stages:
Passive incomes famously are usually come from renting out the property. But this will only be benefited as profit after we are able to pay off the mortgage, which usually takes about 20~25 years. This will not be sufficient if any emergency that requires money, occur in our working lives.
However, small passive incomes can be generated quickly at a low cost, so we can reinvest the profits for other additional bigger passive incomes such as property. Small passive incomes with low cost of investment are like investing in ETFs, influence marketing and also business with automated operations.
To be an influencer or entrepreneur, at the early stage, it will be with a low starting capital, need to make sure costs are low to operate and that mean we also need to do everything by ourselves. But later as we are able to expand, we can recruit employees to do other work to lessen our burden and time, and later we can fully rely on our employees to run the business operation. Hence, with a full workforce, we can automate our business as a passive income source.
Everyone has set different financial targets (passive incomes incl.) that can support their preferred lifestyle. And we can start planning by setting three targets and by stages:
Level 1 - Low price per unit and High volume of sales
Level 2 - Medium price per unit and Medium volume of sales
Level 3 - High price per unit and Low volume of sales
(This can be applied to influence marketing as well; price = royalties, sales = viewers)
And our goal is to hold all levels of target income, and a lower level of income is to support or reinvest in creating the higher level of income. Hopefully, we can automate at least 2 levels of income as our passive income portfolio.
With this target in mind or has these numbers written on the wall, will move us every morning to get us closer to these achievable that we believe.
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