I was reading a post over at the Wealth Pilgrim the other day. It was entitled "Residual Income Business Ideas - 3 Tips To Save Time And Money". I too have been looking at ways to make passive income (income generated whether I work or not). Passive income sounds great, right? It's good in 2 ways: I don't have to work hard, and it is additional income that would help fuel the debt elimination train. Besides, income is truly our greatest debt elimination tool.
The Wealth Pilgrim talks about 3 tips when thinking of passive income:
Be Realistic, Look Around, Don't Expect People to be Honest. These sound very reasonable, because nothing in life comes easy, and the world is full of dishonesty. It's a sad day when honesty can be doubted, and a mans word can be counted on by a handshake. Too many bad apples in the world, I say.
So, in summary...look for something you'd enjoy doing, work hard, and be honest. Sounds like a great foundation for making passive income!
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