Home Based Online Business Opportunity Now

In a previous article “Plan your life – don’t just let it happen” we discussed how most people follow the traditional path of getting a good education, getting a good job, working hard, then retiring on a small fraction of what they were already struggling to survive on. Some people start their own business, but they frequently end up working even harder. But there is a better way.

The better way is to develop passive, recurring income. This means that you receive income on an ongoing basis after doing the work just once. Of course, you can do a series of pieces of work, and receive an ongoing income from each of them. Then you can go about living your life, and the income keeps coming in. There are lots of ways of doing this:

• Become an author – write the book once, it sells for ever
• Become a pop star – make the record once, get paid every time it is played on the radio
• Become a movie actor – make the film once, get paid every time it shows on TV

OK, maybe these options are not available to most of us. But there is a pattern in there – in each case, an ‘asset’ has been developed which has a never-ending repeat sale value. That is something that we can all do, one way or another. The key is the creation or acquisition of assets which can be used subsequently to generate income.

What constitutes an asset? In this context, an asset is something which is capable of generating an income. Just because it has a value, does not make it an asset. Consumer items depreciate once they have been acquired, so they don’t count. Cars, TVs, fancy clothes – they all consume money, not create wealth. By some measures, even your main home, if mortgaged, is not an asset because you are putting money into it, not extracting income. On the other hand, investment property that generates rental income definitely does fit the bill.

Running a regular business only counts if you can make it work so that it doesn’t need you. It has to be something you can leave in the hands of your employees, or you are still trading your time for money. To achieve this you need to arrange your business systems so that you simply provide the overall guidance.

There are other kinds of business that you wouldn’t call ‘regular’, that can give the passive income that we are looking for. Some of these businesses you would probably start as an add-on while you work the full-time job. But that’s a subject for another article!