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Start Investing for Passive Income, Creativity Required

Updated on February 1, 2012

There are two sayings I live by

1 - Money is just an idea, people who lack money simply lack ideas.

2 - Where there is a will, there is a way; if you can't find a way....you're just not willing enough.

Sometimes these are just words on the screen, but the meaning behind them still stands true. Everything that you go out and try to accomplish in one way or another will always come with challenges. But, what fun is life without a little risk.

Having the right motivation will really help you in your progress to a true passive income source. Yet, it can really generate a lot of income for you and you can have a lot of creative fun along the way if it is done right.

1. Do your Homework - Learn before you earn

Being a risk taker does not mean jumping into a idea or a get rich quick scheme. It means that you have done your homework on the product, idea, or service and know that there is a good chance that it will be worth something to someone.

Just taking the risk just to take it or because someone told you it was a lifetime opportunity will help you lose more wealth then you create. So always do your homework and plan a head to understand what it is you got.

2. Don't go after something ONLY based on the amount of money you will make.

The number one thing I see new comers do when they are on the road to building a passive income is that they jump on something that has huge promises of a lot of money. Only later to get discouraged or board because it was not the product or service that they like or really know anything about.

A good example is if you are a shy person does not get involved with something that is going to require you to be a people person. You are just setting yourself up for failure and eventually a money losing idea. It is best to stick with things you know you are good at an no matter what talents you have you can, but them together to make some decent income.

Make a list of your strengths and weakness and then match your strengths with the appropriate investment strategies. Your success rate will dramatically improve right off the bat.

3. Be open minded to different ideas

The only thing that can get in your way of truly taking advantage of an idea is you. There are countless ways to build wealth with passive income or with just a regular income. Do not let anyone tell you it cannot be done because there is a way if you are willing. If, your passion is strong and desire is strong it will bring you in money. How much is completely dependent on you.

Comments

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  • Russell-D profile image

    Russell-D 

    6 years ago from Southern Ca.

    Better yet, invest in dividend paying stocks like AT&T and get both growth and a 6% yearly dividend. Another is seasonal Amerigas that has been a steady performer for many years - paying 5+% and, of course, Enterprise Products now at 48 but predicted to pay 55 by year end and also pay +5% dividend. As with all stock picks, do your homework. Get Dividends & Growth, or stay with the fixed income picks. David Russell

  • CJ Andrews profile image

    Chris Andrews 

    6 years ago from Norwalk, Ohio

    Seems like a lot of people spend more effort avoiding work than just doing work. There is a difference between using leverage and wanting a hand-out.

  • artrush73 profile image

    artrush73 

    6 years ago

    People are planting the seeds but forget to water the plant to seed the fruits. Actually what happens most of the time people don't have the will to continue wattering the plants. I bet that there would be a lot more millionaires on earth if they had more will power.

  • Kadmiels profile imageAUTHOR

    Kadmiels 

    6 years ago from Florida

    agreed the issue is work many people will not put the time in that is required to see those dreams become a reality

  • artrush73 profile image

    artrush73 

    6 years ago

    Good read, but one more thing is missing - will. When one doesn't have the will power to do something, even though he/she has good ideas they need to work, work, work, and work some more to get those ideas become reality.

working

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