By Mercy Anyanso.
Do you ever sit back to reflect on how you have never been laid-back or an irresponsible person but somehow your efforts never seem to measure up to your results? I bet 9 out of every 10 persons would answer a big YES to that question.
What is it then, about results and efforts that they never seem to align? (If you find the answer, please let me know too lol, I'm also looking.)
But here’s what I can tell you about building the right balance between active and passive income:
Active income as we all know is a steady stream, that one friend you can rely on, and make plans around. The “I’ll send your allowance on the 18th”, or “I decided to book an uber instead of walking,” or even the “I ended up spending extra cuz I saw those kicks and I just could not, not buy.” Active income empowers you, gives you a sense of security and stability. It's like a cycle, you know that in 10, 15 or even 25 days, a certain amount of money must pass through your account. That being cool and all, it's also tied very closely to your time and energy - And at some point, you might wonder, How can I rule my time and still make money? This is where your next reliable friend, "Passive Income” comes in.
The idea of Passive income is very close to what our parents hoped to achieve with us, when as preteens or teens, they sent us off to boarding schools to teach us better about independence, productivity and self-sufficiency with little to no supervision, It’s the same concept, setting us up to be productive but with a touch of freedom. This is a common practice among Nigerian households, and I know a lot of people can relate. It’s very possible for you to spend your day playing golf, eating tacos, reading your Bible and still be able to afford to take trips every now and then. These things happen, but you have to first believe in the possibility, then set up the right systems to make it a reality.
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Active income is like working a shift, you show up, you get paid. Passive income is like planting a fruit tree, it initially takes time, but it keeps giving even when you're not looking.
So now that we've talked about why passive income matters, let’s get into the good stuff: what are your actual options? Contrary to what some people may think, passive income isn’t just about having millions to invest or owning rental properties. There are different ways to make it happen, depending on your skills, personality, and how much effort you’re willing to put in upfront. Let’s break it down.
So now, you are reading this, nodding along and thinking, “Can I really learn a way to make money without clocking in every day? You’re in luck, there are plenty of ways to build passive income. It is just about picking the ones that suit you. Let’s break it down:
If you love watching numbers grow and don’t mind playing the long game, investments are your jam. You might have to put in money upfront, but if done right, it works for you while you read your favorite bible verse.