During the pandemic, we have seen companies closing, employees losing their jobs, and a future full of uncertainty. In our lifetime, we don’t usually experience a pandemic. We are used to experiencing a cycle of good and bad times, but we never thought that we would experience the worst and witness a sudden shift of events like COVID 19.
As the saying goes, remember to save money for a rainy day. Well, the rain has come, and it might be a long rainy season. So this is a wake-up call to all of us, that even if we have good-paying jobs or regular monthly salaries to bring home, it is still very much essential to have what we call as Passive Income.
Passive income is the earnings from a source other than your primary source of income. For Pinoys, we considered it “sideline” or “raket” Filipino slang words for a side hustle. Just like after graduating from college, we apply for a job. It should be the same after you landed your job and starts to have extra saving – you need to start creating your passive in income.
The good thing about creating passive income is that you can start small. You don’t need significant capital to start, and you can do it during your free time or at the weekends. You can start by selling products online from your hobbies and skills, or products from networking and direct selling. You can begin buying blue-chip stocks or government bonds or establishing peer to peer lending. You can also venture into vlogging and monetize your Youtube channel or Facebook Page. The list is long, but it all boils to one question, what do you want to do?
In creating a passive income, you need to consider three things.
Time – I’m sure most working Pinoys will say they are already busy at work and can’t find time for a sideline. But if you think about it, how many hours do you spend at night watching Netflix or browsing around social media? Check how you spend your weekend? You need to create patterns or habits to succeed. You can start by dedicating at least an hour at night or your weekends for your raket or sideline. Remember, your best ally is your time in setting up your passive income.
Hard Work – don’t be discouraged if you don’t reap any profit from your sideline. Passive income is not the money you earn while sitting on a beach sipping your favorite cocktail. It’s the opposite – there’s a lot of work involved. You need to research and study stocks, bonds, and investment, learn new skills, and develop your talent. You also need to find a mentor who will guide you. You will fail and experience rejections. When you sell or or offer your product, you will definitely receive a NO response. In other words, it is not easy. But never give-up and just keep going. Always remember, you need not worry about failing but fear the feeling of regret.
Intangibles –Success starts with baby steps. What’s the beauty of creating passive income is not the money it brings you but the overall process of creating something from scratch. Along the way, you will meet new people, expanding your network, developing yourself, and finally, experiencing a sense of fulfillment. These are the intangible things that you will encounter in building your passive income. Don’t fret if you don’t earn at the start. The money will come if not today tomorrow.
