Most people never think about building passive income to create financial stability and security. Passive income is not a concept that the average person has been exposed to nor the numerous opportunities that are available. The key to becoming financially successful is building assets that will continue to provide you with passive monthly income.
What is passive income?
By definition on Wikipedia, passive income is a receipt of cash flow on a regular basis with little to no effort by the recipient to maintain that regular receipt of the cash flow. Yes, you heard that right – passive income means you could be sitting on the beach in Mexico, sipping a piña colada, you still have money being actively deposited into your account. People may ask, how can I make money doing nothing? Well, that is just it – you aren’t exactly doing nothing. You have already set up assets that will continuously generate income to you each month, while you enjoy your success.
How could this benefit me?
Well, this question is something you have likely already drawn your own conclusion to based on what you have read above. However, let’s go ahead and address the elephant in the room – how can building passive income benefit you? While that might sound like a selfish question, the truth is that when things come down to the bottom line, we are all interested in our bottom line – what a product/business/service can do for me. Let us tell you.
We are encouraged to start thinking about retirement even as early as our twenties, but realistically, that doesn’t always happen. Life gets in the way and we need to use money from our savings account. Or, we are simply living paycheck to paycheck, and holding back that percentage for a 401K each pay period is just more than our tight budget can afford.
Or, it might not have even been a fiscal purpose – you might have just lacked the knowledge of how to prepare for retirement.
Regardless, one way to reach that milestone faster is to create or purchase assets that will generate passive income. Earning passive income, you are basically just switching jobs – except your new job is traveling, hanging out with friends or your grandchildren, and finally completing that lifelong project you have put on hold for too long.
How can I build passive income?
Now that you’ve gotten this far down, you are pretty interested in how you can build this passive income, right? You can hear the beach and the grandchildren calling your name now. Well, let’s cut to the chase and take a look at just how it is that you can do this.
Especially if you are already in the franchise industry, you are already sitting on a great way to build passive income. However, if you are new to the franchise industry, you still have the same grand opportunity waiting for you. With only a small investment, you can purchase a franchise that comes with all the tools you need to run your own business. But next is where the passive income part comes in – just because you own the franchise does not mean you have to be present day in and day out actively managing the business.
As a franchise owner, you can hire a manager to run the daily operations. Meanwhile, this allows you to build passive income and become a business owner. Additionally, Triton provides training on how to get started in franchise investing (www.tritoninvestors.com) and developing your passive income by owning your own franchise investing business.
Passive income is a fantastic opportunity for any generation – but especially for those approaching retirement age, passive income could be the golden ticket you are looking for.
The opportunity is waiting for you – all you must do is take advantage of the resources at hand and start building your own passive income.
La Mancha Sims is Managing Director and Founding Partner of Triton Business Group, Inc., a business funding consulting firm located in Decatur, Georgia. La Mancha is a former Naval Officer who has over fifteen years of experience in franchise and commercial finance, specializing in assisting entrepreneurs who want to enter the franchise industry as owners or investors. You can reach La Mancha at 866-987-4866.
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