Finding the Suitable Passive Income Source

Generating money while sleeping was considered to be a dream for many people. But we are fortunate enough to achieve that while we are sitting at home or even sleeping. In the age of the internet, many options are available. However, the main question always was and will be how to choose my suitable income source?. To start that we need to find the most appropriate definition for what so-called (Passive Income). My personal definition for passive income is an income stream that is created by investing either time, passion, knowledge or money in a specific area or market, to create a dependable source of income that will keep generating returns in the future with minimal efforts. From the definition, we can deduce that we are talking about a long-term plan and it won't happen overnight. To invest years and years of your life, utilizing your passion so it will act as motivation. Furthermore, to make the best of use your knowledge and skills to build the income stream. On the other hand, some income sources will require investing money and utilizing your skills (investing in stocks). However, it depends on your own strategy in investing.

How much time do you have?

The main thing that is consumed during the process of building a passive income source is the time. Whether you are a student, worker or unemployed, how much time can you utilize per day for your idea or project? The options vary depending on your answer. For example, having less than an hour a day will narrow your options so you will be left with options such as renting a spare room or investing in stocks if you possess the knowledge. The more time you have will widen your choices. some entrepreneurs such as Gary Vaynerchuk he utilized around 15 hours a day, Ellon Musk spent around 18 hours a day to build their empires. To be an entrepreneur you need to be consistent and patient.

What Are You Passionate About?

How many of us are not satisfied with their jobs, or what they are studying, in order to be creative and innovative, you must love what you are doing, finding your passion will incentivize you to continue in building your income stream. Many employees are making thousands per month, but they are not satisfied with their careers. On the other hand, many are making way less while they are working in something they are passionate about and they are extremely pleased about their work. And believe me, in the difficult times, nothing will push you to continue more than your passion. for example if you are passionate about trading start your own dropshipping store through (Shopify or Amazon FBA). If you are passionate about drawing and art start a blog sharing about art or an Instagram account to share your drawings and Ideas. Finally, I can't emphasize enough about how important it is to follow your passion. “If you don’t love what you do, you won’t do it with much conviction or passion.” —Mia Hamm.

Measure Your Resources

what are your current resources, be it financial or competency. assessing your current resources starts by looking into your bank account how much capital you have right now. Afterwards, take a deep look inside yourself and see what skills do you have or what can you offer better than others. If you feel that you don't have any skill or any money, start learning many online platforms are offering free courses to teach skills, such as Skillshare or Coursera, or read books. Find what skills match your passion and develop them. And if you have £0 in your account find a part-time job, don't be ashamed to work in a restaurant or any shop. Aim at first to pay back your student debts and cover your expenses. Having a capital before starting could facilitate a lot of things such as creating ads, buying a domain, paying for subscriptions.

To conclude, finding a suitable passive income source won't happen overnight. the sooner you start the better, start by allocating a part of the day just for your project. Find how much time you need to allocate to build it. Discover your passion. Assess your resources. Be open to learn or to work. Try different ideas until you find what is suitable the most for you. Stretch your comfort zone, be confident, and believe that you can achieve everything you are hoping for. Finally, in this blog, I will be sharing my experiences in trying and reviewing different passive income streams.

Thank you for reading.