In the last draft, I mentioned the value of passive income. But, you need to consider the way of active income before planning for passive income.
In my experience, I failed to build a strong passive income due to a weak active income—low cash flow from my businesses.
So, it is time you focus on active income for raising your passive income and financial freedom.
The first thing you gotta do is make a plan like what kinds of products or services you would sell to the market.
It’s okay if you don’t have an idea what to sell. There is another option like using licensing program which is a way of earning money by using other’s products.
Don’t hesitate if you have an idea what to sell to others, rather do action, just step up to the next plan—choosing a business format like online/offline, setting a target customer, building a platform, and systemizing your business legitimately.
Business coach and bestseller author Harv Eker simplified the process of financial freedom into 3 steps:
1. Raise your active income
2. Save your profits
3. Invest the profits into passive incomes such as stocks, real estate, bonds, funds, and other automatic cash-generated entities.