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Passive income

 

Hi There, hope you guys are doing well. In our early career we everyone have a job particular to our interest and passion but then we think of some source of income that will require less amount of time and will beget money automatically, but in practical there is no such source of income because everything needs to be built from the scratch and most of the fields we already have competitions, everything needs a specific amount of time and investment. After working for a specific time over that field then we can achieve something desirable.


Many successful persons have told that in order to become rich you have to create multiple sources of income. Lets say you are a software engineer and you want to create some source of income, you will do your own initial research and try to understand what all we can do, in that process you can categorize your research in two fields one is large investment and second is small investments. In small investments you can invest in stocks, mutual funds, sip, REIT's and try to grow your investment over decades. Compound interest is a boon to mankind where your money grows over time due to interest applied. 


The best advice I can give is that at last you will come to a point where you will try to start your own business so there will be two scenarios - one is the field in which you are best or you are investing your time mostly and the second one is searching the areas where customers have lot of demands, I would prefer to go with first point because it will be align to your daily task and chances to rise is more rather than starting something which is new and trend specific.

Here are some points you can track in your research :- 

1.Identify the area where you will invest your time and money

2.Risk management

3.Team building

4.Latest trends

5.Long-term investments

6.Milestones

7.Enhance problem solving skills

8. Study every second

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