Active Income Vs. Passive Income: 5 Ways to Turn Every Weekend Into a Long Weekend by Nik Halik
A three-day weekend is almost here and many people are looking forward to getting an extra day away from the office to spend with their families. But what if you could enjoy a five-day weekend? And what if it was every week, instead of just once a year?
The keys to living that lifestyle are focus and the ability to create passive income. Anyone can add three days to their weekend no matter what their financial status. Understanding the difference between active income and passive income is the key.
Active income only happens when you work for it. For example, by putting in 40 hours a week at a job. Passive income -– such as rental income or income on investments – doesn’t require manpower. Here are several tips for people who want to start creating wealth for themselves so they can enjoy more time at leisure:
- If you are in debt, attack one loan at a time. The loan you choose to tackle first may or may not be the loan with the highest interest rate, depending upon the finance rate of the loan and other variables that you should investigate.
- Identify and eliminate “destructive expenses.” This includes consumer debt, overdraft fees, unused gym membership fees and loans that lead to debt.
- Create passive income. This money works 24 hours a day, seven days a week. With the advent of the Internet, there are more options than ever for people to create passive income in online businesses, plus businesses such as real estate.
- Fortify your good habits. Develop a morning routine, lean on a support group and focus on “keystone” habits. A keystone habit is a small change that can lead to bigger changes. Keystone habits include such things as cutting out television, getting enough sleep or even making sure you take some travel time regularly to recharge your batteries.
- Restructure your loans. Roll short -term, high -interest loans into long -term, low -interest, tax -deductible loans.
One of the best things about creating a lifestyle built around a five-day weekend concept is that it helps people find ways to let money -– and not manpower -– do all their heavy lifting, Money doesn’t have to take a weekend off and it works seven days a week. People shouldn’t have to work as hard as their money.
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