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Everyone wants more freedom to do whatever they wish in life. If you want to spend much time on your hobbies or your personal life, you have to ensure that you have enough time to do so after work. These days it is hard to live everywhere, so most people work longer to earn money and pay their bills. If you want real financial freedom, you’ll need to have income from work that takes less time so you have more free time. This is only possible if you are educated about finances and you have the confidence to work on your own. You can be self-employed and earn passive income, but only if you understand how to do it. When you work for a boss, you have to work the hours they demand and it usually takes up much of your time.

It’s critical to understand the passive income concept:

*Passive income is cash flow that is generated on a regular basis, requires minimal to no effort and gives you time to do what you want. There are many types of passive income. Some examples include:
*Real Estate income from buying/selling property
*Rental income from renting out property that you own
*Royalties from selling intellectual property like music, books, manuscripts, computer software, patents, etc.

Why you need to understand passive income:

 If you are an employee at an hourly job, you might work 09:00-17:00 (9AM-5PM) for a total of 8 hours per day. Don’t forget to add in travel time up to 3 hours, and for most people that means spending 40-55 hours a week working for your employer. When you come to retirement age, you have to let your job go. Most of your life you spend working for other people. It can appear that a high paying job is good, but working for a boss comes to the same end no matter what. You work for hours and you earn based on the hours you spend working and traveling – that is called active income. If you can’t work on a particular day or you want time off, you don’t make money. You have to put in time every minute that you want to earn anything!

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