Life today is running at a very fast pace. People are in a constant battle to follow their dreams without sacrificing on their careers and their financial status. Not many people have mastered the art of living a ‘financially sound’ life. If you are wondering what financially sound means, well, there are 3 kinds of people that exist in the world today. Firstly, you have the ones who run after the big money and hence very little time to spend it. These people are so involved in their day-to-day work life that by the time they have reached a financially successful status, they realize that their whole life has passed away.
Second in line are the people who have all the time in the world to live their lives, but very little resources to enable them to do so. These people live mediocre lives but have dreams that just cannot be fulfilled with their incomes. The third types of people are the ones that have managed to do it all. They have all the money and the time in the world to enjoy it. Such people are the one who are highly successful business persons in different fields. These people are called ‘financially successful’.
The dark side to our constant efforts in achieving success and our daily life, is the fact that we tend to experience no good at all coming out of our efforts. So when our hard work bears absolutely no fruit at all, that’s when frustration and disappointment tends to set in. This is where the process of generating a three-way income can work wonders. So let’s figure out what exactly is a three way income.
To begin with, one must be motivated enough to identify a three way stream of income. People who set out on a quest to make some extra money while working, usually tend to take up a part time job. Here, their full time job is what formulates a major part of their income. The part time job that people do is for that extra amount of money, which can help them get through their day to day expenses. Part time jobs are usually hobbies that turn out to be ways of generating some extra money to support their full time work life. In this entire process, people tend to make money by putting in some amount of extra effort.
So far, it has been understood that taking up two jobs to suffice your financial income is the only way to survive and live a successful life. However, what would you do or say, if you were told that you could make some extra money whilst you are practically asleep? As pleasantly shocking as it may sound, this is called the third stream of income. So welcome to the world of passive income.
Here, people usually tend to invest in some financial bonds or fixed deposits that help then generate interest on the money that they have invested. A smart option would be to invest in an apartment and then put it out on rent. The monthly income coming in is quite a hefty sum that can lead to a promising future investment in various financial bonds. A major advantage of this of passive income is that you are receiving a monthly amount of money without even doing anything. Investing in various bonds, dividends and other financial proposal schemes can work wonders for your financial status in life. However, a thorough amount of research is required before investing in such profitable ideas as there could be some amount of risk involved but if executed effectively, the fruits one would bear are worth the efforts – By Boman Rustom Irani