Financial Freedom: Build Wealth While You Sleep (The Power of Passive Income)

Generating wealth takes time. While overnight success may be appealing, it is often only a pipe dream unless you hit the lottery or receive an inheritance. 

Chasing quick wealth can also cause much heartache and pain. 

“For the love of money is the root of all kinds of evil. And some people, craving money, have wandered from the true faith and pierced themselves with many sorrows.” (1 Timothy 6:10 NLT)

You also need to beware of get-rich-quick schemes. If something seems too good to be true, it usually is. 

“Wealth from get-rich-quick schemes quickly disappears; wealth from hard work grows over time.” (Proverbs 13:11 NLT)

If you want to build wealth, I suggest that you…

• Invest regularly, 
• Over the long-term 

The quicker you start saving and investing, the faster your money will grow. Over time, you can benefit from the power of compound interest. Compounding occurs when you don’t just receive interest and growth on the money you invest but interest on interest and growth on growth. It is compounding over the long term that can generate explosive wealth over time. 

One way that you can build wealth with little effort is by setting yourself up to earn passive income. 

Passive income is when you earn money in a manner that does not require too much effort. 

Examples of Passive Income

Rental income: 

If you buy a property and rent it out, you will receive a steady stream of passive rental income. Not only does rental income usually increase annually, thereby keeping up with inflation, but your property should also appreciate in value over time. Provided that you have a good tenant who pays the rent, and provided your property is in good condition, you should be able to earn passive income without much fuss. 

Investments in shares, unit trusts, or exchange-traded funds:

If you automate your investment by setting up a debit order to come off your account each month, you will receive passive interest and growth over time. This passive income, once accumulated, can become a wealth portfolio that can help secure a steady stream of passive income during your retirement.

Write a book:

You could write a book and market it online, thereby earning money passively. 

Online business: 

You can also create a business that provides a service or sells a product online. If you can add value, solve a problem, or help make other people’s lives easier, they will use your product or service. If your online business is well structured and automated, you may even be able to earn passive income from this business venture while you sleep. 

“The wise have wealth and luxury, but fools spend whatever they get.” (Proverbs 21:20 NLT)

Start thinking of creative ways to generate passive income. With the right investments, you can build wealth and secure income while you sleep.

I pray that God will give you a creative idea or strategy to build passive income. 

“Remember the Lord your God. He is the one who gives you power to be successful.” (Deuteronomy 8:18 NLT)