The phrase Passive Income usually triggers a wishful picture of someone comfortably sitting on the beach and sipping a margarita. Not a bad thought at all! but there is indeed some prep work involved and you should be feeling good thereafter, says financial expert Vijay L.
His newly published book You, Money and Family is practically drawn from the author’s experiences. The book will take you on an insightful journey of maximizing your wealth and satisfaction in life.
Before you start making passive income, you need to understand what is passive income?
“Most people think that passive income is getting easy money for not having to work,” Vijay L says “That is simply not true”.
The effort required upfront is indeed high but gradually reduces with time and experience. Whereas the income is low at the beginning but significantly increases with time and experience. Call it a relationship between effort and reward with time as constant companion on your side!
Passive income essentially includes regular earnings from sources other than that from your primary occupation. It takes good degree of planning, a reliable process and continuous learning along the life journey to make the secondary earnings close to passive in nature.
One of the refreshing perspectives that the book talks about is where can you look for generating passive income depending on your personality type and interests and how best can you increase the probability of that source working for you?.
Afterall, Money has a habit. It needs growth and security just like you. Your primary job can get you rich but to stay rich you need Money skills. Therefore, it is the Money skill that will make your money stick with you. If that rings bell, then what is the best time to understand Money skills?
If you are willing to take the first step in improving your finances and not letting it slip again, Vijay L shows you a clear step-by-step path exactly in that direction.
The role of balance in making passive income
Speaking from his experience, Vijay L says that the subject of money is not exclusive in nature. It has to be understood in the life context to make it work for you with minimal efforts. He even shows that why there is no better medim of mastering Money skills other than the learnings that come from preparation and measurement of one’s personal financial statements. This book breaks down this science and art into its simplest form for which you do not need any background in finance.
Explained in jargon free language with the passion to teach, Vijay L demonstrates through real life like examples that the very act of measurement and analysis of personal financial statements can bring order to your life, widen your perspective and help you understand why passive income can be a game-changer for you.
Every chapter of this book is laid down in a structured manner, which shows, how one can go about the process and start the journey of making passive income and build a decent net worth.
When done the right way, this passive income can help elevate your earnings and fill in the gaps that your 9-5 job isn’t able to do on its own. If you’re looking to give your net worth a real boost, then do give You, Money and Family a read.