To achieve my dream lifestyle to travel around the world, passive income is the only way to make it happen. In the past few years, I have tried many things and now identify the direction. I am learning it the hard way. I should know better few years ago.
Regardless which method you choose, there are bottom line requirements to make this true passive income business.
- Automation – The only way to make passive income is NOT to work on it. Or simply spent few hours a week to do minor tasks.
- Outsource – Let other people do the work for you
- Scalable & Profitable – The only way ensure your business model can last a long time, the business must be scalable and profitable.
Basically, it follows The 4-Hour Workweek principle.