Are you familiar with the cartoonist Carl Barks? He may not be a household name. But, I’m sure you’re familiar with his work since he was the first artist and writer of Donald Duck—he also created Scrooge McDuck.
Known as the “Good Duck Artist,” Barks was one of the few early Disney artists who didn’t remain anonymous. As such, he achieved a high level of fandom. And, he was also decent at creating multiple sources of income—mainly based on his talent.
Why You Need Passive Income and How to Get It
Barks retired in 1996. But, he supplemented his pension and occasional script earnings with commissioned artwork and collections like The Carl Barks Library. Perhaps, this is why he’s credited with saying, “Work smarter, not harder.”
Do I have anything against hard work? Of course not. But, I’m going to be brutally honest.
Let’s say that out of college, you land a job that pays a solid salary. During the week, you work your tail off. And, even when you’re off-the-clock, you’re responding to emails or planning how you’re going to spend your workweek.
Next thing you know? You’ve been given the proverbial gold watch and you’re put out to pasture. It’s time to retire.
A passive income can support your life after you retired. (Jingming Pan/Unsplash)
Even if you contributed to an employer-sponsored plan, like a 401(k), that might not be enough to enjoy your Golden Years. In fact, the Federal Reserve’s “Report on the Economic Well-Being of U.S.” found that 63 percent of Americans either don’t think their savings are on track or aren’t sure.
What about Social Security? Some fear that this will become depleted. The more likely scenario, however, is that your benefits won’t be as much.
When you consider the above, your retirement dream has the potential to become a nightmare. But, a passive income could prevent that from manifesting into reality.
What Is a Passive Income?
First things first. Let me quickly define a passive income.
A passive income is nothing more then earning money with little to no effort. Some might say this is when you make money while you sleep. That might not always literally happen, but I think that you get the jest.
Examples could be renting out a property that you own, selling an information product like a book, or through affiliate marketing on your blog.
There is a huge misconception though about creating a passive income. Mainly, that it’s as easy as a Sunday …….