Human beings depend on some form of income to survive life on earth. One type of income is Passive Income that I would share with you today. We looked at Portfolio income sometime ago and we had briefly talked about earned or active income which we said it is income earned from employment, i.e. your monthly salary.
Passive income is one type of income that earns a lot but does not necessarily need your physical strength especially at the revenue earning stage. Initially, a lot of effort would be required but, when the project starts generating revenue; it would not need your effort again. Passive income could be a regular income to you on regular basis without much effort from you.
What then is passive income? Passive income is income derived from royalties, patent rights, copyrights, screen play royalties, royalties from movies, books, television and all other forms of intellectual property rights. Passive income is also income got from real estate, i.e. rent. Internet advertisements on websites/ blogs could also earn you passive income.
Passive income could only be derived if and only when we use our brains to create things and become the originators of those inventions and or discoveries. You are fully entitled to the rights and benefits of an intellectual property if you are the one who invented or discovered it and had legal backing to protect it.
We have different types of intellectual people: the technical people, the people’s people, the analytical people and the creative people. All these categories could do something that could entitle them to some form of intellectual property rights, but the creative people are the group that get unimaginable passive income from their creativity.
The creative people are mostly writers, actors, artists, artistes or musicians, inventors, comedians, scientists, who invent and have discoveries, entrepreneurs, who invent new products, methods and systems. The creative people have powerful thinking processes and they use this to create more money for themselves and for generations.
Passive income is income for these people who use their brains and for that matter their intellectual property to create things and become original owners, thereby getting the license that entitles them to sole proprietorship. Any one, who wants to use their invented/discovered property, must pay to be allowed to do that. This is a great source of income to people who have undertaken to work on earning much from intellectual property. It is their full time job and all they do is to think and think and come out with something that has never existed and get license to it to be their bonafide property. They could then rent or sell to others who want o make use of the creativity.
All over the world, it is known that we have landlords/ladies and tenants. These two are not the same; the landlords/ladies are like the entrepreneurs or employers but the tenant is like the employee, the tenant pays rent to their landlords/ladies periodically and this is complete passive income enjoyed by the owners. They originally had to spend maybe their earned or portfolio income to put up these structures and turn them into incoming generating ventures, earning them rent.
Anybody could be a passive income earner, but the creative (C) people who spend much of their time meditating, taking cogent decisions, contemplating deeply and inventing and giving to society what it needs as a necessity and who love doing that are the true intellectual property owners.
Creativity has nothing to do with the level of your classroom education or formal education.
Thomas Alva Edison, who was the greatest and highest patent rights holder and still has not been beaten had just three months of formal education, but he lacked nothing as far as creativity was concerned. He had a powerful thinking process and he made sure he had legal backing for his inventions, because there are always thieves in the neighbourhood, who would even try to steal from your mind.
Thomas Edison, I believe, he is the most persistent and persevered person I ever read about. He never gave up till he succeeded.
Robert Kiyosaki wrote “It is the way of thinking that creates assets and once you have that way of thinking you will be richer than you ever dreamed possible.”
Henry Ford said “Thinking is the hardest work there is. That is why so few people engage in it.”
Henry Ford’s formal educational level was just high school, yet he was able to build an empire of wealth for generations. He was a stubborn powerful thinker and doer.
In Ghana, there are many people, who are very creative and are really making it even if on a low scale. I want to encourage especially my colleague young guys, who believe that they have the ability to sit down and create things to begin now. They don’t need to look for jobs anywhere. Just begin creating and you would be marvelled the exposure you would get and the money that will follow. Young Ghanaians should begin to write books, they should become internet gurus and go into invention of many things that are marketable to the populace. They will be self-made millionaires soon.
Smart young guys should learn how to acquire assets with their creativity that is they should create something and get passive income from that thing and use the money to buy another thing they desire. Creative people don’t necessarily need to have money before they acquire property. They could create their own intellectual property, get the money from it and use that passive income to acquire that dream house, hospital, hotel, business and all that you can dream of.
The future of the world is in the hands of creative people. They are the people who use the right side of their brains greatly together with the left side minimally.
© 2010, Godwin-Xavier Ayeebo
Blog: www.g-xavierayeebo.blogspot.com
Email: gayeebo@gmail.com
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