Money in the form of a paycheck is not the way to create wealth. There are several reasons why you shouldn't focus on one single income source. Some of reasons include:
*Your one source of income could stop at any time thereby leaving you at risk of no income flow.
*Your income levels will probably only increase by small amounts dependent on promotions and or incremental performance reviews.
*Your income is tied directly to your time. In order to earn more money, you have to give up more of your time.
Now that you know, you should immediately begin brainstorming on what types of passive income you can generate. There are literally hundreds of ways to create passive income. Most notably you can generate additional income by:
*Taking advantage of your company match where you work. If your company offers some type of match, take it. Even if the market is not performing as you would like, you should still take the match. Saying no to the company match is leaving money on the table.
*Opening an online bank account. These bank accounts can be opened with little or no income. No matter the amount you've placed in the account, you will still get an interest deposit each month without fail. Best of all, your interest will also earn interest as long as you don't pull everything out every month. I know that the interest amount is not much, but it feels good to have money coming into your account monthly without you having to work for it. Your money worked for it!
*Creating a passive income business This may seem like a daunting task but it could be done by taking one step at a time. Think about it, by this time next year you can either be closer to creating an online business or you can be right where you are today. Nowadays, you don't have to know a lot about the internet to create an online business, you just have to have a great idea that you can execute. In fact, you can outsource much of the technical stuff while you lead them to creating what you want. Websites and hosting only cost a few dollars each month. If you are able to generate sales via your website, then you are no longer giving up your time for money. The website works for you while you work, eat, and sleep.