Have you ever wondered what you’re going to do for income when you leave your current employment?

Do you have a retirement plan that can supplement your salary? Have you ever wondered how you were going to pay for your child’s college? If you lost your job today, could you still live the life you live or want to live? If your answer is no to any of these questions, you need a passive income source.

Passive income is not just about creating wealth, it’s about making you and your family bulletproof against financial changes.

Passive income is money earned on assets such as real estate and other enterprises that don’t require your time, ongoing management or attention. It also can be viewed as “money earned while you sleep.” When you put together the right team and a plan, growing passive income becomes possible. Think of it like planting a tree in your back yard. First you plant the seed, you water it, give it access to sunlight and over time it grows into a beautiful tree.

The trick to passive income is figuring out how much you need to supplement your current income or how much you’re going to need to get you through life’s planned and unplanned events.

Once you determine the amount of money you need, start assembling a plan to get there. You will need a couple of things to get started. First, you will invest a portion of your own money. This is the seed.

Next, you put together the right team: this is the water and sunlight. As your team works together, you generate a flow of passive income: that becomes your tree. As the tree grows more income is generated and it just gets larger and larger over time. That tree didn’t just get there alone though. It needed you, a team and most importantly, time. Just like that tree grew so can your assets and your passive income.

People who live a life of financial freedom do so because they have passive income as a safety net. Being financially free does not mean you spend your money on everything you see. It doesn’t mean you eat out every night, wear the fanciest clothes or drive a luxury car.

Living financially free means that if you were forced to retire today or your employment ended today, you won’t be bankrupt.

Having a reliable flow of passive income means you can live the life you have, or even desire, without skipping a beat. You can leave your high-stress job whenever you feel like it. You’ll have savings and protection from unpredictable turbulence in the economy. Passive income is a retirement plan that doesn’t require you to work until you are a certain age. You become free to live life without financial stress.

Some people have a passive income source already, but they are not leveraging it to build more assets that will keep their passive income flowing more readily and longer. This is a golden opportunity to expand your investment portfolio and secure passive income for life.

Like the magic of compounding interest, leveraging passive income assets allows you to build wealth, worry less about financial strain and do more for you and your family.