Creating passive income hasn't been easy, and I can't say that I've gained complete financial independence yet, but I'm definitely on my way there. I have not been able to completely replace my work income, but I'm making enough passive income to pay for the my housing costs, groceries and have some spending money. The desire to develop passive income needs to be quite strong because initially it takes some time and a great deal of effort to ramp up. But as long as you stay the course, you should be able to at least add to your work income within a several months.

So what's your plan to create passive income?
Everyone's plan will be different. The aim is to realize what you're passionate about and try to figure out how to monetize this. The idea is to figure out a strategy that is scalable without any extra effort. It might take a while for you to strategize with a plan, but once you find something that interests you, it shouldn't take long.

What is a Passive Income?

Passive income = continuous income derived without active regular effort

Basically, once you have the passive income coming in, it should continue to keep coming in without too much extra effort on your part. Passive income could come from rentals, book royalties, software royalties, licensing fees, investments in businesses, oil and gas, online affiliate marketing, etc.

Changing Your Mindset
There is no method to legally get wealthy quickly. Anything worthwhile in life takes effort and time. If it was very easy, everyone would do it. Initially, it is a lot less effort to get a job. You get paid for the hours you put in. Doing that part is easy. However, if you don't work, you don't get paid. So developing diverse sources of passive income is totally worthwhile. Creating passive income requires knowledge, time, effort, long hours and lots of time to think or invest in.

Don’t just jump into something because you see other people is doing it. Find your passion so you will stick with it even during the intial tough times when you don't see any returns on your efforts. Ask successful people how they did it. Stop asking your friends or neighbors with no experience for free advice . Free advice often is usually worth what you pay. NOTHING! Find a mentor, ask them how they did it and copy them.

Set Passive Income Goals
How much do you need to become financially independent? How much do you need each month to maintain your standard of living and life style? Only you can answer these questions for yourself.

Create Your Passive Income Vehicle
My passive income vehicles include residential real estate, 2nd trust deads, direct oil drilling programs, dividend paying stocks, and a few websites that get ad revenue . In all, there are nearly 20 idependent sources of passive income.

The road of creating financial independence is not for everyone. But, I believe if you are willing to take this step and stick with it, you will get whatever you want. Now go plan your exit out of the rat race!