In our pursuit of passive income, too many of us overlook an opportunity for wealth

Overlook view mountainFlickr / piers fearickDon’t look past the obvious.

Passive income sounds like the dream.

Who doesn’t want to earn money while they sleep?

Entrepreneur Pat Flynn, for instance, earns up to $170,000 a month through his business “Smart Passive Income.” Financial planner Neal Frankle writes that everyone needs some sort of passive income

Ramit Sethi, author of “I Will Teach You To Be Rich,” agrees that passive income is an incredible tool for building wealth. However, he says, it’s not for everyone. Not right away.

He writes:

“I hate to say it but most of us don’t need to focus on passive income, we need to focus on improving our active income — our jobs. How? By becoming more skilled, solving more problems for our bosses, and basically out-hustling co-workers.

“A lot of people don’t like to hear this because it means that instead of reaching for some dream of $500/day in passive income, they actually have to do some work right now at their jobs. But your job is the most likely place you can significantly increase your income.”

How do you do it? Sethi shares a video on negotiating your compensation, below — or, you can check out his Ultimate Guide to Asking for a Raise and Boosting Your Salary.

Read the full post on I Will Teach You To Be Rich »

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