Almost everyone wishes to have more time and financial freedom, but most aren’t willing to do what it takes to get it. I believe that with a simple transition from active to passive income, you can achieve financial freedom and gain back your time. You may be wondering what and why after reading the title to the article and looking at the pictures in front of you. I hope to pull it all together, if you can see the connection already let get right into it.
- MY DEFINITIONS OF ACTIVE & PASSIVE INCOME
- 2 MAIN REASONS I BELIEVE MORE PEOPLE STICK WITH ACTIVE INCOME
- 3 THINGS YOU CAN DO TO START MAKING $$$
- 4 IDEAS THAT YOU CAN PICK TO MAKE SERIOUS PASSIVE INCOME NOW!!!
- Active Income: Actively having to put forth effort to create something of value or perform a service over and over again in order to receive compensation in return each time you perform. (THINK JOB)
- Passive Income: Income that is generated from creating something of value that consumers continue to purchase over and over again, and it continues to provide income with no added or minimal effort. (THINK MAKING MONEY IN YOUR SLEEP)
Now that we understand the difference between the two types of income we are talking about today, which one do you prefer so far? Let me say they are both important and in most cases you have active income then transition to the passive income at some point…there is a transition phase there. Some people who have several passive income streams still CHOOSE to work and create active income as well.
2 Main Reasons People Get Stuck With Active Income
So if I told you that it is possible for YOU to make $150,000 or more in a single month, what would you say? Take the time to really think about the question, the truth is that it is possible for anyone with the right tools, game plan, and coaching to get the job done. IT WILL ALSO TAKE TIME, UNLESS YOU WIN THE LOTTERY OR GET SOME KIND OF INHERITANCE
Most people don’t believe that it’s impossible to earn that amount of money in a single month because of their mindset and what they are used to (the norm). In fact the thinking is if I don’t posses special skills, training, education, or have a really high paying JOB then it’s impossible. If this is you, I strongly encourage you to change your thinking and maybe your habits and you will definitely open more possibilities for success and change in your life.
If you stop and think about some beliefs you have now and ask yourself, where did I get them from? The answer is usually from family or friends, who got those same ideas from family and friends most likely. Sometime it is a vicious cycle that has been going on for generations, and won’t break until you break it. With limited belief and thinking, it is very easy to remain complacent and live a life of mediocrity at best.
The other obstacle I think really hinders most people is lack of knowledge and proof. There are many cases that you can find where people make large sums of money from creating online courses today, I talked about Rob Percival who is a great example of this in a different article. When you look at what sparked his idea and how the whole process played out, it speaks volumes to seizing opportunities and making the most of situations.
There are people who may have skills worth creating online courses about and sharing their knowledge, however, they may not be aware of the platforms available to do so and monetize on their skills. Now image that you are trying to show the same person the available platforms and ways to potentially make thousands in revenue by taking action, but have no solid proof to show. This could present a challenge since a lot of people today are very skeptical, and don’t really want to do anything without a guarantee. Sometimes we all have to take a leap of faith and trust in opportunities, our abilities and have great preparation and execution.
3 Things To Do To Make $$$
To all my cat lovers, excuse my expression but as the saying goes “There is more than one way to skin a cat”. It is no different when it comes to making money online, but I want to share the 3 things most people would agree are essential for building long-term success.
- Web Page/ Blog
- Valuable offer to promote to audience
- Traffic/ Eye-balls on your promotions
Some people don’t bother with #1 and are still very successful, I still think it is very important and a great way for people who don’t want to record audio or video to share their message, and promote offers. The chart below says it all, in my opinion there is a good way and a better way. Choose wisely
4 Ideas To Make Serious Passive Income
- Remember the picture from the beginning, lets use those as our professions in this example, a barber and a video game console developer. If I do an excellent job at cutting hair as a barber, I can get paid every time I cut someone’s hair. I can use some marketing techniques here to increase sales and traffic to my barbershop, but I would still have to be there to cut hair in order to increase my revenue.
As a developer of a video game console, I would be able to create the console once and continue to generate income from that specific product over and over again when it sells. This is one of the reasons I think everyone should make the switch from active to passive income. Look at it like planting a money-tree, it will take time to grow and produce fruit. Once it builds strong roots and with care, it will continue to produce for you. Again, which do you prefer?
- When you think about companies like AT&T, Comcast, PG&E, T-mobile, Direct-TV and so on, they all get a monthly fee from taking payments from consumer who pay for services that they provide. With this model, all they have to do is focus on creating new programs or services to keep existing customers happy, and find new ways to increase the subscriber list and earn more revenue.
Anyone can replicate this model and so many people have done so already, it just goes back to what we said earlier about providing value to your audience with your promotional offers and content. An example of people doing this today could be Kyle and Carson the founders of the Wealthy Affiliate Platform, with paid memberships growing each day money continues rolling in. All they have to do is continue providing value to members and attracting new ones. I recommend this platform because you can start for free and stay in a free program for as long as you like, click here to get started today.
- I know I may have scared or turned some people of with this idea, it is a great way to earn passive income and build wealth. Many people think of stock market when they hear investing, the truth is there are tons of options for people to invest in and make money. Start-up companies, new products, and even services are constantly being introduced and if you are able to invest in the right one, you stand to make a significant gain in the future.
I just read an article about Amazon and the early investors that took advantage of buying stock in 2008. The article said that if you had invested $1,000 in the company in early August 2008, your initial investment would be worth more than $23,581.20 as of August 9, 2018. Over 23 times the initial investment- Anyone who knew this would have definitely invested and reaped the rewards, but there is no guarantee and the fear of loss hinders many and keeps them from acting.
- This is one of the more popular ways of investing and earning passive income, when executed correctly this method can really generate a great stream of passive income. Real Estate comes in many forms, and most of them can make money if used properly. Everything from rental properties, vacation homes, vacant land, and so on. All these are different but have one think in common, they can make you lots of passive income.
Let’s take the vacation home for example, if you own a 2nd home in a location such as Saint Helena, CA. where tons of tourists visit each year to enjoy the beautiful scenery, wines, and food in the area. This could be a golden opportunity to generate income year round. It is possible to use the property as a special event rental for short periods and still make money. There is also an option to rent the property out year round to tenants and still make a monthly income from the property. The possibilities are endless, you just have to get creative and make something happen.
With all that we have talked about, I think making a move from active to passive income is the best way to go to establish financial freedom and take back your time. There are many ways to do this and you can find lots of resources that will help you along the way. I am always here and ready to assist as much as possible so please leave a comment and let me know your thought. Which passive income method discussed today would you find exciting to start, please leave a reply below.
Passive Income For You