The Real Truth About Passive Income
Today we’re going to reveal the real truth about passive income and dispel some of those myths and untruths we’re all familiar with and to show you that there are numerous ways to generate what is known as passive income.
We were first introduced to the passive income or residual income method when we joined a network marketing company in 2005. Now we didn’t do anthing further with that company but we always saw that passive income generation was something we would come back to one day. We were working a traditional ‘time for money‘ management consultancy and knew that could not go on forever and we weren’t getting any younger…
There will always be something that gives you that push to make change!
To put this into perspective a lot of people say it doesn’t exist but it does. Think about your mobile phone contract for example. You take out a contract and the mobile company bills you every month. That’s a form of passive income in the real world. Money that comes into their account month in and month out without them having to do any additional work other ensure the service you pay for is provided.
Passive income works in so many different ways but one myth we want to dispel right away is that it you don’t have to do any work to generate it. The real truth about passive income is that you have to do the work upfront make no mistake. Just like the mobile phone salesman had to make the sale in the first instance for the company to be paid ‘passively‘ every month for the service.
Why Passive Income is the Ultimate Business Model
Earning a truly passive income is the end goal of the vast majority of internet marketers / online business owners and you could very easily consider it to be an absolutely ideal situation in terms of finances and business.
What is passive income? It means that you earn money without having to work. That doesn’t mean you haven’t worked for it though – it just means you’ve sowed your seeds so that you can profit long into the future.
In other words, you invest some time and money into setting up a business model that is capable of ‘running itself’ and from then on, you reap the benefits. You might even continue to work on the business model in your spare time to scale it further, or to keep it going, but the point is that you don’t have to actively trade your time for money any more.
Once you have a passive business model, you can literally continue to earn money while you’re sleeping.
Working online increases your freedom to a great extent because it allows you to choose how and when you work. But if you’re providing a service to a client, then that’s still not true freedom. At the end of the day, if you take time off, you lose money (that was us).
But with passive income, you really do get to experience true freedom. Now you can choose to take the entire day off, or to refrain from working for the next week even and there will be no repercussions.
Want to spend more time with your kids? You can!
Want to go for a stroll and feel the sun on your face? You bet!
Want to go travelling? Work on a personal project that means a lot to you? Stay in bed?
We think you’re starting to get the picture…
Using Passive Income to Become Truly Wealthy
But for many people, passive income goes further than this. For many people, the real truth about passive income is that it isn’t necessarily about working less but rather it is about increasing their income.
More so than any other type of business, a passive income model will allow you to scale. Why? Because if you start earning money that doesn’t require your active input, then there’s no reason that you can’t use your free time to set up another passive income model.
When we first started out we began with just one income stream but over time (6 years now) we have added multiple passive income streams to our business. The more separate passive income businesses you create, the more resilient your business will become.
What to Expect and How to Approach Passive Income
So what is the secret to success when it comes to passive income? What should you expect from it? And how do you approach it without risking serious disappointment?
The first thing to do is to have the right expectations. Too many people expect to get money for nothing and to make a huge profit from a website or blog for example after putting in only a small amount of work.
What’s very important to understand here is that passive income does not mean that you are getting money for nothing. This is not a get-rich quick scheme and it does take work and know-how. Guess that’s why we love the education and training niche and helping entrepreneurs achieve their goals and dreams of a business that really does work for them.
You have to have the right approach to generating passive income because if you head into this expecting to make $100 a day immediately, you are going to be disappointed and you are probably going to quit out of frustration before you get anywhere. This is what happens to the vast majority of people.
It’s also important because we don’t want any of you to run out right now and quit your day job!
What you need to do, is scale back your expectations and make a steady attempt to increase your earnings and to build a business.
Your aim is not to give up your day job. Not right away anyway! Rather, your aim is to make yourself some extra money on the side that will make your day-to-day life that much comfier and more enjoyable. It’s to fund your lifestyle and it’s to follow something you’re passionate about.
That’s the real truth about passive income
To find out more and the different types of passive income businesses you can engage in you can download our mini book “Ultimate Passive Income” with our compliments here
It’s full of practical advice, different ways to create passive income (some which may surprise you and you have never thought of even) and our favourite which is affiliate marketing
We do hope you enjoy and take value from your copy of the Ultimate Passive Income one of the mini books in our Success Formula Series
Who Are We
We’re former accountants of a certain age (60+) with 5 great kids, 3 grandchildren and our last remaining cat. We love skiing and traveling the world and have achieved a fabulous life helping others to start and build a successful business online and now speak on international stages following that passion. Our worldwide educational business is centered on online marketing business education and wealth creation and a desire to help you create financial freedom online through entrepreneurship in the digital economy whatever your age or experience.
Authors : The Mindset Shift
Skype : chrisbeesley1 susanbeesley1
Mobile/Cell: +44 (0)7802857551
Email:
chrisandsusan@chrisandsusanbeesley.com
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