Passive Income Challenge Day 22.
5 Things to Remember About Passive Income
When you start creating passive income, what you are really doing is spending time and money now to earn more money later with less work and effort. You can do this easier online due to the automation that can take place. You can set up a system with automation, outsourcing, and systems that enable you to stop trading time for money. It still takes work upfront and will continue to take work off and on, but you won’t be stifled by how few hours are in the day. Here are 5 things to remember about passive income:
You’ll Put in Time Upfront
For sure, as you start building your passive income, you’re going to put in unpaid labour upfront. Labour organizing, planning, and implementing. You may even pay people to do the work for you, but it will still take time. This is okay because as you spend this time, you’re learning and as you keep doing, you’re going to get better at it which will mean eventually your time will truly be minimal. Some multiple six-figure earners (from passive income) are eventually able to spend just a couple of hours a day on their business.
Remember that You’re Helping People
One thing to remember as you create freebies and content to build your list is that you’re doing something good for your audience. You are a resource to them. You’re helping them. This feels good. As you build your list, some people may not buy, maybe they cannot afford to buy, but they are learning from you and building an income or a better life for themselves anyway. Eventually, they may buy something but, in the meantime, you’re providing a valuable service to your community that feels good.
You’ll Become the Manager of Your Business
When you start putting systems and processes in place that are required for passive income generation, you’ll slowly realize that you’re becoming a manager in your business instead of a worker in your business. This is an important way to boost your income. If you’re the one always doing all the work instead of allowing contractors and technology to do the work, you won’t ever get past the hours for dollar limitation.
5 Things to Remember About Passive Income5 Things to Remember About Passive Income
Be in it for the Long Term
Passive income is all about playing the long game. You invest time and money today, and it starts paying off later. Sometimes later seems like never. But, you must put those thoughts aside and think positively. It’s just like losing weight. If you cut your caloric intake, creating a 3500-calorie deficit, you’ll lose a pound. That’s not going to happen in one day. But, it will happen if you stick to it no matter what some fad diets say. It really is calories in and calories out. With passive income, it’s targeted time and money in and eventually, you’ll start cashing out.
Master the Habit of Delayed Gratification
This is one of the hardest lessons to learn. But, it’s just like saving for retirement. If you have a plan and you’re putting dollars each month into your retirement account, you’re not getting anything out of it today at all. That’s true. But, you know that you will in the future and that it will (with good planning) more than likely give you a good retirement when you’re ready to retire. Think of it that way. You’re going to do the work today, but you’re going to reap the benefits tomorrow. Otherwise tomorrow you’re going to be still trading hours for dollars when all you want to do is retire. Do you really think anyone over 60 wants to work as a department store greeter?
The pay off for you in terms of money and time freedom putting in the extra effort now for your passive income generation can be massive. Make no mistake, while money today should not be your main goal (being a resource should be), you will earn money from your efforts as long as you ensure to monetize everything you do and stay on top of the trends.
stop trading hours for dollars
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