Passive Income Challenge Day 21.
Passive Income is Rarely Passive
In many ways, the word passive fools some people into thinking that you don’t have to do anything at all to make passive income. But the truth is, you will have to do some work. Especially upfront. And honestly, that’s okay because the great thing about passive income is that you do the work once, check up on it, tweak it a bit, and you’ll still be making money easier than when you trade hours for dollars.
Investing
Even if you choose to invest money in stocks, there is still work to do. You must earn the money to buy stocks. You must investigate and learn about the stocks. You must keep checking up on them to ensure your stocks are performing. That can take time and money to do but overall, it’s going to be worth it because when the snowball effect takes hold, you’ll be making more money with less effort.
Publishing
If you choose to publish eBooks or information products as your source of passive income, you must come up with the ideas, write them or pay someone to write them, get sales pages made, marketing materials completed, and promote everything. That is still work. But, again, over time it’s less work for more money than trading hours for dollars.
Passive Income is Rarely Passive
Affiliate Marketing
You will need to study product creators, test products, write reviews and be willing to answer questions to encourage your audience to purchase. In addition, you’ll need to work on building your email list and much more. But the momentum you can achieve if you really know your audience and what they need is unparalleled.
Paying Down Debt
Many people don’t realize what a big income earner paying off consumer debt is. In this case, we’re talking about credit cards. Credit cards are very costly. They’re not really the same as a house loan or even a car loan because the interest you pay is ongoing and not a set amount. If you pay off $10,000 worth of consumer debt in a year, you’ll be saving yourself almost $2,000 a year in interest charges if your interest rate is 16%. But even that takes work to organize the debt and decide how to proceed.
It will take a little work here and there to maintain your passive income goals and to make sure the technology and systems you have in place are working. But in all honesty, you can outsource most of these things if you have the funds. If you don’t right now, you can make that your first goal to start outsourcing more so that you’re the organizer and planner in your business instead of the one who does the labour.
stop trading hours for dollars
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