Passive Income Challenge Day 26.
Passive Income is Scalable
When you work for an hourly wage, there is only so much time in a day that you can work billable hours and still have time to live any type of life. But, when you work for passive income, remember the work you do today pays off tomorrow. Therefore, you can keep doing the work and adding to the passive income streams and boost your income indefinitely.
Jobs are Limited
Think about it this way: if you get a job making $100,00 a year, that’s all you’re going to make. That’s your salary and some businesses can make you work 80 hours a week and you’ll still only make $100K. But when you work on your passive income that has systems and technology to run it for you, you’re not stuck at $100K. And you’re sure not stuck working 80 hours a week. In fact, once you get going, you can reduce your work time – not increase it and still maintain, if not grow that $100K.
Time is Your Greatest Asset
Remember that time is your greatest asset. Imagine if your time was freed up from the 9-5 job (trading hours for dollars) how your life would be different. Would you feel rushed every day when taking the kids to school or could it be a nice fun relaxing time to spend talking to the kids? Would dinner time turn into drive-through time or could you devote more time to creating healthy dinners at home so that everyone is healthier?
You Own Your Own Time
The other thing about time, when you are working for other people is that they sort of own you during the time they are paying you. But when you are earning passive income, no one owns any of your time but you. You can have flexibility about when you work on your passive income. It can be 3 am or 2 pm; it doesn’t matter when you do it, or even if you do it since you can outsource the tasks to someone else. It only matters that it gets done.
You Can Scale Up
Once you start earning passive income, you can reinvest that to more passive income earning ideas such as hiring an assistant to run this portion of your business. You can hire someone for about 10 hours a month and get a lot done, leaving yourself that much more time to either do more work toward passive income generation or going on a picnic with your kids.
Unlike working hours for a wage, you can continue to grow your passive income indefinitely. There is no limit to what you can earn. You can expand the niche, fill in the gaps, and even go off into complementary niches, building your opportunities even more.
assive Income is Scalable
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