If your goal is financial freedom, and to get out of that ‘hustle, grind, burn out’ cycle, then you need to create passive income streams.
Trading your time and energy for money is not a sustainable way to achieve wealth. Unfortunately, the reality is that very few of us were taught that there was any other way to accumulate the income and wealth that we desire.
Enter: Passive Income.
Passive Income offers the unique opportunity to generate income that requires little to no effort to maintain once it’s established.
Whether you’re a business owner, entrepreneur, or employee, passive income can be the key to unlocking the financial freedom you dream of, while building the bank account you dream of! (And if you dream of making the transition from employee to becoming your own boss, passive income can help create that path for you!)
Here are five BIG benefits to creating passive income streams:
It provides financial security—especially if you’re in the early stages of building your own business.
If 2020 taught us anything, it’s that things can change in an instant. This year I received more inquiries from clients about passive income than ever before, and for good reason! Passive income streams create a reliable and constant stream of income and, no matter the circumstances, that’s always a good thing.
If you’re in the early stages of building and growing your own business, having the safety net of a passive income stream can be the difference between quitting before you even get the ball rolling because you need to go back to being an employee, and being able to go ALL IN as an entrepreneur because you know no matter what you can’t lose!
Very little of your time is required to get started and keep it going.
Time is arguably your most valuable asset. So, you want to spend it well and wisely—doing what you love, and getting paid at the same time!
While there may be a little bit of time required for initial setup, once your passive income stream is up and running it will require very little from you. This means you’ll be able to constantly bring in money while you’re sleeping, while you’re vacationing, while you’re building your own business, and while you’re out walking the dog.
It doesn’t require you to be in one place.
If you’re always wondering how those influencers you follow are ALWAYS on vacation, it’s likely because they’ve created passive income streams (like affiliate sales) that allow them to make cash from literally ANYWHERE in the world.
If you’ve been dreaming of taking that cross-country road trip, backpacking through Peru, spending a winter skiing in Aspen, passive income is your golden ticket! You can continue to generate income from ANYWHERE while doing ANYTHING!
If you’ve already established a business, a passive income stream can help build credibility with current and potential clients.
Private memberships, digital courses, e-books, etc. These are all incredible ways for already-established businesses to create passive income streams that not only bring in steady cash flow but also increase the credibility of your business.
How? You’re creating offerings that are available to the masses that share your unique skill set and showcase your expertise…and require ZERO effort from you once they’ve been created.
Passive income streams like those mentioned above are an amazing way to leverage your special sauce into sustainable, passive income.
Now for the ‘how’ portion.
Creating passive income is NOT a complicated process, you just need to know where to start, and then let it snowball into cashflow from there!
Here are 18 passive income ideas to help you get started:
- E-books or E-guides
- Amazon affiliate store
- High-yield CDs
- Digital courses
- Rental property
- Index funds
- Create an app
- Membership-only programs
- Vending machines
- YouTube channel
- Stock photos
- Rent personal items
- Poshmark store
- Paid printables
- Affiliate sales
If you are ready to create passive income streams, but need a little more guidance to get started, I’m here to help! Schedule a 90-minute one-on-one strategy call with me! Together we will develop a strategy that works for YOU to create a passive income stream. Plus, this call will also give you the unique opportunity to ask me any of your burning business and money mindset questions! Click here to schedule your strategy session today!