Seemingly, the holy grail of the work-life balance is passive income. But what exactly is passive income and how do you begin to develop different sources of passive income to live that luxury lifestyle?
The fact is that most people make a huge mistake… Chasing after “passive income opportunities”
Before I reveal all and disclose what this huge mistake is (drumroll) let me show you some common sources of passive income.
Passive Income With Property
Back in 1996 I invested in property (you can read my story). My business plan was to buy property in need of renovation, renovate them, then rent the property to paying tenants. Thus producing passive income, and eventually portfolio income.
I borrowed against the first property, having increased its equity to move onto the next.
Over the course of 18 months I had developed a healthy six figure income and a residual income. What many people don't know is that I worked every day for 16-20 hours each day, while constantly thinking about cash flow, and getting building jobs completed on time.
Internet Based Passive Income Opportunities
Build a Network Marketing Team
The Internet is awash with passive income opportunities. MLM & Network Marketing businesses are about building teams of people to develop residual income. MLM & Network Marketing have great income potential, yet 95% of people on average quit or fail to make any passive income at all.
Read my post here Why Passive Income With Network Marketing is Essential for Your Business
Many of whom fail because they don't have access to the proper tools, training and business acumen to capitalize on the income opportunities that are there for the taking.
Develop your own products
Developing your own Internet products such as eBooks, training programs and software can be an excellent sources of passive income. Personal product development is by far the most impacting branding tool you can produce. Understanding your target audience and solving their biggest pain points is the key to get people to know, like and trust you.
With that said, many people struggle to make it past first base to actually complete their first eBook. More often, people mis-understand the planning and work required to complete those essential tasks.
Get Instant Access To My Passive Income Solutions eBook – Click The Image…
Do You Still Want to Develop Passive Income?
A study conducted by The New York Times raised some interesting facts about millionaires –
- 50% have lived in the same home for more than 20 years. The average value of their homes is $320,000.
- 66% work between 45-55 hours per week. Roughly 80% of millionaires are still working (not retired).
- Only 19% received any money from a trust fund or an estate; fewer than 20% inherited more than 10% of their wealth.
- Most did not accumulate the bulk of their fortunes over time, but rather in a fairly short burst after years of hard work.
- Only 10% of their wealth was attributed to passive investments.
What do these stats mean..?
It's a fact that if you want to develop a profitable business and build real wealth, you have to work extremely hard indeed…
From experience I know that many people will work for years, often on the verge of giving up before they see any progress. The motivator to carry on is rarely the desire to become wealthy, but the desire to solve a problem, make a difference in the world and live their passion.
Does this mean that Passive Income is out of reach?
Going back to that now distant drumroll, the mistake most people make is to underestimate the effort required to build a business from scratch. To earn passive income takes time and for many people instant gratification is the order of the day.
People are often armed with the knowledge, tools and the training to develop a healthy business. They are either too lazy to do anything, or make their own excuses for being part of the 95% average that quit.
The fact is, if you want to make the most of passive income opportunities from the many different sources of passive income available today, then get the best training and coaching available, roll your sleeves up and get to work.
What are your thoughts?
Leave me a comment below & let's have a chat.
“Helping You Build Your 6 Figure Internet Business”
P.S. Get access to my “Passive Income Solutions” eBook from my ‘Really Simple Series' – How to create multiple streams of income to get paid while you sleep. Over 60 pages of quality information and practical steps to develop passive income. Click here for instant email access.