What is Passive Income?

What do you think of when I say the words “passive income”? For me, I like to think of it as making money while I sleep — or better yet, while I vacation.

Passive income is generally defined as a stream of income earned requiring minimal to no effort by the recipient to maintain it or to grow it. Examples of passive income can include rental income and any business activities in which the earner does not materially participate.

If you want passive income for life, however, you have to get to the point where your assets are earning for you. But first, you’ll have to put in one of three things: time, money, work, or all three.

You can earn passive income whether you work a 9-5, own a business, are a blogger, or just have extra cash set aside to invest.

The seeds you plant today are the money will grow tomorrow.

Here are several ideas ranging from starting with no money to investing money to make more money:

Reverse passive income: cutting your ongoing monthly expenses And putting away the savings for a rainy day or an investment opportunity!

Rent or sell an existing asset: Renting out even a single room in your personal space, or equipment you own can be a great way to earn income passively on things you aren’t currently using.

Credit Card Rewards: Earn passively just from spending the money you already do, in the form of Cash back, gift cards, and travel awards.

Take advantage of sign-up bonuses for new cards — earning the equivalent of 20% — 40% cash back in travel or statement credit.

Do you write a blog, have a website or a YouTube channel?  Two words: advertising dollars.

Display ads like Google Adsense might be a great way way to earn a few passive dollars from your Blog or website traffic.

If you don’t want to clutter your site with ads, you might consider Non Display ads.  These allow advertisers to place retargeting scripts on your site, allowing companies to gather information and market to your audience on Facebook or other channels.

Utilize Google’s built-in monetization tools for YouTube accounts with 1,000 or more followers.  Sell the ad space in your uploaded videos.

Affiliatize your blog.  This is a passive income technique where you can sign up to promote certain products or services on your site, for which you will be paid a flat fee or a percentage of the amount of the sale.  Just by referring business their way, you can earn a percentage of each sale generated.

You can find affiliate offers by contacting vendors directly or on dedicated websites such as ShopHerMedia.com.

Invest in CD’s: CDs are simple, straightforward, and a low risk way to earn interest.  If your goal is to make money while you sleep, there isn’t anything more passive than CDs. The longer the CD length, the higher the interest rate typically is. Your rate is locked in, regardless of how interest rates fluctuate during the length of your investment.

Dividend Investing: Buy shares in companies with a history of good dividends, and reinvest the dividends automatically back into more shares.

Buy cash-flowing assets: This is how you make money with money. These options include  dividend investing, business lending, real estate. These are great options — if you have money to invest!

There is no reason you CAN’T make some form of passive income, regardless of how much money you have to start. Start big, start small…just START.

Why do people look at MLM’s as if they are not a real job?

One major reason the public at large has a negative connotation towards MLM’s is that a huge percentage of people involved with them don’t even look at their own business as a legitimate business.  How do you expect to be taken seriously in any business if you are partially present or a dreaded “pusher”? 

If you look at the top earners in any MLM, they have a very important thing in common: their approach to working their business as if it is their own business empire.  It’s not a “get rich quick” scheme, they don’t treat it as a hobby, part time gig, or hop from company to company chasing shiny objects.  THEY DO make themselves a business plan for success, and work that plan until they are.  They are leaders, not sellers.

Before you join an MLM, ask yourself:

  1. Why this company?  If your answer is because it’s super hot right now…and all my friends are doing it, then you can expect that you will probably not get very far!  

2.    Am I willing to put in the work required?  Do I have the mindset to make this a BUSINESS I work at daily and set goals to accomplish? Or am I looking at it as a hobby? 

3. Do I expect to make a lot of money quickly by getting my friends and family to buy from me?  (hint: they might, once…)

4.  What happens if I don’t make money?  How long am I willing to work? What kind of investment in money and time am I willing to walk away from?

MLM Network Marketing

In reality, an MLM is a virtual business that relies on you as an independent salesperson, rather than as an employee of an online or brick and mortar store.  If you worked directly for their company or at their store, you would have set hours and rules to live by.  An MLM allows you the ability to create YOUR OWN BUSINESS selling their products.  Treat it as if it’s your money, time and reputation on the line.  Because IT IS!!

This is a huge benefit for many people, but unfortunately also where the negative connotation comes into play.  We all know those MLM pushers (who, in reality are someone you haven’t seen in 10 years, who, out of the blue DM you with, “hey girl…are you interested in a business opportunity?”). It’s no wonder people run!  Pestering the people you love, and the people you barely know to buy, and to join you is just bad business.  Spamming Facebook and Instagram with your message is a great way to get yourself unfollowed.

Luckily, there are many great ways to grow your MLM business without alienating your people:

Take advantage of the company’s free website

Learn absolutely everything you can about the company you promote, utilize their free training and their free marketing materials

Create a dynamic and active FB group and promote it with ads.  Provide training and education to group members.

Place paid FB ads (be very careful, however…MLM’s are against Facebook Terms of Service, so think outside the box!)

Provide VALUE whenever possible, through education about your products.  Regardless of what you’ve always heard, DONT always be selling.  You will build more, and higher quality relationships if people find you a valuable asset rather than a pushy salesperson.

Attend local marketing events and hand out your business card

Become a living representation of what is GOOD about your chosen MLM.  (and no, this doesn’t mean telling everyone you know how Essential oils will cure their Cancer).  

In essence, there are many quality MLM’s and many quality MLM people.  Be one of them.  Have realistic expectations, set goals, work your business and be someone to look up to.  It IS possible to make money in MLM world if you go about it the right way.  Get out there and change the perception.  Be the change!

Residual Income – Why you Should Earn it

In this post, you’ll learn why earning residual income could be the best financial security you can get for you and your family.

But before we get into the nitty-gritty, I have a very important question for you…

If something bad happens to you and as a result, you can no longer work, would you be financially buoyant enough to take care of yourself and your family?

If your answer is no, then you really need to take a good look at your financial situation and make the necessary changes.

If you’re serious about securing your financial future, then I implore you to get hold of a notebook and a pen and take notes as what you’re going to learn here is very important.

What is Residual Income & Why is it So Important?

Active income is income that is earned as a direct result of your efforts.

It occurs when you work for a certain period of time and get paid a certain amount of money for the time you worked. This can be in the form of salaries, wages and self-employed service providers like doctors and lawyers.

The difference between active and residual income is that in the latter, your income isn’t limited to the hours you put in and different streams of income allow you to be more financially secure.

If you have a job that you enjoy and love, that’s cool but you really need to think about what protection you have in place to save yourself if for whatever reason you can no longer work.

Earning via a Single Stream of Income is Very Risky

Making a living on a single stream of income is as unwise as travelling interstate in your car without a spare tyre. You don’t need anyone to tell you that that’s unnecessarily very risky.

One excuse a lot of people give for not creating more than one stream of income is the risk involved. But the truth is the biggest risk you can take is not to take risks at all.

Take some time to think about it; If for some reason you can longer work and your job is your only source of income, how will you take care of yourself and your family?

That’s a very risky situation to be in and you owe yourself and your family a responsibility to not put them in that kind of position.

Will Residual Income Alone Suffice?

The story of the author Hal Elfrod is useful here. During a difficult time in his life when he was battling aggressive cancer, he couldn’t work or take care of himself. However, he was so grateful because when he was younger, he discovered network marketing and learned how to create multiple streams of income.

If not for the fact that he had more than one stream of income, he would not have been able to take care of himself, let alone his family and the situation would have been a lot worse than it already was.

 

Whatever You’re Thinking – Think Bigger

A lot of people have small minds. People are generally more concerned about today alone and usually, don’t take the time to plan for their future.

If you’re living paycheck to paycheck and you’re mentally and physically capable, imagine if something goes wrong and you’re suddenly unable to work.

Concentrate Your Energy In the Right Areas of Your Life

If you currently have a job you need to keep to make ends meet even though you’d rather be someplace else, then admittedly, your situation is a bit more challenging but trust me when I say it can be done.

Here’s the thing; you don’t need to put in too much into building your business to see positive results. All you need is to put an hour or two daily and over time, you’ll reap the fruits of your labor.

Once you can practice and master this, you’ll be happier and less stressed because you’re doing something you don’t only love but rewards you more.

You Are Fully Responsible for Your Financial Future

The most important thing to learn here is that no one but you is responsible for your financial future – not the economy and definitely not your employer; you are completely responsible for how your financial future will look like.

Below are some great resources that will help you even more

How to Deal with the ‘Until Syndrome’ – Download

Why People Fail in Network Marketing – Download

Getting your Customers to Market your Brand – Download

How to Get your Prospects Interested in your Product or Business – Download

Network Marketing Tips that will Guarantee your Success – Download

Did you get value from this training?

I really hope you did because I put in a lot of work weekly to ensure that you get great network marketing strategies that will positively impact your business and ultimately, your life.

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