What is passive income?
Who would like some extra money and not have to work like a dog for it?
Passive income means putting a little (or possibly a lot!) of time, money, and resources into something and then coasting on the profits.
For example, you spend some time putting together your online course. This is a one-time thing and then you sit back and watch people enjoy your product while making a few extra dollars each month.
Sure you may have to go in from time to time and update things but it’s not an everyday job. Recurring income comes into your bank account and you are happy!
Those extra few dollars allow you to pay off some extra debt, save for a new car, or add to your “Fun” account.
We hear a lot about side hustles. Passive income and side hustles are two different things.
Side hustles involve continuous work, things such as offering guitar lessons or monetizing a blog after working a full-time job. It's basically a second job you're trying to develop in order to be able to quit your day job. Passive income is based on setting something up once and creating continuous income from it, like starting a print-on-demand shop, selling a book, building an Etsy shop, or investing in a dividend stock.
Before you dive into figuring out how you could make some passive income first answer these coaching questions:
1. Why do you want/need more money?
2. How much time are you willing to put into researching and working on acquiring some additional income?
The next step is figuring out what it is that you can do!
Answer these next set of coaching questions (for more ideas refer to the how to create passive income post)
1. What do you really enjoy doing? Can you turn this into setting something up once and receiving continuous income?
2. What are you really skilled at? Would you be able to create products or items to sell?
3. How much time are you willing to put up front into creating some passive income?
4. When can you work on it? Mornings? Evenings? Weekends?
5. Do you hold any specific skills, certificates, or qualifications that may help you?
6. Can anyone help you?
7. Would you be interested in teaming up with a few people?
Remember, if you create or do something with love, passion, and good intentions, you will succeed. So get out there and give the world what it needs.
