Passive income isn't really passive, it's leveraged income.
I don't believe that anything is truly passive - there'll always be some element of management involved if you want to maximise the ROI you get.
Take property, for example, yes you can buy a place, rent it out and pay a company to manage it for you. But you still have to make the money to pay them or take it out of the rent you get, which lowers your ROI. Plus you're still the one who has to answer the management company's questions and pay out for any work that needs to be done on the property etc.
Or what about stocks? Yeah it's great to see them go up in value, but you have to keep an eye on it to know when to cash out or those huge gains are worth absolutely nothing to you.
The time you put in is ultimately what you get the ROI on, not the money.
The key to passive income is to find a way to reduce the amount of time you put in as much as possible. Which is where the management companies or brokers etc come in.
And when it comes to your business?
That's where VAs, OBMs and automation come in.
That's where the online courses, affiliate links, eBooks and membership sites come in.
They all reduce the amount of time spent to get that financial return on your time investment - mainly because they're all things you create once and then sell repeatedly. You can automate the majority of the marketing or outsource the admin.
But there's still work for you to do. You may need to update the content of your course, revise your eBook, update your affiliate links, create a new sales email copy or sales pages etc.
There's always something to be done, but you can spend less than 20 hours a week working and make more than you do now:
- By adding in more passive elements to your business that run on autopilot,
- By automating more marketing and sales elements,
- By outsourcing the stuff you hate doing to a VA.
What's stopping you from working less hours?