“I want passive income!”, said the community of struggling entrepreneurs (and retirees).
“But what exactly is passive income?” they asked. A simple Google search revealed thousands of articles with a common theme—passive income is money you make while you sleep!
But is passive income really possible, or does it just live in the dreams of people looking for a way to make money without working?
To answer that question, let’s look at what passive income is (and isn’t). Then you can see if it will work for you!
Passive income, generally speaking, is a product or service that requires an upfront investment of time, effort, or wealth to create.
Examples include…
– Rental properties that require wealth to purchase, and are cared for by a property manager while creating rental income – Books, music, and courses that required time and creativity to create and now generate income without regular upkeep – Investing wealth in a business as a silent partner and taking a slice of their revenue
Can those income sources generate cash flow while you sleep? Of course! But notice that all of those opportunities require either work or resources that can only be acquired by work.
Does that mean you shouldn’t prioritize passive income sources? No! They can sometimes provide the financial stability you need.
Just don’t expect a passive income stream to effortlessly appear in your lap.
Remember, there is no such thing as free money. All wealth building opportunities require time, effort, and energy to reach their full potential.
If you want to learn more about creating passive income sources, contact me. We can review your talents, your situation, and your dreams to determine smart strategies for developing passive income.