Passive Income: Better off dead than in the red
Part of my business does coaching on how to get publicity, but I often end up adding additional coaching as a bonus on how to build their businesses. More times than not, I tell them to build passive streams of income.
What’s passive income?
Income that does not require your direct involvement all the time.
Some kinds of passive income you may be familiar with include owning rental property, royalties on an invention or creative work, and network marketing.
If you want to earn more, work less, and have a decent retirement, you’re going to have to start creating income streams that do not require your direct involvement. Whether you’re just starting your business, or you’ve been running it a while, the sooner you start thinking about how you are going to shift your business model to create more passive income, the sooner you can achieve personal and financial freedom.
Think ebooks, branded products and audio programs.
Don’t think passive income is worthwhile? Well, then, check out Forbes list of the top celebrities making money… while they are dead!
To me, it’s scary not to think passive income should be part of you mix. Happy Halloween.
POSTED IN: Entrepreneurship
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