So your killing it in the side hustle expertise and now, you hear about this new thing called “passive income”. So, passive income is money you receive for not actually being involved, examples would be like rental property or dividends from stocks, we will dive into more ways to dig into passive income later. Lets focus on the fact that you are working on your side job and your making profit, paying off debt and feeling good. But why not keep pushing that envelope. You can usually pull from your side hustle a way to bring in passive income. So I am a graphic designer and my main business maybe freelance work, but I can also set up a etsy print shop and sell printable. This allows people to shop my work, and print the art from their home. I wake up every morning to money in the account without having to lift a finger.
The reason I push for entrepreneurs to have a stream of passive income is because you only have so many hours in a day. Even if you work all 24 hours, that is your cap. You can raise your hourly rate but at some point you will hit a wall and want to bring in more money. Passive allows you to still remain focus on your other jobs but can bring in money with little to no work once you set it up.
As I write this post its -6 degrees and it seems like everyone is coming down with the flu. If I was a photographer I probably wouldnt have to many gigs with the weather being cold, or I maybe sick and cannot perform a job. The passive income will come no matter if your sick or if an emergency comes up. However if your a healthy human and you usually stay away from being sick. What about your child, or your family member? If they need you right away there is no PTO days in the freelance world. But in passive income there is always a paycheck!
You have heard it from every business book in the world. Make sure to have 7 streams of income, although I haven’t quite got to 7, having multiple amounts is definitely a benefit. America is a fast growing capitalist world, some trends come and go and others last forever. While your podcast might be killing it your blog may dwindle but that’s okay, streams change. As long as there is a stream your doing great.
Living in the internet boom, we can all contribute something. There is blogging, youtube, advertising, affiliate sponsoring, printable, the list is endless. And while you may think you don’t have a talent that can consist of passive income think again. That might be your fresh idea. Sit down and think of ways you can increase your wealth and create some passive money for your bank account.
If anything hopefully this post gets you thinking more about passive income. Sometime starting small ideas lead to bread-winning ideas. I started selling t-shirts, then decided on selling a few prints. Months later the prints where out selling my t shirts. Small ideas are great starting points, get to thinking and put your thoughts to actions.