Passive income is what a lot of people think of as ‘living the dream’. If you’re earning a passive income, that means that you’re making money from a website, a digital product or an affiliate product that you previously set-up. Now you can sit back and relax while the money comes pouring in! Potentially you can scale this business to become very wealthy but either way, you get to benefit from no longer trading your time for money!
But is it really like that? Are you really heading for a lifetime of making money while you relax on beautiful yachts?
This is Not a Get a Rich Quick Scheme!
Maybe. But the first thing to acknowledge is that this is in no way a ‘get rich quick’ scheme. This is not a method you can use to make money without putting in the equivalent amount of work and time up-front. You are still working for your income, the only difference is that you’ve done this work ‘up-front’ as it were.
The other thing to recognize is that this takes a lot of time and a lot of trial and error. In the vast majority of cases, you should not expect to be making hundreds of dollars a day for a long time to come.
Instead, it will take time, work and a lot of patience to eventually get to that point. If you start your passive income business model thinking that you’ll be able to quit your day job right away, then you should expect to be very disappointed.
Instead, the best way to think about passive income is as a good way to add a little bit of extra revenue to your existing setup. Try to think of ebook sales or clicks on adverts as ‘extra’ income and as a way to improve your overall salary.
This way, you won’t be disappointed even if you’re only making $20 in ebook sales a week. That’s still $80 a month and $960 a year – enough to go on a good holiday!
But more importantly, once you start making this money and you enjoy making that much, you’ll find that it starts to increase. If you don’t get quickly frustrated and give up on your passive businesses, then they will grow over time and start to make more and more money.
That’s how you successfully grow your passive income and it’s what will eventually allow you to give up your day job.
The other great thing about passive income models is that they are endlessly scalable. Because you aren’t trading man-hours for money, that means there’s no limit to how many times you can repeat the same business model over and over again.
Making a profit from selling an ebook on Kindle? Then why not make another? And another? And another? This way, you can multiply your sales over and over again.
And eventually, you’re almost sure to land on that ‘big hit’ that will be your real cash cow. It takes time, it takes patience and it takes luck. But it’s worth it!