10 Oct Passive Income: Creating Freedom In Your Life
Money Rolling In
When you started your business, did you create it to work a job? I believe, if you are like most of the business owners I mentor, you will say you started your business to do what you love and to have more freedom in your life and to be less of a wage slave, yes?
How’s that working for you? I have found that most business owners end up working IN their business so much that they are stressed out and burning out and realize they simply created another job for themselves and are often a slave to their own business. My goal in this article is to help you see that smart passive income can free up your time and energy and allow you to create more freedom in your life so money is rolling in while freedom is rolling out.
Smart Business Owners Create Smart Passive Income Streams
Let’s not only set up passive income, let’s set up rivers of passive income flowing all the time so that your passive income grows and brings you income while you are sleeping, or if you are ill and unable to work, and if you simply decide you want to go to Tahiti for a month and chill.
Where do you begin as you transition to passive income streams? First, let me define what is passive income. My definition of passive income is money that flows in without you trading time in exchange for payment and money that continues without you having to do further work.
Some passive income ideas include direct sales or network marketing, webinars and teleclasses that play on their own and people continuously register for, books sold off a website or Amazon, your own products that sell off your website, affiliate products you sell off your website, real estate properties you rent, a blog with Google Ad Sense, YouTube videos with ads, renting out space through AirBNB, sales of an app you create, ads on your podcast, online courses you sell, etc. There is no limit to the kinds of ways you can create smart passive income.
My Passive Income Story
After my first year as a business consultant, I realized I needed to set up passive income streams. I took a lot of ideas from the suggested list I just shared with you here. I was selling courses, teleclasses, books, affiliate products and more.
Suddenly, I tore my Achilles and developed a neurological disease called Reflex Sympathetic Dystrophy. I went from coaching, consulting, mentoring, training and keynote speaking all over the world, to being confined to a wheelchair and bed for about 18 months. My business did not suffer. I had money flowing in daily because I had set up passive income streams and systems to bring money to me even while I was unable to work.
Imagine if I was unable to work for 18 months and had not taken the time to establish a few passive income ideas. I would have had no income for a period of 18 months. I don’t know about you, I know for me, that is not how I want to live.
A few years ago I realized that passive income was not just about financial freedom, more importantly, it was about freedom in life. I’ll share my story and then a client story to better illustrate my point.
My dad, who lived with us, became ill (he has since passed). Because I had passive income flowing into my business I was able to become a care- giver for him taking massive time away from direct consulting to spend with my family. In my world family comes first. If I had a job or a business that depended on me providing time in exchange for money, I would not have been able to do this and could have risked my career or business.
My client story:
A client of mine in the mortgage industry was frustrated because she didn’t get enough time with her child. She wanted to attend her school plays, take her daughter to Brownies and be part of her child’s daily activities. She was unable to do this in her business and was feeling very sad and down about this when she hired me to consult with her to improve her business while creating freedom in her life.
I worked with her to establish 3 passive income streams that were really smart for her background and experience and that would allow income to come to her while she was sleeping. After only 3 months of engaging me as her business consultant, she attended her daughter’s play, she took 5 full days off to spend with her daughter going to the park and going to the beach and going to the zoo and other cool places her daughter wanted to go with her. She also was able to be home for all dinner meals with her daughter and to create space every evening to play with her daughter, read to her daughter and just be with her daughter. Her weekends were spent enjoying her family time, too. This shift in her life changed her feeling sad to becoming incredibly overjoyed and she reported over and over again, “I feel free”.
And while she was creating this awesome life experience for herself and her family her income went UP – yes, UP. She was and still is, working less and earning more.
This Is My Why…
After experiencing being suddenly struck with a neurological disease and being unable to work by the time for money exchange approach, I realized it was important for me to share this lesson with as many business owners as I could reach. I saw how life changing it was to be able to have this kind of income freedom.
Then I also realized that my clients wanted to have this same freedom from their businesses so they could have EXTRAordinary lives, too. They craved family time, vacations, time for community or church or spiritual practice and time for themselves that was no-work time. I went on a mission to help others create great streams of passive income rivers and waterfalls flowing all the time.
I also wrote an international bestselling book just to be certain my message reached masses of people. I created a movement to help others transition into this approach and am very serious and committed to changing the way coaches, consultants, speakers, trainers, authors and others, do their work and live their lives. I want to see people doing what they love, loving what they do and having freedom in their business and in their lives.
What do you think of this concept and how can I serve you?