When you think of the words “passive income”, what do you imagine? Do you imagine a life without the stress and hassle of a full-time job? Can you imagine a life without having to budget for things like groceries, fuel, entertainment, travel, etc.? Can you imagine a life without having to worry about how financial obligations will be met now and in the future? Everyone’s picture of passive income is unique.
Now consider the words “financial freedom” and “financial independence.” What do you imagine?
Think about the things you haven’t done in your life due to lack of time and money.
Maybe you haven’t traveled as much as you would have liked.
Maybe you didn’t buy the house you always wanted.
Maybe you didn’t have the money to go back to school.
Maybe you didn’t have the time to spend with your family or friends.
The beauty of passive income is that it allows you to do the things you want to do because, unlike active income, it does not require the “time for money” transaction. We base passive income on a job or financial investment that you have done in order to earn a residual income. If done correctly, this residual income will continue to flow into your pocket day after day, forever.
Passive income is more powerful than active income because it can be compounded. If you look at the time available to work in a day, you realize that active income is limited. At most, there are 12-14 hours available to earn income with active income. However, when you consider a passive income stream and how that stream can be duplicated without actively working, you visualize the opportunities available to you.
Passive income is freedom! Freedom from your job, freedom to allow yourself to buy the things you want in life, freedom to allow yourself to do the things you want to do in life. Imagine having your own money-making machine that puts money in your pocket even when you are not working. What kind of financial independence would you have?
The Internet has opened up many great opportunities to create passive income. You admit that many of the pioneers were visionaries and were rewarded handsomely for their prior work. Many of them are still being rewarded and living the life most can only dream of living. The technology available today makes it possible to create multiple passive income streams. Have you ever thought about how you can leverage social media to make money? Do you have a Facebook account? A Twitter account? A LinkedIn account?
If you can connect with people through social media, you have what it takes to create passive income with the Internet. You have the opportunity today that many people didn’t have 5 years ago. The growth of the internet and the number of people using it daily has created incredible passive income opportunities. You’ve probably heard the terms “affiliate marketing” or “network marketing”. People are connecting to others in so many ways via the internet and educating others about life-changing services, products, events and businesses.
How to build a massive passive income is what I really want to explain in this article. It goes beyond affiliate marketing and network marketing. It’s a way for you to receive a substantial monthly income for life. What do you imagine when you see the word “substantial”? $5,000 a month? $10,000 a month? $100,000 a month? Whatever you envision, double that amount and you’ll be close to the amount of money I refer to when I say substantial.
About 35 years ago, I worked at the very first Sam’s Wholesale Club. It was in Midwest City, Oklahoma. It had been open a little over a year when I started working there. I was attending college across the street and a student in one of my classes, an older gentleman who was taking classes part time to kill time, told me about Sam’s and that he often shopped there. I had never heard of it before, but I will try it. I had filled out a job application at Sears earlier in the week and hadn’t heard. The woman from Sam’s HR called me the next day and asked if I could come in for an interview. It did not impress me with the building when I arrived. It was old, outdated, poorly maintained, and in need of repair. She explained what the job was, including the pay, and I was very impressed. They were offering a much higher hourly wage than I had earned working at the grocery store down the street or at Sizzlin’s Western Steakhouse. I actually worked for Sam for a little over 5 years. They gave me a $5,000 scholarship, which helped a lot because I had gone from college to the University of Oklahoma and the tuition was much higher.
I moved from the Midwest City area after graduating college. My first employer after it based graduation in Plano, Texas, and I was excited to move to the Dallas area. As fate would have it, my assignment was not in Plano or the Dallas area. It was in Kalamazoo, Michigan. Yes, that’s what I thought when I was told. Kalamazoo-what? I had never heard of Kalamazoo, let alone visited the area. But it was a nice place to work if you like frigid temperatures and lots of snow 8 months of the year. I worked at the General Motors plant as a business analyst. My major in college was management information systems, so it made sense for me to go work for one of the largest data processing companies in the world - Electronic Data Systems or EDS. General Motors bought EDS a few years before they hired me. EDS offered me a scholarship when I was in school, which is another reason I worked for them over the other companies that were pursuing me.
I moved to the Dallas area about 18 months after moving to Kalamazoo and started working for GTE Directories. I worked as a business analyst for about 5 years and then took a job with a software company at Irving, TX. I was there for a little over a year and accepted another job offer and a $10,000 bonus. After working there for six months, I took another job that paid $14,000 more than I was making. My skills were in high demand and the industry was booming. Many of the projects they involved me in were Internet-related. DOT COMs were thriving, and I was taking advantage of the opportunities. Until 2001. Shortly after 9/11, the Dot-com bubble burst and companies cut back on their IT budgets and staff. The company I was working for at the time bought out its major competitor and, because of the merger, it eliminated my entire department due to staff redundancies.
My choices at the time were to look for another job in the IT field, which was scarce and incredibly competitive, or to change careers. I went into sales and marketing. I felt a sense of relief when I finally made my decision. To be completely honest, it was a bumpy start. I had been using the left side of my brain for the duration of my IT career and it was time to put the right side of my brain to use.
One of my last jobs as a salesperson involved selling through a “roadshow” method of presenting, demonstrating, and selling a product.
It was a whole body vibration device (WBV).
It vibrates your body when you stand on it to increase blood flow and build muscle tissue.
It was a great job.
I could use it as much as I wanted and my body still felt great. Anyway, tours were arranged at various Sam’s Clubs in the Oklahoma City area and it finally booked me to tour the original Sam’s Club, where I had worked 30 years before. They demolished the original building to allow for the construction of the new building on the site. The air conditioning worked extremely well, and the building was immaculate. I kept thinking how lucky the associates were to have an air-conditioned warehouse environment, clean restrooms, a lunchroom and a well-lit building to work in. Memories of the sweltering days in the summer and the bitter days in the winter that I had to endure while working in the dilapidated warehouse kept coming back to me. Visions of the old insulation falling from the rafters filled my mind.
It was fascinating to talk to the handful of associates who were still there when I started working there. A few of the original associates became executives and moved on, but there were those few original associates who were still earning an hourly wage and were happy to have a job. The conversations we had were mostly about the other associates and what they were doing, who they had married, etc. It was amazing to hear these stories. What was even more amazing was that these associates were the pioneers responsible for the success of the very first Sam’s Wholesale Club and were training the managers of Sam’s clubs around the world.
Imagine working your whole life to build something as incredible as the Sam’s Wholesale Club chain and then having nothing for yourself after all that. What feelings, what kind of resentment, what kind of remorse would you have? I think there are things that happen in life that transform us and it was the experience of reconnecting with the original associates that made me realize it is up to each of us to shape our destiny. Action, sometimes massive, must be taken if things are to be different.
People who do not have passive income live their lives from paycheck to paycheck. Many would be out on the street if they lost two weeks’ worth of income. People who rely on active income are at much greater risk of bankruptcy, foreclosure, default and repossession than those who receive passive income.
Disruptions in industries have provided many people with income opportunities. Uber and Lyft drivers can earn extra income by sharing their vehicles with strangers. Airbnb hosts can earn extra income by sharing their homes with complete strangers. Uber Eats (sometimes spelled UberEats), Postmates, and other food delivery services allow vehicle and, sometimes, bike owners to earn extra income on their own time. Except for Airbnb, these side businesses are active income opportunities. Having extra money from any of these side activities is great. It’s the time involved, the upkeep, and sometimes, the inconvenience that can become problems. Trading money for time will never bring you the wealth and financial freedom you want in life.
Other industry disruptions are paving the way for passive income. Consider the number of training websites that have popped up recently. Many of these sites offer training that was offered by technical schools or is currently offered by technical schools. People with specific skills and knowledge, but not necessarily degrees or certifications, create training programs. Developing and selling a training course allows the individual to earn a true passive income.
Websites such as Udemy charge a fee for marketing training courses, but the rest goes directly to the course creator.
What if you could share valuable information with people who were looking for it and will pay you for it?
What if you could keep most, if not all, of the revenue?
What impact would that have on your life?
Let’s say you helped hundreds of people who will pay you a monthly fee for information and you could collect that information at the very beginning of the launch. This would require an investment of time, but you could sit back and enjoy the benefits of your work once we created it. By charging $10 a month for information that a hundred people need and will pay for, you would make a profit of $1,000 a month. What if the monthly fee was $30? Your net profit would be $3,000 per month. Imagine 1,000 people paying you each month. Earning $30,000 a month in passive income would increase your wealth. Right? Now imagine if you could double or triple your membership base.
As consumers, they have conditioned us to pay for subscriptions. Fewer and fewer people subscribe to newspapers or magazines these days, but they pay for subscriptions to Netflix, Hulu, Amazon Prime, iTunes and Microsoft. Do you pay for the operating system and software applications on your electronic device (PC, laptop, iPad, Mac, etc?) Through a subscription? Do you pay for online subscriptions such as the Wall Street Journal? What about subscriptions? Are you a member of a fitness center, country club, travel club, Hilton Honors, Costco or Sam’s Club? Memberships and subscriptions are a way of life. People pay for services and information through subscriptions and memberships and they have accepted the fact that they will continue to pay for services and information through subscriptions and memberships.
Many professional service providers have adopted the membership model and charge their clients a membership fee in order to receive consultations, services or other benefits on their membership website. Life coaches, business coaches, and therapists are among the many types of professional service providers who have opened up their client base who have opened up their wallets to receive these services.
If you don’t have specific knowledge about a high-demand topic, could you research it, study it, and gain the specific knowledge that would allow you to achieve subject expert (SME) status? Would it be worth your time and effort to achieve financial independence? Perhaps you know enough about a particular topic and would only need to tweak your information offerings to create a passive income stream.
Membership sites are becoming extremely popular because they provide incredible opportunities for owners who have value to offer to consumers who will pay a monthly fee for value. People would rather pay a membership fee than a huge down payment for desired information in “just in time” circumstances. Membership sites are among the fastest growing methods of passive income generation and wealth creation. With a small investment and a little training time, you can start a profitable, passive income producing membership site and change your life forever. It may be time for you to explore the possibilities of membership site ownership if you are not 100% satisfied with your current financial situation or your financial future.
Imagine retiring, help others in need, provide a better life for your family, contribute to your church, charity or any other organization that you feel needs your financial help.
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Imagine what life would be like if you had enough time and money to do what you really love in life. How would you feel?
