The 5 Commandments of Building a Passive Source of Income
We may earn money or products from the companies mentioned in this post.
We’re all craving that freedom to have time to enjoy yourself and at the same time, have the money to support what we want. Suddenly, we realize that reality doesn’t exactly work that way and we get bummed out because it gets difficult fast. It takes years before you can get your career at a good stage and even with that, you feel like you’re already trapped in a dead-end. However, there’s one thing (or more) that can change that — multiple sources of income without having to increase your work hours. SO, here’s five reasons and rules when building yourself these kinds of income streams that will change your life. It’s time to explore another passive source of income!
#1 – Value Time, Not the Money
Yes, our goal is to earn a sizable income passively…but that’s the thing! We’re doing this passively meaning you won’t be pouring hours on this side income at all. Basically, to put it in simple words, you’re getting money without having to do anything at all!
Sounds too good to be true? Not really. There are many entrepreneurs who are already doing it to increase their overall income. So why not you too, right?
One of the most important things when building a regular passive income stream is to focus more on building an income stream that doesn’t have you spending your time on the project.
This way, even if you’re working a 9 to 5 job, you still have some money on the side that doesn’t have you stressing out if you need to do any extra work or not… because you won’t have to!
Why don’t you try to earn money online? Explore new business ideas to make more money. Passive income is money working for you. Even if that’s an extra $50 a month if it’s costing you zero hours to do!
#2 – Give it your all just for a little while
Let’s get real – a passive source of income doesn’t grow on trees… and it certainly won’t automatically work for you.
You’ll want to build the income stream first before it works but it doesn’t have to take you 1000 hours for you to start earning passively. There are so many ways in order to build a passive income stream that doesn’t require tons of hours to start up.
There are amazing programs that take less than a day to set up while others might take a week. But the best part is, you won’t have to do it forever! Once it’s set up, you can start reaping what you sowed constantly for years to come!
#3 – Invest in your passive income
When starting out, you won’t have any income with your passive project yet. That’s a fact. However, if you do this one thing, you’ll see massive success if done correctly!
This is essentially investing in a program or course that can teach you exactly how to set up a passive income source. For example, I teach my students how to set up a Passive Income Stream by creating and marketing a course that people can purchase month after month. You can learn about how to set up a Simple Profit Online Course here.
Investing in a passive source of income like investing in stocks or getting a unit in Reina Condos and renting it out… except, you know the flow of your business. So, depending on whether you take the time to improve it, you can control exactly how much you earn.
Imagine earning 5k a month without having to do anything extra? What would that mean for you?
#4 – What are some good sources of passive income? Build a strong engagement with people
Building a passive stream of income can be challenging when you’re doing it alone… so simply offset the work right?
The best place to find people to help you out is social media!
Especially today, word of mouth marketing is extremely strong. With people talking about your services or your products, you can reach thousands of people every day without having to do anything by yourself.
This way, you save time plus, people get to know your side business and you earn all while that’s happening without your influence. All you’ll need is good engagement with people who are following your business. My students inside my Simple Profit Online Course do this often when they are sharing their results with their friends or other people on social media.
Always make sure that you are giving massive value to your students and people that are following you on social media.
#5 – What is the best way to create passive income? Do what you do best!
It’s actually pretty similar to when building a regular business – the closer you are to your business, the better the people receive it because you’re doing this genuinely and people will see that and resonate with your core goals.
Whatever your skills, you can simply translate that into an automatic business that works for you.
What is a passive source of income? Is blogging a passive income source?
Passive income is income you generate while you’re not working actively for it. If you have a full-time job, you’re obviously trading your time for money.
With passive income, that’s not really the case. Sure, you need to allow a bit of time before starting to earn passive income, but after all the work comes passive rewards.
Now, when you’re blogging, you’re investing time for money, too.
There are plenty of factors that’ll contribute to your blog’s success and growth as a blogger-entrepreneur though, like huge email lists, audience trust, diverse traffic sources, and good web design.
Do you want to be a successful online course creator and blogger someday?!!
Creating Your Passive Income Stream with Simple Profit
Here at Simple Profit, we teach you in 8 weeks exactly how you can create a simple course and monetize it to create a passive income stream that can earn you up to 5k and beyond per month without having to put in the extra effort after setting things up.
While it takes a bit of time when starting out, it gets easier and easier the more you do it… and the best part here is that you can do this as many times as you want and create as many simple courses as you want meaning…
You’ll be earning multiple 5k+ months passively
The only thing to keep in mind is that this isn’t an automatic thing – there are steps you’ll have to take in order for this to work and if you do the steps properly, you’ll see success and be able to share your value to people who want it.
If that’s something you’re interested in, I urge you to join us at my upcoming workshop. We’ll be taking a deep dive into how you can get the idea on paper to create your Simple Profit Online Course that can make you money without spending countless hours working every day? Join us for the upcoming free workshop to brainstorm your 5-Figure Simple Profit Course Idea. We’ll conduct market research to see if your idea is “hot” and in demand right now!
All you need to do is CLICK HERE and show up! Sounds easy enough right? So, if you want something to change in your life, don’t waste this opportunity.
However, if you’re content and have more than enough time and a passive revenue stream set up to enjoy doing what you love, then this workshop isn’t for you.