The late great Jim Rohn used to say ”I am working full-time on my job and part-time on my fortune because I found a way to make profits.” And we all know that profits are better than wages.Let’s take a look at passive income and linear income.
Linear income is something that most of us have been taught and ascribe to, even if we are self employed. You know. Go to school get a job, work 40 hours (or more) a week and retire on 40% of what you couldn't live on while you were working!
I’ve been self employed most of my life. I create beautiful photographic images for my clients and then stay up half the night working in front of my computer to cull through them, categorize them, retouch them and prepare them for printing from my pro-lab. ~How many hours am I trading for the dollars I am generating? A lot! Unfortunately, the more hours I trade… the less value each hour holds. In other words, I’m making less money per hour.
Once that time is gone, it’s gone for good. Even though I run my own business, I am still a slave to the linear income system.
Passive Income is described as performing a task one time and getting paid for it over and over again.
Sounds good, huh?
So how can I leverage my time and create passive income?
There are a lot of options out there to create a residual passive income stream. You could write a book or star in movie and collect royalties. You could sell insurance (that’s going to require getting licensed and a whole lot of extra time) or buy a franchise.
The best way I have found to a passive income stream is to do it part time from home. It only takes 5-10 hours a week to develop residual income that can eventually replace your full time linear income.
If you are struggling in the area of passive income and would like some direction, feel free to contact me.
Passive Income - Profits are better than wages on YouTube.
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