Imagine this: you are on vacation in some all inclusive resort in CanCun, drinking margaritas. The best thing about this is you are getting paid to do this.
How? Because you decided a couple of years ago that you wanted to make Passive Income and you built up several income sources that today are earning you more than your regular job and are completely paying you income each and every month.
What is Passive Income
Passive Income is income you earn without doing anywork, but the important thing about passive income is that you do have to put in the work upfront.
What is needed to start your passive income business
- You have to make the decision to create your passive income
- You have to find the right help to automate your passive income business
- Use the Income from your first passive income to generate and build on to your next income source.
Build your first passive income
First question to ask yourself is, Why should I even start building a passive income?
There are three main reasons.
First: I already told you the first one – Earning passive income for not having to do any active work once it’s done.
Second: Building a passive income allows you to hedge your bets against a job loss . One of the biggest stressors we have is losing our main source of income that can lead to losing our ability to pay our bills and possibly lose our home.
Third: Building a multi income passive income allows you to keep your full time job: many people actually do enjoy what they do for a living, they enjoy the benefits of having a job like having health insurance, 401K and paid vacations.
Once you realize that building a passive Business portfolio with what I call: Micro-Business. The next level you need to ask yourself is.
How Do I Choose the First Micro-Passive Income?
I think a big mistake a lot of people make is wanting to hit a homerun while starting their first business. They have unrealistic expectations and unrealistic time horizons that can lead you feeling discouraged pretty quickly.
In many cases it’s easier to focus on hitting singles and doubles, this will help you build a knowledge base that you can draw from, then you can use this knowledge to begin hitting triples and home runs more regularly.
What I am saying is first focus on trying to make a few hundred dollars a month, this way it’s easier to achieve and really helps to stay motivated and excited.
Don’t Over Complicate Things
I use $500 dollars per month to be your first goal, why $500? Because it’s not that hard to achieve and to be honest, it’s a great morale booster to make this much money from your first passive income and if you can make $500, then the leap to make $1000 or $5,000 a month is not that different.
My first Micro Passive Income business my first month I sold an ebook that I had written for $39.99, today this first passive income is earning me over $5,000 a month. I have multiple other micro businesses online that earn me a few hundred dollars a month and others slightly higher than $500 a month and in other cases above $5,000 a month. Since I have multiple micro businesses combined I make more than my full time job.
My most recent micro business that I began six month ago from writing this article is making me around $300 dollars a month. IT is 100% automated and it was created in less than a couple of weeks and it si a new micro passive income.
It may not seem much to earn $300 a month, but when you have a half dozen micro businesses earning you more than what you need to retire comfortably, it does begin to add up. If one of my income sources were to stop earning me income, I am completely leveraged with other passive incomes that I can rely on.
The SImple Formula.
There are four simple things you need to do to find the right passive income idea for you.
- Make sure the passive income does not require you to spend a lot of months trying to figure it out.
- Make sure you keep your investments low and don’t overspend starting the passive income
- Make sure it allows you to earn while you sleep, in other words. The passive income can be automated.
- Allow you to run the business anywhere in the world- it is not location dependent.
Do these things along with keeping your day job and if you begin to work towards the goal of having passive income, you will be successful.
Author: Roy Vera MBA
Roy Vera is the founder of My Income Trek, a guide to building passive income while keeping your current job. Roy is also an author, consultant and coach for multimillion dollar corporations through his website WSNAcademy.com Roy’s mission is to inspire you and give you the tolls to create and earn multiple income streams while keeping your current job. You can learn more about him on myincometrek.com.
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