Are you confused about what it takes to earn passive income?
The other day I heard a podcaster call passive income a “scam”.
It caught me a bit off guard because the podcaster was someone I have enjoyed listening to in the past.
Perhaps some of this negative notion about passive income took hold during the great MLM wars of the ’80s. This was when it was believed that you could retire after spending a couple of years building a downline.
Yes, I am guilty of participating in these battles for MLM positioning back in the ’80s.
But that was a very long time ago.
And most of us who survived the Great MLM Wars have learned a few things:
1) It is hard to grow and keep a working downline.
2) Reps have very short attention and commitment spans.
3) Mlm is impractical in this new world.
Now you may have gained some great skills while fighting in the MLM wars including:
- The ability to present a comp plan.
- How to edify a sponsor on the phone.
- How to wait patiently in hotel lobbies waiting for no-show guests.
(Yep, I knew that last one would elicit a few smiles).
But c’mon some of the concepts behind the companies were so compelling how could you not give it a try.
(I promise that this won’t turn into an MLM put down – let me rant for a second – thanks!)
One of my favorites was the company that was promoting a satellite TV service. Here are the mechanics:
A) The company had secured discounts from a major satellite provider.
B) As reps we were allowed to let prospects try and compare the new satellite service to the current one that they were using.
C) The customers were given a trial run of the service.
Straight forward enough right?
But here’s the brilliant part.
The company had developed TV spots for its products that ran between the Satellite programming.
When the customers that you sold bought the product they saw via the 800 number you got paid a commission because the satellite and sale were coded to you!
Let me not mince words here; I fell in LOVE with this company!
After you had done the work upfront and got the dishes into homes viewers watching the programming and ads would make you wealthy buying products from TV.
Of course, the devil is in the details!
You were depending on so many moving parts to work that it eventually unraveled.
Why A Single Operated Newsletter is Even Better!
Digital technology advances have given you an easier pathway to independent wealth creation.
You don’t need need to go door to door to get people in your local community to switch satellite service. The mechanics of a Single Operated Newsletter give you the ability to prosper right from your keyboard.
- You can reach a global marketplace of subscribers.
- You don’t need to depend on reps to grow your business it can all be done via the web.
- Waiting on commission checks is a thing of the past because you can get paid directly through Stripe or Paypal.
The Paidletter.Com Fortune Training Course reveals how to build your subscriber base and more importantly what content will be needed to generate respectable cash flow. Along with the components to generate passive income with your digital enterprise.
Warren Buffett once said:
“If you don’t find a way to make money while you sleep, you will work until you die.”There are two types of income: active vs passive income
Most people are painfully aware of active income. This is the money that comes from a job.
Passive income is money that comes from something you put in place that continues to earn after the upfront work.
Stock market investing is another example of potentially passive income. But it is out of reach for many people reading these words.
- Kindle book sales are a good example.
- Affiliate commissions from products you promote.
- ACX audiobooks are another example.
Passive Income Points
In general, passive income is the money you earn from assets you control. Here are some examples of passive income:
1) Cash-flowing assets – This is where you will find dividend investing, business lending, and, of course, real estate.
2) Built value assets – Money you make from things you build. A digital product or website that earns advertising revenue.
3) Shared assets – Airbnb is a good example of this, along with Uber or Lyft. But closer to home money is made from rental units, renting out rooms, garage space.
Social Media Influencer
This is often called “the land of the beautiful people” much like Hollywood it often takes a certain look to become a successful social media influencer.
Being an Instagram influencer is a very real job for many people around the world who’ve turning social media from a hobby into a career. The job requires a lot of dedication, effort, hard work, and business smarts.
According to a 2018 Vox report the average influencer can take home anywhere from $30,000 to $100,000 per year by promoting products like clothing, food, hotels, and even vitamin supplements on their pages. Users with more than 1 million followers can make more than $100,000, or even up to $250,000, per sponsored post.
As an influencer, you can make some pretty good money. You can also get a bit of fame and admiration from your followers. But unfortunately, this realm is out of reach for many reading this article because of the huge time investment and equipment costs.
Another big advantage of the Single Operated Newsletter model is that your looks don’t matter. Your readers (subscribers) are primarily interested in the content that you are providing.
Get your Free week of the single operated newsletter that our clients pay to read.