We all want to stop and smell the flowers. Or photograph them. Or, more likely, we just want to do shit that ISN'T making us money. That's why we meet up with our friend: Passive Income.
"What's this?" you ask. Essentially, money that you/your business generates that is NOT equal to time or money spent.
Below are two ways that I make money that are NOT PASSIVE REVENUE. Does that mean they are not good? Hells no. I love both. But, they are not money rolling in while I am sleeping (Passive Revenue: Dream of The Masses).
- If I sell a bracelet (you know, my baby, Wear Your Music), I have to a) make the bracelet or b) pay someone to make the bracelet. Once it is sold I can't sell it again. There is direct time and money associated with the product sold. This is NOT passive revenue.
- When I book consulting sessions, I have to spend the REAL time with my clients. My time = money. Again, NOT passive revenue.
Examples of things that ARE passive revenue:
- Stock photography. Take the picture once. Sell it thousands of times (you hope) and make passive income.
- Music. Or in my case, downloadable meditations. Record them, master them, etc, then keep selling them as you sleep. Make a less than a dollar each time someone purchases. Woot. Okay, so I do these because I love them, not for money. But that $25 I've made this year on them, TOTALLY passive revenue.
- Real estate. Yes, yes, always a good bet. Pay that off and then people PAY you. EVERY MONTH. Like, for realz. Epically awesome. I wn't tell you the last time I paid my own mortgage. (Umm, never).
So, for today I leave you with this question:
How can you INCREASE your passive revenue?
Or better yet. How can I increase mine?
Because I know it, and you know it if you are here reading this. I want to have a tea party with my kids and be banking it at the same time. Or, at the spa getting a pedicure while the money rolls in. Or, on vacation, at the beach while my wallet is getting fatter. Or maybe, really, just sleeping as the clicks equal number signs...Catch you on the flip. I'm off to a bonfire. Can you say cha-ching? See more on the topic here.