5 Little Known Benefits of Passive Income for Experts, Authors, Speakers and other Thought Leaders

The common definition of passive income is income that you earn without being actively involved.

It might just be the number one complaint of experts, authors, speakers and other thought Leaders: trading time for money.

Of course you love your clients. You enjoy helping them solve their biggest problems and watching them succeed. You genuinely like the work you do, whether it’s helping out with a technical glitch, or talking a client through a tough mindset issue.

But no matter how much you love your chosen field and those you work with, two things are holding you back: (1) You – just like everyone – have limited hours available or (2) if you aren’t working, you aren’t earning money.

By definition, these two limitations put a cap on your earning potential.

And while you may not want for anything—you may, in fact, be leading a wonderful, blessings-filled life—you still cannot make the impact you want to make, simply because you’re lacking in either time or money.

If you’re working all the time, then you have precious little time to…

  • Volunteer
  • Tr a v e l
  • Enjoy your kids and their growing up years
  • Pursue a hobby
  • Learn a new skill
  • Or anything else you’d like to spend your time on
  • And if you aren’t working, well, then you have less money for…
  • Family vacations
  • Charities
  • Church
  • Education (for you or the kids)
  • Exciting new hobbies

Or whatever else makes your heart sing!

It’s a true catch-22, isn’t it? You need to work more to earn the cash to build the life you desire, but the life you really want can’t be had if you’re working all the time.

The answer? Passive income.

Ask any successful entrepreneur, and they’ll tell you that the key to building a sustainable business that doesn’t burn you out lies in the ability to leverage your time by creating passive, recurring income.

Now, that doesn’t mean you don’t have to work. In fact, building up that

stream of passive income will take a lot of work indeed. But once you create the systems, you can leverage them over and over and over again to create a steady cash flow that no longer depends on you and your time.

Just imagine the freedom that would bring! And it’s not that difficult to do, with just a little planning…

If you would like a step by step guide to ramp up your passive income efforts, check out this handy planner Passive Income Planner: 9 Steps To Building Passive Income 

>> How Do You Know When You’re an Expert? Here Are some Easy Ways 

 

Here are 5 little known benefits of passive income for experts, authors, speakers and other thought leaders.

1.Value for More People

If you want to earn money you need to offer value for someone. If you are an employee you are providing value for your boss and his customers. Then the customers pay your boss and the boss pays you and takes a little for himself.

Usually, if you want to earn the passive income you need to sell something. Rent a property, sell books, sell movies, sell music, sell other products or services which don’t require your own time anymore or sell investments when the value has gone up.

2. It Forces You to Learn

Let’s face the fact: earning active income, in general, is dead easy. You send a job application, go to a job interview and get applied. Then you start doing what your boss tells you to do and he pays you. You are just required to do what your boss says but nothing more. (Okay this is a bit simplified but you understand the point.)

When you have your own business you need to be interested in your own subject and provide value for other people. Then you need to learn marketing and selling. Of course, you can outsource many things but most of the time having business forces you to face and learn many things that you haven’t ever faced before.

3. You Have More Time Available for Other Things

Let’s say that you are working 40 hours a week and sleep 8 hours a day which makes 56 hours a day. There are 168 hours in the week so you are awake 112 hours a week. That means that you are working over 35% of the time you are awake.

If the travel to your work takes 30 minutes back and forth, then your work requires over 40% of your time. THINK HOW MUCH THAT IS! Add the time you think and talk about your work with your friends. It means that work takes the half of your whole time (and life).

4. Live Anywhere You Want

Do you want to travel, dive into new cultures and live anywhere you want? When the income you made doesn’t require your presence you can choose where on this planet you want to spend your time.

Online businesses are a great example. When you have a laptop and internet connection you can connect if it’s required.

I just want to mention that there is no 100% passive income. If you buy and hold stocks then it’s probably 99.5% passive income. and if you are renting houses you still need to find a tenant and see that he has paid the rent.

But compare for example if you are driving taxi and earning commission of your shifts then it’s 0% passive income.

5. No Income Limits – $10,000/Month? No Problem.

There are 24 hours a day. If you earn $50/hour (which is a lot over average) that makes $400 in 8 hours. If you work 14 hours that makes 700$. But there’s actually a limit. Your income limit is $700/day (given that you can work 14 hours a day).

But when you are earning a passive income you can earn $10 000/day because work doesn’t require your presence. Warren Buffett earned $37 million per day! in 2013. Let’s compare $700 and 37 000 000$. Is there a little difference? Which one would you prefer?

If you are working only for active income there always will be some limits. If you earn $20/hour the limit is 280$/day.

Summary – Everything Is Possible for You!

Earning passive income is highly beneficial and recommendable. By earning the passive income you can provide value for millions, learn a lot of new things, have more time do the things you want and live anywhere you want.

Remember that earning passive income doesn’t mean getting rich overnight. It usually requires a lot of hard work and studying before you start earning it.

If you would like a step by step guide to ramp up your passive income efforts, check out this handy planner Passive Income Planner: 9 Steps To Building Passive Income

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