When I first heard the term “Passive Income” I thought about it as something only rich people could create with real estate and stock market investments.
And considering that the lack of money was always an issue in our house growing up, I never really believe that it was possible for normal people like me to not have to struggle to make money. Only rich people swim through their piles of money that they made from “passive income”.
Or that passive income is some scheme that slimy internet marketers use to try to get rich quick – and by the way, if you’re looking to create a side hustle that’s going to get you rich quick, this isn’t the place for you!
But what I discovered is that passive income is a really, really powerful tool for us side hustlers to be able to bring money in while we’re at our day jobs.
So think about this: If you’re a side hustler that’s providing a service, like consulting or graphic design or coaching and you’re charging for your time, you have a limited amount of time outside your day job to provide this service.
Which is great if you’re only looking to make some extra money, but if you ever want to turn it into a full-time gig and you don’t want to have to quit your day job and then see if you can fill up the rest of those hours, passive income can fill that gap for you.
So one important mindset shift that I had to make about passive income is that it’s not like I didn’t have to put any time into it.
What makes it passive is that I don’t have to physically be there to do it. I created an educational video series that has various opportunities in it for people to buy things – and they can sign up for and watch any time they want.
I put 40 hours into making the thing, and the rest of my time is spent getting the word out about it, every single week.
I put the same amount of time into creating passive income as I did into providing one-on-one web design services BUT, it allows me to make more money in the same amount of time than I could just selling my services.
Meaning, it’s scalable.
I can serve hundreds of people at one time through my website instead of just one person at a time providing an individual service.
I used passive income as a tool to help scale my side hustle to the point where I making just as much in my side hustle after taxes and expenses to pay myself the same paycheck my employer was paying me.
And after I was able to repeat that for a few months, I decided it was time to quit my day job.
And in future pep talks I’ll be sharing more about exactly how I did it.
Show Notes:
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