Making money while you’re sleeping, at the beach, or doing anything besides just actually working sounds like a dream. And… honestly, it kind of is.
In Preston Lee’s workshop, he talked about the reality of passive income.
Passive income is not free money, but it is good money.
Here are the 4 elements that most (if not all) successful passive income streams have.
This is the initial cost to create this passive income stream. This might be creating a course or downloadable resource or building an entire passive income business. You’ll have to make an initial investment or time or money or both to put legs on the product or service you’re going to sell.
Repeat revenue will begin to come in for your product or service. If you created a paid online community, this is when you begin to have engaged, paying members. If you created an online course, this is your first group of people to pay for your course. High fives! You created something, put it into the world, and have given value to others.
As you invest in the marketing of your product or service and your memberships or downloads begin to increase, you’ll see a growth in the value of your product or service. Think of this as the equivalent to when stocks rise or a house appreciates in value. The work you need to do continues to decrease and the value increases.
Maybe you aren’t thinking about what it’s like to leave this current season of your life, but eventually you will. Seasons are known for changing and while this season may seem like it will last forever, something in your life will eventually change. You can start to think about and plan for this now. How will you exit? You can sell existing assets to marketplaces or hire someone to manage what needs to be done. Imagine how this can continue to make money even after you aren’t actively a part of it.
Preston gave us great examples of how each of these work in a traditional sense and both broad and specific examples of how it can work for freelancers. Plus he shared simple (but mind-blowing) ways for freelancers to think about how they make money.
Don’t miss all of Preston’s incredible work with Millo and the full workshop.
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