Most people work hard for their money. I mean that’s what we were taught to do. However some people, keeping an open mind, have found a way to enjoy financial security and time freedom by creating a passive income stream.
Here’s the truth about hard work.
There are only 24 hours in a day. So you can only work so hard for so long. Plus you only get paid when you are actively working. Which limits what you can earn AND what you can do in your life.
Get sick or injured for any length of time — no pay.
Want to take a sabattical or an extended vacation — no pay.
Need to take care of your elderly parents for awhile — no pay.
Want to spend time with your newborn baby for a period of months – no pay.
Here’s the secret of wealth you rarely hear about.
Real wealth doesn’t come from hard work.
Don’t believe me? Here’s what Napolean Hill, author of the classic Think and Grow Rich book says, “Riches, when they come in huge quantities, are never the result of HARD work!”
The Tao of Creating a Passive Income Stream.
Creating a Passive Income Stream is easier than you think. Yes there’s work involved and the pay may be just a few hundred dollars a month to start. (Though people who want to go full-time and fast track can earn a six-figure income in their first year). But the pay for that part-time work is so much better because it becomes passive and continues to pay you for years to come.
For instance years ago we had someone who briefly built a Shaklee business to an income of close to a $1,000 a month. Then they decided not to continue to actively work their business. That was around 15 years ago.
In the regular “active income” world that would have been the end of the story and the last day they got paid.
But since they created a passive income stream, even though they weren’t working it for over 15 years that person is still receiving a monthly check ranging from a hundred to several hundred dollars a month! In fact, they’ve earned around $50,000 over the past 15 years which comes out to an average of $300 a month.
Think about that.
That one year of part-time work, netted them around $12,000 the first year and an additional $50,000 over the next 15 years. That’s $62,000! Not bad for not working it the last 15 years.
And imagine if they just continued to work it part time every year. That’s what we did. And we’ve earned over $2,000,000 since January 2000!
That’s the power of creating a passive income stream.
Five Benefits of Creating a Passive Income Stream.
1) Tax benefits. The average person with a home business earns around $4500 a year in tax breaks alone. That’s almost a $100 a week!
2) Life Insurance. Not the kind that pays your family when your dead, but the kind that pays YOU while you’re living should something happen in your life. Like an accident or illness, taking care of a parent, losing a job unexpectedly. It’s real smart to have a passive income stream working for you because LIFE HAPPENS.
3) Retirement. Social Security is the main source of income for the vast majority of retired people. That means most people have to live on 40% of what they were earning when they were working. Think about how you are budgeted now. Can you live like you do now on 40% of what you were earning? Social security alone isn’t going to cut it. Having a passive income stream can make the difference between enjoying retirement or struggling to keep your financial head above water.
4) Investments/Savings. Most people want to build a nest egg, but run out of money at the end of the month and/or are limited on what they save. Creating a passive income stream and using that money to fuel your investments can supercharge everything from paying off your debt to building your investment portfolio, or saving for your child’s college education.
5) The Little Extras that Make Life Fun. A passive income stream can pay for that family vacation you’ve always wanted to take. Or make Christmas extra special. Or splurging on a hobby. Or being able to give to the less fortunate.
Building Your Passive Income Stream Requires a Good Source.
When building a life long passive income stream, you want to make sure you’re drawing from a good well. The key thing the person who quit their Shaklee business over 15 years ago had working for them is that they built a passive income stream through the sale of Shaklee products. Shaklee products work so good that people on average use them faithfully for over 17 years. It’s the highest retention rate in the industry.
So what you build your passive income stream with does matter. Will the company be there for years to come? Are these products people use monthly or at least regularly throughout the year? Are they good enough that people will continue to buy them month after month, year after year?
If not, you’re stream is going to dry up and you’re going to have to build another one.
Are you wanting to build a passive income stream but don’t know where to start? Consider partnering with us. We will mentor and support you. We build using a team approach so you’re never building alone. In fact we work hands-on with you until you’ve mastered a copy of easy skills and are making $1500-$2000 a month. Contact us to learn more about how we can help you do that. To learn more about the benefits of joining click here.