Are you trading time for money?

The most valuable asset you have is your time. Working by the hour steals your time. There are only so many hours in a day and only so many hours you can work to produce income.

So what is the solution? Learn how to create passive income either from investments or from a business.

Passive income is income that does not require your direct involvement. In my case, I create a lot of products. I create these products once, then sell them on my website; create teleseminars based on the products; and use the products to attract joint venture partnerships.

Robert Kiyosaki, author of Rich Dad Poor Dad, defines wealth as being able to leave your business for six months. And when you return at the end of six months, your bank account will have increased without you being directly involved in your business.

If you are a small business owner and you want to become wealthy, part of your focus should be on finding and developing ways to create passive income.

Here are five benefits of generating passive income:
1. You get to choose where and when you work.

2. Create an unlimited amount of income.

3. Create residual income for your future retirement.

4. Can generate multiple streams of income.

5. More time to spend with family and friends, more time to travel, or anything else you may dream of doing.

You will generally work a lot of hours (and lose a lot of sleep) to get your income stream started, and then your workload decreases with time as your income grows.

Once you get one income stream working, you can start on the next one. With time you will have multiple streams of income from several different businesses.

In this economy (or any economy), having multiple streams of income is not an option. You need to have multiple streams of income so if one dries up, the other ones take up the slack.

Here are just a few ways you can generate passive income:

1. Create a product. This could be an audio CD, an mp3, a book, a DVD, or some other medium that supports what you do and allows you to share your expertise. For example, if you are an aerobics instructor, you can create a DVD of your routine and sell the DVD online or at your gym. I have created a marketing system and numerous audio products that generate income 24/7.

2. Write an ebook. It doesn't have to be a long 100 page ebook. It can be a 15 - 20 page PDF document. Simply write something on your area of expertise. Create your ebook in Word and save it as a PDF document. Upload the ebook to a website so people can purchase and download it.

3. Use Google AdWords to generate traffic to your product or services.

4. Google AdSense.

5. Create a membership site where people pay you a monthly fee for your product or service you create once and deliver many times.

6. Create a business that you can train someone else to run.

Here is the bottom line. A lot of people have fooled themselves into thinking they have a business. The reality is they have a job. If you have to show up every day in order to produce income, you have a job. You don't have a business.

Here is your task for today. Get a sheet of paper and write down 20 ways you could generate passive income from your business, from your knowledge base, or from your personal experience.

 

To Your Success,