How to earn more and work less
Who wants to to continue working 40 hours a week for the next 40 years of your life only to retire on 40% of what you were earning? I don’t! Who wants to be able to do what they want, when they want without worrying about what’s going to happen to your business? I do!
As an employee or entrepreneur, if you don’t find a way to make money while you sleep, you could be working til you die 😦 So until you can remove yourself from being directly involved in doing the work that generates your income, there’s always going to be a limit to how much you can earn, and it can only increase very slowly.
Passive income, on the other hand, is income that does not require your direct involvement. This includes owning rental property, royalties on an invention or creative work and network marketing. Here are some examples:
- An insurance agent who gets commission every year when a customer renews his policy
- A network marketing or direct sales rep’s income from her direct customers
- An author who writes book and sells it
- A marketing consultant who creates a workbook or webinar and sells it online
- A photographer who makes his photos available through a stock photography clearinghouse and gets paid a royalty whenever someone buys one of his images
- A restaurant or retail owner who has grown to the point of hiring a trustworthy manager
Now is the time to think about how to apply this in your business. Can you create a product that people will buy over and over again? Can you engage others to sell your product? How could you make money off the work of others? The sooner you answer these questions, the sooner you’ll have financial and personal freedom. J