Passive income is a cornerstone business model for many successful companies. And yet, for whatever reason so few of us take time to identify opportunities to leverage this concept in our own businesses.
Back in the 1990s, I woked in the theatre and arts presenting arena where we sold subscriptions to support our ongoing income throughout each season. I’ve also worked on promoting wine clubs for wineries (passive income), owned a subscription-based meal delivery service (passive income), and currently promote recurring payment memberships and services in the online marketing niche (passive income).
Parade Magazine recently sat down with financial guru Rober Kiyosaki to discuss this concept. Especially diving into options beyond Real Estate investing, which is one of his primary areas of expertis. Here are some of his thoughts:
Technology has leveled the playing field in so many ways, especially when it comes to taking a germ (or a gem!) of an idea and turning it into an income stream. Today, web-based businesses are among some of the largest and most successful in the world and entrepreneurs in every corner of the world are leveraging technology to share ideas, create businesses, and market and sell existing products and services.
I like the example of writing and selling an e-book, not because I write books but because of the ease of entry and execution in that marketplace and space.
One of our employees actually did a case study on “creating an e-book asset” and learned how to write, produce and sell an e-book, and then wrote an e-book on that subject. Today, many e-books are as much about communicating ideas and teaching as they are about books—and you could create one on a subject that you know a lot about or something new you have learned. Or, you can challenge yourself to find an underserved audience or a need with promising opportunities.
Best of all, exploring an idea like this (even if you never actually produce or sell an e-book) opens your mind to opportunities for making money, opportunities that our eyes often miss. Training your mind to see opportunities is the first step to creating or acquiring assets.
Another option for passive income is stocks that pay dividends. Research a few stocks that pay dividends and buy a share or two. In addition to the dividend income, you’ll learn about how investing in paper assets works and, ideally, the market conditions that can influence stock prices and dividends. You’ll probably come across some words that are new to you and this will give you the chance to learn the language of money related to paper assets—and expand your vocabulary and your thinking.
via: Robert Kiyosaki on Saving, Passive Income and Real Estate
This week, I also had the chance to chat with a passive income authority: David Perdew, founder of NAMS, the Novice to Advanced Marketing System. Here’s our conversation, captured on video for my weekly Hangout, DIY Digital.
Interested in David Perdew’s Found Money course? You can access it here. (make sure to use the discount code “PASSIVEINCOME”)
Brought to you by David Baer of Baer On Marketing – Helping small businesses and solopreneurs navigate the waters of online marketing channels.
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