"Where's your passive?"
People often come to me asking advice about business. Mostly, it's about money and or income. One of the questions always I ask is how often they get paid. The answer always seems to be "When I move product/service XYZ." My response is always, "Where's your passive?"
For most people, the concept of making money when they produce something is easy. However, many are stumped when thinking of ways to make money when business is slow, something happens to their ability to produce, or they simply don't feel like working as hard.
The answer lies in understanding the difference between active and passive income streams.
Opportunities are available in any economy, good or bad in any business. If you're positioned correctly and have the experience and knowledge, you have the greatest opportunity to take advantage of this.
It's fine to love what you do, I encourage it...but bills still need to be paid. We've all heard the age old adage "Find a way to get paid for what you love to do" Today, I'm going to add to that. Find a way to get paid for what you love to do...and get paid again..and get paid again...and again..
The harsh reality of it is, businesses big or small depend on passive income. Learn how it works. Without the knowledge of making money, the world will push you around. If you haven't experienced that yet, don't hold your breath!
Posted by Iam Meek