I want to talk about why cash flow is everything and how focusing on generating an additional $25 a week/$100 a month passively will change the way you view money and time. At first you may be thinking “What is an extra $25 a week going to do for me?” Once you start generating an extra $100 a month you will become addicted to the feeling of making money without money being tied to your time.
You will always be looking for new ways to “Make money while you sleep” and that $25/week will turn into $100/$200/$300/$500+ a week because you will have a complete mindset shift of how you can increase your income to live a life of freedom.
The goal is to remove yourself from the process of making money. You only have a finite amount of time and most likely you will be paid by the hour, so if you remove being paid by the hour from the equation and add money making machines that make money all day, you can generate an uncapped amount of money.
Investing for cash flow will allow you to live a life of freedom much sooner than you could have ever imagined.
How to identify and find opportunities
Making this mindset shift takes practice, you will have to practice training yourself to see income producing opportunities that are around you everyday. Start researching and just practice looking for opportunities to generate passive income. While doing your research identify the pros and cons of the investment that you are looking to make.
If you need help with researching and figuring out what fits your personality I talk about it in my best selling book Financial Starter Kit.
Here are a few ways people could have made passive income due to covid.
When Covid first started there were opportunities for trainers to start selling virtual training plans, chefs could have made recipe books, teachers could have created daily planners for parents, a person in tech could have made a guide on how to make the ultimate home office, you see where I am going with this? Focusing on identifying how to create solutions for others problems is an easy way to figure out how to generate passive income or more income in general.
Here are some passive income strategies that I believe aren’t too risky and are hard to lose if you don’t spend too much money acquiring or creating the asset. My rule of thumb is to start small, allow your investment to begin generating income to prove that your concept works, then scale up to make more money. Something that I learned is that when you are starting something new is to never go into a lot of debt for it (preferably no debt), because if it doesn’t work it was just a learning experience. You will know what not to do when it comes to your next opportunity.
Minimal capital passive income opportunities ($100 - $1,500 investment)
Vending machines
Purchase a vending machine for $500-$1000, depending on the location of the vending machine you can make between $300-$600/mo)
You can learn the game on your own and I recommend also learning from someone who I trust and has proven success on top of doing your own research. Use my link here to learn more about how to create passive income with vending machines.
Digital assets
- Templates (Any kind of template (Resume, Coloring Books, Powerpoints, iPhone home screens, Kid chores , anything that someone would deem a valuable easy solution to the problem they are looking to solve)
- Courses (Create a course in a subject that your are knowledgeable in. Post the course for sale on Podia.com and make a storefront)
- Applications (Create a web application or mobile application)
- Creative Designs (Need ideas of what to sell? check out Fivver.com )
- Affiliate marketing
Affiliate marketing is when you promote someone else's course or product and receive a percentage of the sale. Most people give 50% of the cost of the product as commission. This is an easy way to make money if you don’t want to make your own product or if you really believe in a product that you currently use.
I offer affiliate marketing for my Financial Starter Kit Book ($10 commission) and Defense Industry Guide ($70 commission) . If you are interested in making money like this >> click here << and you will receive an email of how to get started.
Capital Intensive passive income opportunities
- Real estate (Rental properties)
- Car rental business (Renting cars to Uber, Lyft, Instacart, etc drivers. Here is my link to a great course to learn all about how to be successful in the car rental business)
- Stock Dividends (Stock portfolio that generates you income every monthly , quarterly, or yearly)
- Mobile Application Investing (Purchasing applications through Flippa.com that is already generating monthly income. Do your research before going into this)
- Laundromats (I believe that it is better to purchase a laundromat that is already operating where you can come in and make improvements to increase your cash flow. You can find businesses to purchase on BizBuySell.com)
- Franchises (Purchasing business franchises that allow you to own the business and have a staff that operates the business for you)
What about creating your own business for passive income?
Contrary to popular belief most businesses are not passive, especially when you are getting up and running. You will put in countless hours of work to get your business to the point of being profitable. Once you are able to outsource the work by hiring them to take over the tasks that you are doing then and only then is your business considered passive. The goal is to make sure that your business can run and generate income without you.
If you have a business where you are performing all of the work you need to:
1) Increase the income of the business
2) Hire someone to do the actual labor intensive part of the business
Once you have removed yourself from the process of making money that is when you have truly created freedom for yourself.
The passive income formula
If you were expecting to read about some secret cheat code for generating passive income, I hate to be the one to break it to you that there is no secret and you will be required to put in work up front. You need to research and identify your method of generating passive income, pool capital to purchase the asset or pool your time to create the asset, then promote or manage the asset to continue to generate passive income.
I challenge you to focus on making an additional $25 a week passively, then each month aim to double the amount of money you make passively a week. Before you know it, you will be bringing in $1,000 a month and on a mission to completely replace or supplement your 9-5 income.
"Reverse engineer your life. Live a life of abundance",
- Beez
