Passive Income: Possible or Not?
Before I start, let me make the point that I don't think that one attitude necessarily precludes the other. That said, when you look at your own IM activity, would you say that you are looking to make a quick return or would you say that your activity is more focussed on longer term reward? I think it is important to get this straight in your own mind.
When you launch a WSO, for example, hopefully you will make money if your product is good and – very important – if your sales copy is good. That is an example of a short-term focus. Nothing wrong with it, of course, but it is essentially short term unless you also build in a back-end i.e. you use the WSO to get people into your marketing funnel, your membership site or whatever.
Personally, I would rather spend one whole day doing something that will generate 28 cents per day recurring income, than doing something that returns a $100 one-off payment for that one day.
Why did I choose that figure of 28 cents? Because after 1 year of doing something that yields a 28 cent per day return, you would also make $100. But if that thing continues to generate 28 just cents per day for you consistently, the recurring income strategy will offer a much greater return in the long run.
Is it impossible to do something in one day that would generate you just 28 cents per day recurring income, consistently? The answer is of course, no. But you do need to think long term and you need to have a strong work ethic if this kind of approach is to pay off for you.
If you identified a task that you could complete in 1 day that delivered 28 cents recurring income and you simply repeated that task every day for 1 year, you would have built a business that would be earning you 365 x 28 = $102.20 per day passively, recurring. And if you did this for 5 years consistently, your business would be earning 5 x $102.20 = $511 per day passively.
* So this approach hard work? Yes!
* Is it for everyone? No!
* Is it easy to understand? Yes!
* Can you do it? Yes!
* Will you do it? You have to answer that one yourself?
Does that make you think?
When you launch a WSO, for example, hopefully you will make money if your product is good and – very important – if your sales copy is good. That is an example of a short-term focus. Nothing wrong with it, of course, but it is essentially short term unless you also build in a back-end i.e. you use the WSO to get people into your marketing funnel, your membership site or whatever.
Personally, I would rather spend one whole day doing something that will generate 28 cents per day recurring income, than doing something that returns a $100 one-off payment for that one day.
Why did I choose that figure of 28 cents? Because after 1 year of doing something that yields a 28 cent per day return, you would also make $100. But if that thing continues to generate 28 just cents per day for you consistently, the recurring income strategy will offer a much greater return in the long run.
Is it impossible to do something in one day that would generate you just 28 cents per day recurring income, consistently? The answer is of course, no. But you do need to think long term and you need to have a strong work ethic if this kind of approach is to pay off for you.
If you identified a task that you could complete in 1 day that delivered 28 cents recurring income and you simply repeated that task every day for 1 year, you would have built a business that would be earning you 365 x 28 = $102.20 per day passively, recurring. And if you did this for 5 years consistently, your business would be earning 5 x $102.20 = $511 per day passively.
* So this approach hard work? Yes!
* Is it for everyone? No!
* Is it easy to understand? Yes!
* Can you do it? Yes!
* Will you do it? You have to answer that one yourself?
Does that make you think?
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