Is IM the only business which offers PASSIVE INCOME?

16 replies
Just curious to know whether what are the other career options other than IM where we do not have to trade our time for money. As far as I know Doctors, Engineers, Lawyers dont have a passive income model.. Correct me if I am wrong
#business #income #offers #passive
  • Profile picture of the author Andy Fletcher
    It's not IM that produces a passive income it's running a business that does.
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    • Profile picture of the author Justin Says
      Originally Posted by Andy Fletcher View Post

      It's not IM that produces a passive income it's running a business that does.
      I agree.

      When you are working online, you are creating your own business. Any type of passive stream of income was made by hard work. If there were super easy methods, everyone would just do them.

      It takes time to build a business online and it takes time to build a passive income, it's also not going to be permanent.

      Take companies like Netflix for example, I'm not saying it's passive, but I am saying that they though that there memberlist was permanent, they made a change and lost hundreds of thousands of subscribers.

      Then take Geocities, it was before the time of Facebook, Myspace, Twitter, all that jazz and was MASSIVE, probably generating them crazy amounts of money, but then times changed, and they fell apart.

      If you don't adapt, you won't continue to make passive income, so even the term passive, isn't entirely correct. You still have to work in some way, even if that means working by hiring someone else to cover your place
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    • Profile picture of the author fedor50
      Originally Posted by Andy Fletcher View Post

      It's not IM that produces a passive income it's running a business that does.
      This. Passive income is any business that pays you money while you're sleeping.
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  • Profile picture of the author DanielItahov
    You can try any of Network Marketing Businesses. There you have to recruit people to be distributors like you and promote health and wellness products. If you build a big organization, you have passive income.
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  • Profile picture of the author threezerozero
    its not just getting a business started....it needs to be the right type of business that's built correctly. you build it properly so once it is up and running, you dont have to babysit it 24/7. you can let it run and address issues that come up while doing other things.

    i dont think any normal career or job is passive. own and build a business properly, automate as much as you can so when you are hands off you can still make money.
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  • Profile picture of the author Rose Anderson
    Anything that produces a residual income would fall into that category (I would think).

    Actors, musicians, songwriters, artists, writers...could all have works that continue to earn them money.

    Rose
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  • Profile picture of the author Mike Hlatky
    Anytime you get royalties and investing are two others I can think of.
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  • Profile picture of the author Rod Cortez
    Originally Posted by Just4Kix View Post

    Just curious to know whether what are the other career options other than IM where we do not have to trade our time for money. As far as I know Doctors, Engineers, Lawyers dont have a passive income model. Correct me if I am wrong
    Real estate if you do it properly. Actually ANY business that you "own" where you have other people doing all the work for you is technically passive income. The managers and your staff handle it all. Your CPA handles all your taxes, etc.

    Also licensing any of your intellectual property, software, etc. is passive income.

    RoD
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  • Profile picture of the author Juan Jose
    Earning royalties for your work will be good. To do so, you can write a book, compose a song, etc, or you can sign up on a Network Marketing company, and stablish your personal multilevel business.
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  • Profile picture of the author Ed East
    There's a lot of ways to earn a fairly passive income
    - Investments
    - Properties
    - Owning a successful business
    - Divorcing somebody who's rich
    - Having a product in your name which continuously sells year after year in which you receive a % of the profit from.


    Interestingly enough most people who end up being able to live off their passive income aren't the types who are only looking to work an hour a week.
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  • Profile picture of the author Kal Sallam
    Real estate is a good example that comes to mind all the time.
    But like Rod said any business that run itself is passive yeah?
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    • Profile picture of the author cashp0wer
      There are many ways besides Internet marketing that you can earn a passive income. Think about writers, songs, etc. they earn a passive income - think about royalties. See what I mean? We definitely are not the only people.
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  • Profile picture of the author Vlad Romanov
    People need to get the "passive income" stick out of their ass... No matter what you have to invest time, money or both into a business. Yes it may require less time down the road, but everything will slowly fall apart if you remove yourself completely.
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  • Profile picture of the author marcuslim
    It's anything where you are not trading your time for money. So if you have an app in the app store, and it's out there generating downloads and $$ everyday, then that's passive income.
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    • Profile picture of the author Nightengale
      The OP's question displays common confusion about IM and passive income. AND a serious misunderstanding about IM (also very common).

      Internet marketing is often talked about as if it's a business in and of itself. People often talk about the "Internet marketing industry."

      Hooey! There's no such thing as an "Internet marketing industry." Period!

      Like TV, radio, the fax machine, the mail, etc. the Internet is nothing more than a MEDIUM -- the method by which you convey your message to your audience. Nothing more, nothing less.

      Of course, it's so much more with it's multi-media capabilities. The possibilities are exciting and endless. And they also add to the confusion.

      Think about it: When the fax machine was new technology, you didn't hear people saying "I'm going to start a fax business." How silly!

      There are SEVERAL other passive income models:

      1. Publishing -- both physical and digital (i.e. Internet marketing)

      Whether you're publishing and selling e-books, e-course, e-newsletters, etc. it's still publishing. So many people call this Internet marketing, but it's actually publishing (on the Internet).

      2. Real estate (as others have mentioned).

      3. Information marketing.

      This is where you take your brain to the bank by publishing books, newsletters, course, etc. for money. This is probably the ultimate passive income model.

      4. Coaching and consulting.

      This is traditionally an hours-for-dollars business model, but a lot of people are structuring it so that it provides passive income.

      Group coaching (instead of one-on-one coaching) is a step in that direction. You might spend an hour doing a group coaching session for 10 people. Yes, you spent an hour of your time, but you multiplied it by 10.

      The numbers add up and this starts getting exciting really fast.

      5. Membership-based businesses.

      Membership-based businesses provide recurring, passive revenue. Membership fees/dues can be monthly (continuity) or annual, but either way, you're receiving recurring, passive revenue.

      There are several businesses that are gigantic combinations of all of these: coaching/consulting, publishing, and membership. Glazer-Kennedy Insider's Circle is a good example of this.

      These are actual, solid business models. And all of them use the Internet to market their services. They're foolish if they don't.

      You're thinking of IM in the way it's taught here. As I said though, there's a lot of misunderstanding here about what IM is and is not. Focus on what business you're REALLY in (or want to be in). (Hint: you're not really in the "IM industry.")

      Also, don't misunderstand "passive" revenue. It doesn't mean you don't work or that the money made can't be boiled down to dollars for hours. It DOES typically mean that you've "plus-ed" or multiplied your income beyond the typical hours-for-dollars model and/or you receive money when you're not actually working (like when someone buys your e-book at 2 AM Wednesday morning when you were sleeping). But make no mistake, you DID put the hours in ahead of time to write and publish that e-book. The work was just frontloaded.

      Hope that clears up some of the confusion!

      Michelle
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