I know, I know… You’ve already watched a TON of videos and read way too many posts about this topic. But hear me out… A LOT of people (especially in the online coaching space) get the idea of Active Income vs Passive Income totally wrong. To them, earning passive income means having a product you create once and can sell as many times as you like.
But the reality about this ‘passive income’ model is… you still pretty much put in the effort to sell your product. And selling a digital product requires way too much market research, strategizing, and building solid systems that won’t fail. Creating passive income should NOT require you 40% of your time in a week.
The truth about passive income and other juicy lessons in this episode:
- How do you create real passive income sources?
- Why do you need passive income even as an entrepreneur?
- What happens when you don’t have passive income set up correctly?
- How to start a life of freedom and earn passive income as an entrepreneur
- Ways passive income will help you fuel your passions
I’m going to, flat-out, say it… The internet has the idea of earning passive income completely wrong. They think that if you have a product you create once and sell as many times as you like, allowing you to make money while you sleep…
Then you have created a passive income source that is only the dream of many.
But the TRUTH is…
Passive income should generate income EVEN when you don’t put in the effort into marketing an evergreen course. Time and energy spent strategizing and ideating ways to sell a digital product is still pretty much active work that you have to either do yourself or delegate to someone you’ll pay.
Passive income should be easy. The heuristic is your money SHOULD be the one making more money. Not you or someone else you hire. (probably ruffling some feathers right now)
Think about it…
When you stop marketing your evergreen course for a week or two, your sales start to dry up. Leads and customers diminish and you’ll start to feel that you need to get up and show up again to market your offer.
From my years of exploring the idea of passive income… I’ve come to realize that REAL passive income is when you can fuel your passion for service or for life because you don’t have to think about actively making money.
It wasn’t easy at first, but getting started is KEY. And I’m challenging you to start now!
Start with $500 that you will invest in REAL passive income you understand (for me it was real estate). And then once that $500 makes another $500, bump it up to $1K until you have most of what you have in your active income bucket transferred over to your passive income bucket.
But why start NOW??? Life will happen.
No matter how the Universe favors you, life WILL happen. And it’s always better for you to have that safety net to catch you when you can’t show up to make money. This is almost impossible when you only have active income as your main source of funds. Believe me, I’ve seen many stories.
Not to mention, even entrepreneurs who think what they do is the love of their lives can hit a wall and feel burnout. While it’s true that you’re doing what you love… But if you’re working on it 16 hours every single day… That entrepreneurial spirit fire will burn out.
Or worse, you’ll come to a realization that you have something else that you want to be doing.
This is where REAL passive income will play a crucial role. When you have your money doing the work to make money… And when you’re set up and passive income is normal and covers all your expenses and lifestyle wants and desires…
Then all of a sudden your active income is just coming purely from a place of pleasure, and service, and impact… and that is so freeing.
XO,
Em
Work with Emily June:
Website: https://explore.emilywilcox.com/
Facebook: www.facebook.com/emilyjwilcox1/
Instagram: https://www.instagram.com/em.makes.money/
Free Money Wounds Quiz: https://www.emilywilcox.com/quiz
Send a DM to inquire about open coaching & masterminds or go to: https://explore.emilywilcox.com/
Join Em’s signature program – Money Wound Medicine: Join Money Wound Medicine™
View comments
+ Leave a comment