He was right and I feel like I was arguing just for the sake of arguing cuz, that’s what everyone does, but before I explain like further with any of this, don’t forget to leave a comment down below. Let me know what you think: passive income means to you and definitely subscribe to this blog and don’t forget to I’m leaving giving you a lot of things to do right now and don’t forget to like the article.
So that’s like subscribe and leave a comment. What you think passive income means – and let me just explain to you what I think it means well passive income to me – means making money without having to put or not without having to do work. Okay, now that doesn’t mean making money without having to penny F. In it means making money without having to do any work. Okay, there’s a big difference. There huge difference, one making money without having to do anything, no effort, no work; well, that’s like winning the lottery and even then you’ve got to go, buy a lottery ticket.
That’s like that’s, like someone just coming up to you and just giving you money, okay, that is making money without any work, any effort and nothing that doesn’t really exist unless you have like a really rich father or like something like that going on. But who does so passive income means doing something in the now that will make you money in the long run? Okay, so that could be me creating a book alright.
So you can spend hours and hours and hours making a book writing a book, and then you could publish that book and sell it. That book will hopefully make you money for years and years and years, even though you are not working on anymore. So the cool thing about passive income is passive income. Your hourly rate goes up every single day, okay, so let’s change it up a bit. Let’s say you make a course like we’ve made our amazon course right.
We make our amazon course and what s is a bit different though, but we make amazon course and then we now sell an online course. So, every day that was saying cause the time it took us to make the cause is becoming more and more valuable. Okay, so if it took us a month to make the course and we’ve made – let’s say a thousand pounds or ten thousand pounds from the course, the more we make the more power we are getting for that initial month of work now the reason the course isn’t, The best example is because we do a lot of work with the course even now, so it’s not really passing because we speak to students.
We try to help people with their businesses. We’ve run, we run a the mastermind page. We do webinars, we do. Q & A so we’re constantly doing stuff for our students, so that’s not really a passive income. What is a good example of a passive income? Is a book or or song right. You write the song, you call the song, you let the album go and you get what is it: rights, music rights, royalties? That’s what they’re called loyalty you’ll get royalties for a very, very long time.
So when someone says oh yeah, I’m all into this passive income business – and I don’t have to do any work – I don’t have to do anything. I don’t have to do anything. It’s brilliant. You should do what I’m doing. That’s complete bull, crap, okay, is rubbish. They have spent a hell of a lot of time on the initial set up initial amount of work. Okay, for example. When people tell me I don’t have to do anything, I just make money now I don’t have to do work and it’s amazing.
It’s just it’s such rubbish, I mean I can show you spreadsheets work planning just stuff that I have to do every single day for work right and now I’m not saying what I do is possible, not possible. I think what I do is an aspect of passive income because, for example, I’m making this article now right. However, I’m making money on a completely different venture, a complete different business, and that’s because I’ve set that business up to make money without me having to continuously work for it.
That is why me and Josh can travel Josh and I can travel when an English isn’t. My strong point, that is why we can take a week off work and go and travel go to the country or do whatever and still make money that week, because we have set the business up specially with Amazon that my Amazon work mainly consists of sending a Message to my supplier, when I need new stock, and that is about it every so often we have to read our ranks and try and get out the rank, trying it try and sort that out or find your product, but that can all be handle.
If you hire someone so also in the process of hiring someone, so when we hire someone who’s going to be able to handle all of that stuff, we will literally be able to take a complete backseat on our Amazon business and then, in my mind, that will Become completely passive because it had the initial set up the initial work, which was hell and then it’s now become passive. So that’s what I try to teach.
That is what I try to instill on everyone that you should try and create businesses. Now that will make you money in the long term, so try and create passive incomes. They won’t be passive straightaway because you’ll have to a ton of work to get them to become passive, but as soon as you’ve done the whole initial setup and you are making constant money from it, you can take a back seat on the whole business, and that Is when it becomes a passive income? That is when you can sit someone? Yes, I’m earning money right now and I’m lying in bed right.
That is when it becomes passive income where you’re not working per hour, but the thing to understand is with passive income. You also, firstly, there’s no guarantee they’re going to make any money, and, secondly, the initial work to create that passive income won’t necessarily make you money, for example, the whole Amazon setup that isn’t making you any money the whole creating the course that isn’t making you any Money so there’s a lot of, I think, willpower and a motivation that is needed to create a business that is passive because you can spend months and months working on a project like a book.
You can spend months and months working on that book, not knowing if it’s going to make you any money or how much money is going to make you so there’s a lot of initial work that doesn’t make you any money on the hopes and dreams that, in The long term, it will make you a lot of money which will then become passive, so passive income is brilliant, but it is a huge risk because you’re, not you, can’t ever be a hundred percent sure how much you’re going to make and if you’re going to Be anything whereas if you have a nine-to-five job, you get paid every single hour, you are working at that job.
Obviously you get holidays and all that sort of stuff, but forget about that. The only difference is who do you want to be? You know, and that’s what you can. Let me know in the comments who do you want to be? Do you want to be the risk-taker that will put in all this crazy amount of work to hopefully have a business that will work for itself or do you want to work and get paid for every hour you work and when you eventually stop working, that is It I mean you might have a pension or you might have stocks and shares or whatever you might have, but realistically that is it.
That is your money that you are now stopping being paid because you’re stopped working. What would you, what do you want to do when you’re 65 70? 80? What do you want to do? Let me know in the comments – and I hope that made sense. It may not have made sense to me. It kind of made sense, but I just was trying to define passive income. So if we’re just just recap what I just said, passive income, I think, is where you have to have a lot of initial set up work that doesn’t actually get you paid.
Anything on the hopes and on the planning, obviously, on the under the long term, you will start to make money without you even having to do anything because of the initial set up. That is what passive income is to me, and I hope that made sense. Don’t forget to subscribe, don’t forget to like this article if you did like it probably really confusing, but I don’t know and and yep see you in tomorrow’s article