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Why You Should Create Passive Income Streams

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Working Smart vs. Hard

I’ve always been a person who is interested in passive income. Not because I’m lazy and don’t want to work (ha!), but because I am a very busy mom and freelance writer who needs to maximize my time as I maximize my money!

Honestly, the thought of working 10 hours and making $250/week freelancing versus working those same 10 hours and making $1,000/week intrigues me. And in addition to the work that you put in, you’re utilizing the same skill set, knowledge and education in both scenarios, right? So, why not make as much money as you can with the same set of variables in the same amount of hours. It’s a no-brainer to me.

Now if you were to ask 100 people whether they’re interested in increasing their income, it’s likely that 100 of them will give a resounding YES!! Another no-brainer, because just about everyone wants to increase their income. Yes, even you because you’ve gotten this far with reading this article, right? But let’s stop here and think about asking those same 100 people if they’re serious about income creation enough to:

  • invest in a business idea
  • educate themselves about their market
  • grow or market their business idea, or
  • work hard to build an online business

and probably about half of them will shrug their shoulders and lose enthusiasm. Why is that?

Passive Income Mindset

When you stop to think about it, really think about it, just how many people are there who really want to build wealth and income streams? Sure, a lot of people say they want to be wealthy or comfortable, but there are very few who are willing to put in the time, dedication and hard work that it’s going to take to actually accomplish it.

That’s because we as humans want instant gratification in most everything we do.

But it’s those people who are truly committed to take action who want to make a real difference in their lives, who will experience results. You see, the major difference between the wealthy and the poor is that wealthy people take action (since they are committed to their wealth), whereas poor people tend to only think about change, but rarely take the action(s) necessary to make it. Agree?

If you are still reading this article, then you’re serious about creating wealth and different income streams. Continue to read on because here is the starting point that can catapult you to change.

What is Passive Income?

Many people have heard of passive income, but very few fully understand what it means. Passive income is loosely defined as income that you work for once and benefit from continually.

That can mean if you’re at the beach vacationing with your family, you can still be earning money via different channels of recurring income that you have set up, whether that’s an e-course, a digital ebook, product sales or even e-coaching.

The key to generating ongoing and growing wealth is to work for passive income, instead of working for income. That means you have to stop trading your time for dollars ONLY and begin creating systems, products and services that continue to bring you income, even when you’re not actively working.

For example, if you are a writer, a trainer, a programmer or a consultant, once you stop working, you stop making money because you are trading your time for money. And even in any of these fields, you have the potential to make an incredible amount of money. But remember, once you stop working, once you “clock out” or if you’re sick one day and can’t work, your working income stops coming in. It’s gone. Yes, while you may have plenty of money that you’ve made off of your craft or skill, you won’t make anymore unless you start looking for more freelance clients, fitness clients or people who need consulting advice. Do you see where I’m going here?

Trading time for dollars has never been and never will be the way to attain true wealth. Rich, wealthy individuals focus more on developing methods and systems that earn passive income, so that their wealth grows each day. The method or system you choose is indifferent to whether you’re selling $5,000 custom designed websites or a monthly subscription to jewelry making classes. It’s all about implementing workable, scalable systems that continue to bring you recurring revenue for the work that you put in.

Let me be clear here and say that creating and managing passive income is not an easy “set-it-and-forget-it” task, because it is not.

  • It will take work to establish your business base
  • It will take planning, coordination and commitment to build that base
  • It will require a working knowledge of various systems and methods
  • It will require you moving away from your comfort level and learn new things
  • It will require you to invest time and money in building your business base
  • But, as a generous reward for all of the hard work that you put in, you’ll reap the benefits of recurring income that comes in day after day, month after month and year after year.

It’s quite possible to earn a generous living through passive income channels. Imagine earning $400 before you even get up in the mornings. Or making $50 as you eat breakfast. Or being on vacation for a week and signing into your PayPal account to see a deposit for $2000.

Yes, it is possible.

Make it Happen

So how can you make this happen? Well, first off, DO NOT quit your day job because it will take some time and work before you are able to live off of your passive income. Since building passive income is long term thinking, not short term, in the meantime continue to work your day job until you start making more or about the same with your passive income channels. But remember, the wealthy are those that take action.

Secondly, find what type of passive income system you’re going to utilize and launch that will help you create income. Make sure it’s a viable, solid idea before you start investing your time and money.

Finally, get ready to work and throw yourself 100% completely into your passive income idea. That means working on it and taking it very, very seriously. Treat it like a real business, because that’s what it is. Set aside some time each day or night  (especially if you have a day job) and work on your business. That’s the only way you’re going to see results.

Creating a passive income can be done and thousands of people are doing it each day. Go ahead and get started towards your journey to wealth creation.

7 Tips to Make Your LinkedIn Profile Stand Out

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Have you ever considered the power of having a good LinkedIn profile and what it can do for your freelance career? Don’t discount it! This week, I had TWO new clients contact me, based solely on my LinkedIn profile. I don’t have 1st level connections with either one of them. They simply did an organic search for my skill set and called me based only on that.

YES, a well-written LinkedIn profile DOES work for finding new clients, new business or referrals. Don’t discount it as a serious marketing tool, no matter what industry you’re in. LinkedIn is a great tool for branding and standing out from others in your industry, and all it takes is a few tweaks and attention to detail to make it work. Here are some things I did to my profile (and continue to do) to keep it relevant. You can also implement these same tips to ramp up your LinkedIn marketing and get some business calls rolling in:

  1. Write a thorough profile description: This is not the time to skimp on words in terms of describing what it is that you actually can do for potential clients. Make your profile complete in every way, including jobs that you’ve had and freelance clients that you’ve managed.
  2. Include keywords in your title. This is, after all, how potential clients will find you, so make it relevant. Include those same buzzwords in your job descriptions and the write-ups down in the job listings.
  3. Write relevant articles and blog posts. Aim to publish anywhere from 1-3 articles per week, if possible. This shows your level of expertise and skills and also keeps your name out in front of your audience.
  4. Include image(s). This one should go without saying, but your photo and any related images show potential clients that you’re a REAL person, who REALLY exists and that you care enough about your business to take the time to make your profile complete and professional looking with a photo. Enough said.
  5. Synchronize your employment dates. Check and re-check your work dates to ensure that you’re showing a smooth transitional flow from one job to the next. Even if you’re freelancing, make that clear in your employment timeline.
  6. Solicit testimonials and referrals. No one has a problem writing testimonials for you, if you ask. If they’re too busy or perhaps a little slow in responding to your requests, help them out a little by offering some assistance. Write the testimonial for them (make it succinct, but to the point) and after they’ve approved it, just ask them to copy/paste it to your profile as a referral. Presto!
  7. Include a background image. This is not the image of you necessarily, but is preferably your branding image, your logo or any relevant image that you have available. For instance, for my background image, I use the header image from my website. It has my name and logo on it and makes my profile more personable looking, actually.

If you don’t feel comfortable with your writing skills to make your LinkedIn profile really shine, then outsource to another freelance writer who can give you what you’re looking for. The main thing is to do something with it right now, no matter how small, so you can attract those who are looking for what you have to offer.

Good Luck!