Passive Income: Stop Working Hard For Your Money And Let Your Money Work Hard For You!

47 Pages·2013·0.37 MB·English

by  Omar Johnson

Passive Income
Stop Working Hard For Your Money And Let Your Money Work Hard For
You!
By
Omar Johnson
Copyright 2013 by Omar Johnson. Published by Make Profits Easy LLC
Table of Contents
Introduction
What is Passive Income?
Chapter 1 – Don’t You Need to Have Money to Make Money?
Where Do You Start with No Money?
Chapter 2 – Why Working an Hourly Wage Won’t Help You
The Hourly Conditioning
Chapter 3 – How Do Rich People become … Well, Rich?
No Different than You or Me
Chapter 4 – Different Types of Passive Income
The Best Kind of Work
Types of Passive Income
Two Examples of Passive Income
Chapter 5 – Know Your Passions
Chapter 6 – The Value of an Idea
Chapter 7 – Your Knowledge Base
Determine the Value of Your Knowledge Base
Chapter 8 – Develop a Plan
Chapter 9 – The Legwork Up Front
Chapter 10 – Use Your Existing Resources
Chapter 11 – Watch the Money Roll In
Introduction
What is money? Money is what makes the world go ‘round. It’s an expression
that is timeless and true, to an extent.
You spend forty hours or more every week struggling to get through rush hour
traffic, trying to get to your job on time, just so that you can slave through
another eight, nine, or ten hours a day before making the trip back home.
You work hard for your money, but what is it? Money is basically a
representation of your inherent value to a company, individual, or agency. The
amount of money you earn in an hour is essentially what someone else feels you
are worth.
So you graduate high school and either head off to college (because that’s what
you think you should do) or dive right into the workforce. You see a wide open
world waiting for you, ripe with possibilities and you can’t wait to get your piece
of that enormous pie (all the money in the world).
One day, after graduation, maybe several years after you have finally started
working for that company with the health benefits and potential to climb the
‘corporate ladder’ you realize that all you’re doing is working day in and day out
just to manage to scrape together a few dollars, pay your bills, and do it all over
again week after week after week.
Before you know it, you’re stuck in a pattern and it is difficult to break free from
it.
You can’t quit: you need your job.
Why do you need your job: because you need money.
Why do you need money: to pay your bills, your mortgage, and to be able to go
out and do things and enjoy life.
You are a slave to your finances.
So wouldn’t it be great if you could be free from all of that burden? Wouldn’t it
be ideal if you could have the financial freedom to go out and do what you
wanted to do when you wanted to do it and didn’t have to worry about your
nine-to-five job? Wouldn’t it be great to be able to go on vacation, to a sports
game, to the movies, or just relax at home and know that you’re earning money?
This kind of financial freedom will never come to you while you’re working for
someone else, where you absolutely must put in X number of hours and you’ll be
earning X number of dollars each week.
When you create a passive income stream, you move toward complete financial
freedom.
What is Passive Income?
I’ll get more into the finer details about passive income in the heart of this book,
but in a nutshell, passive income is money that you earn consistently for a long
period of time for effort you put in at one time.
A great example of passive income is a book. Writers work for many hours
writing a book, editing it, revising it, and making sure that it is polished and the
best that it could possibly be, then they publish it and each sale, each week that
people buy it generates them income.
Some of the best writers in the world still earn money on books they might have
written ten, fifteen, twenty, or more years ago.
Imagine sitting back and collecting a royalty check from a product that you
created decades ago. How nice would that be?
Each member of the classic rock band The Rolling Stones brings in about
$75,000 a year for royalties that they earn on one single song, Satisfaction.
That’s just for the song being played on radio stations around the world, as well
as cover bands playing it at shows.
Talk about an amazing passive income stream!
Of course, it’s not that likely for you to become a superstar musician or a
bestselling author (though I wouldn’t put it past you because you have the desire
to be successful, and wealthy and half the battle is having the desire!).
But that doesn’t mean you won’t be able to generate a great amount of passive
income through other means.
To develop a passive income stream requires effort in the beginning. You’ll
actually need to work hard for a while to establish and set up your passive
income stream (don’t listen to those scams that claim you can make $10,000 ,
$20,000 or even $50,000 a month working only a couple of easy hours a week
… they don’t work!)
There’s no such thing as getting something for nothing (or getting a lot for
putting in very little). Some of those affiliate marketing ads are nothing but well-
disguised scams designed to separate you from the money you’ve already
worked hard to earn. So let’s stick to the basics here.
If you want to learn how to create a solid passive income stream, then you
absolutely must be willing to put in the time and effort in the beginning. Nothing
comes for free in this world.
However, that doesn’t mean you can’t become financially independent.
Imagine … financial freedom at last! Doesn’t that just sound wonderful? Being
able to generate income while you’re asleep, eating dinner, watching television
with your family …
This is the goal of millions of people around the world, yet few ever truly
achieve it.
Why?
Because they don’t understand how to create passive income.

I will teach you how to create passive income that will bring you true financial
freedom!
It can be tough trying to navigate your way around a system that has been
designed to keep you working for your money.
What you’re doing right now (assuming you go to work, punch in and slave
away for several hours a day before heading home to get a few hours of sleep
before waking up the next morning to do it all over again) is called an active
income stream.
If you stop working, you stop earning. It’s that simple.
What this book is intended to do is help you understand the core dynamics of
passive income. When you break down the basics of where to start, what to work
on or look into for ideas to create that passive income that you’ll be relishing in
for years, you’ll realize that it is essentially easy to create a solid passive income
stream for you and your family.
I’ll walk you through the reasons why working an hourly job (or even worse, the
salaried position) will never help you become financially independent.
I’ll let you in on the secrets about how rich people became, well … rich. I’ll
invite you to discover the power and inherent value of a unique and creative idea
and how once you understand those basics, you’ll be able to move on to creating
passive income for yourself.
passive income for yourself.
I’ll also get into some solid, bona fide examples of passive income that have
worked wonderfully for others through the years. By the time you’re done with
this book, you will have all of the necessary information at your fingertips to
help you generate passive income every day, each week, all year long.
Will you be able to quit your day job? That all depends on how much you’re
willing to put into your new financial opportunity. The more effort you put forth
now, the more dividends you’ll be able to reap later on. This is one of the key
differences between working at an hourly job and creating a passive income
stream.
With your regular 9 to 5 job, you could certainly work harder than everyone else
and hope that you will be rewarded with a raise or promotion in a year, or two,
or five … but there’s never any guarantee.
There’s no guarantees with passive income, either. There are many factors that
go into determining whether you’ll make a lot of money or not. Some of it is
talent, but you can increase your talent just by working hard and improving your
skillset in the beginning.
However, once you hit on the right idea, once you find the right passion within
you, there really are no limitations to what you can do or how much you can
earn.
Investing time and effort today can help you generate income for years to come.
Once you begin bringing in money through passive income, though, be warned
… you will likely find other ideas popping up in your head all the time. You
might develop new ways to bring in more money and before you know, you’ll be
one of those people that we talk about in Chapter 4 … rich!
So let’s dive in and see what we can do, shall we?
Chapter 1 – Don’t You Need to Have Money to Make Money?
There’s a common belief in the world that in order to make money you have to
possess money. This idea has been generated through centuries of ingenuity,
innovation, and creative minds.
You could have the best idea for a new line of dietary foods, but if you don’t
have the right resources, how do you introduce it to the world? You might have a
wonderful idea for a new, aerodynamically engineered bicycle, but without the
financial resources to build it, how will anyone else ever learn about it?
For the majority of history, only those with money or the ability to find financial
support to help promote a product or idea were successful in getting their idea
out in front of the public. Once it’s in front of the public, then the sky’s the limit,
especially if you have an idea that caters to a broad range of people.
So, for a long, long time, it was true in most cases that you needed to have
money to make money. To some degree today, that’s still true, but it isn’t an all-
encompassing rule. At least not anymore.
You could have a great idea today with almost no money to your name and still
be able to earn money from that idea.
Why is today so different than all those other years throughout history? Well,
honestly, it’s not that much different except today we have this thing called the
Internet.
The Internet allows us to reach just about the entire global population through
some savvy and creative marketing strategies that, in many cases, cost little to
nothing to implement.
You need to know how to master online marketing, but you could also rely on
your offline savvy as well to help you market an idea or product that will
ultimately make you a ton of money in the long run.