Passive Income The Number 1 Ingredient to Financial Freedom

Being a boss should be the goal of every mom. You already have the necessary skills, tenacity, and dedication. The most important piece is thinking like a boss. Before we speak about passive income, I would like to touch on what is a mom boss. A mom boss is someone who has control over her life. She can do what she wants when she wants to do it. We spend of life sacrificing for our family because we want to, no one really want to sacrifice their family for a job. We work to provide but what if there was a way to eliminate this obligation?

The name of the game is passive income and scale. Passive income is a type of earned income that is acquired with minimal to no labor at all. What you need to know about most passive incomes is that they normally start way before you start making any money. Passive income is created through investment. You can invest money, time, and/or both.

Now time and money are both scarce resources however as a mom you know how to turn a penny into a dime and a minute into an hour. You have practiced the art of efficiency so your are prepared for this. A morning ritual will help you learn how to plan your day giving you more time or maybe set your budget up for the day to give you more money. Like any investment before you start you must know what resources you have before you can allocate them. So before you look into any of these strategies make sure you have organized your life first to prepare you for the work you will need to put in.

Most investments require money if you would like to accelerate the return. If you do not have the money you will need to spend a lot of time and effort to compensate for what money can buy. Let’s start with understanding how to build a stream of passive income. The first step is figuring out how to make a dollar. This sounds silly but it is a very true statement. You need to know how much you need to put out in order to bring something back. It simple terms you would explain it as interest. The real term would be return on investment or ROI, they are not interchangeable, but I will compare the 2 just for a simpler explanation for those who may not understand. So before you pick your stream of passive income figure how much ROI(interest) you need to make your life more comfortable. For example, if I need $500 a month to make my life easier, I might decide to sell candy. The first thing I need to know is how much does the candy cost and how much can I sell it for. Before you purchase anything you need to know those two things, cost and revenue. This is how you figure out how to make a dollar. As I mentioned passive income comes from repetition so now I need to figure our how to automate that dollar. This is why most passive income streams at best won’t start until month 3 because it’s probably going to take that long to set up an automation process. This is the biggest difference between a side hustle and passive income. The goal is to get to a place where you are not working or working minimally. Next we are going to talk about different types of passive income streams in this same context.

Vending Machines

Vending machines are an easy way to establish an income stream. The require a larger amount of capital however they are great if done correctly. When you think about your network how many people do you know with a place of business. Doctor’s offices, gyms, hair salons, barbershops, makeup studios and etc. I can go on for days with places, but I think you get the point. Worst case scenario you can get the yellow pages (that's a joke for my older individuals to get). We literally have the contact information for every business within a 50 mile radius in the palm of our hand. If you are unfamiliar with the business, it makes it a litter harder because you not only need traffic for a vending machine to work but wait time is important as well. How long will a person be at this place of business is an important question that needs to be answered by the business owner or through your own research. This is how you decide if you should place the machine there. You must remember the vending machine is going to cost at least $1500 to $2500 for start up cost. This is the cost of a used vending machine plus the inventory. The best thing is to be as creative as possible. You can put whatever you want inside you machine. For example, you may want to put bonnets, combs, brushes and etc inside a hair salon. High traffic plus wait times equals customers willing to buy.

Selling Services from Fiverr.com

Most things we pay for have some sort of markup. There is a cost associated with delivering the product. The same can be said for services. Fiverr is a wonderful place to find a specialist and sell their services. You can be a graphic designer without knowing anything about graphic design. You can be an email marketer with out ever marketing one email. Your job is just to find people who need those services, and no one has to know. The client just cares about the service they want and the creator just cares about being paid for the service they are delivering. Your job is to build a marketing strategy to find people who need whatever you are trying to sale. You can create multiple Instagram pages and market that way. You can also create a blog. Whatever you create, once you get it up and running all you have to do is deliver the request to the creator and product to the client.

Affiliate Marketing

Affiliate marketing is a great way to make passive income. A lot of companies pay millions of dollars a year on advertising. They are always looking for a way to cut cost. There are a lot of companies that already have affiliate marketing programs set up to where they will pay you just to find buyers for their products. This is a way to make money without having to spend money. Don’t get me wrong paying to advertise for these companies will help accelerate the amount of money you can make in a short time but it is not 100 percent necessary. Find a brand you like and search in any search engine “brand name affiliate program”. People are looking for real life reviews of products and if you can build trusted following you will be able to get paid for endorsing things you already love.

Blogging

This might be the most important way to make additional money. Blogging allows you to build an audience that trust and love you. This world makes us feel like we are alone, and the truth is we are not. Somewhere there is not one but thousands of people that can’t relate to your life whether it is struggle or triumph. Reality tv has proved that a lot of people love to live vicariously through others. You are able to monetize your audience by allowing ads to be posted on your blog, you can also use affiliate marketing to get your trusted audience to buy things you use or maybe you create your own brand. People are looking to buy from a trusted source they love and there is no reason that can’t be you. Don’t over complicate it trying to find a niche. Just be who you are, and you might be surprised with the following you get. Those people will buy into who you are, and they will be willing to buy the things you support most. This however this takes the most time. You can spend money on advertising your blog however if your content is not intriguing you will not have an engaged trusting audience that will be willing to buy. Be vulnerable, informative, entertaining and patient, consistency is the key.

There are hundreds of other ways to find passive income streams, these are just a few. Remember that passive income is not a get rich quick scheme. It takes a lot of time and effort to set up but it will make your life more efficient. If you can make money in less time than you spend at work which is normally 8 hours than you have the freedom to do what you want. I encourage you to not stop at just replacing your income. Keep scaling your passive income to be able to work on what you are truly passionate about.

Watch this video more more passive income ideas don’t forget to like and subscribe to the blog. We will be speaking in depth about each one of these topics later. Also visit my store for E-Books that will help you learn the foundational behaviors to accomplish each one of these.