Have you heard the statistic that millionaires have at least seven income streams?
That’s seven different ways that they’re making money each month.
Now take a look at your business; how many streams of income do you currently have? If it’s only one, then it’s time to create more income streams.
Passive income is something of a misnomer. Work is still involved in creating products or setting up different forms of income, but the difference is these streams of income can work for you almost on autopilot for years to come, long after the initial work is complete.
So think of the creative process as work-heavy in the beginning while you can still earn money from them well into the future.
Benefits of Passive Income
1. Increase your bottom line profits. This is the most obvious benefit but certainly worth mentioning because who doesn’t want to earn more profits? If you created a for-profit business, extra ways to earn income are always welcomed. As you well...