Money doesn't grow on trees. But can it grow from the ventures we sew?
Your income is your greatest wealth-building tool, and this tool typically demands your active participation - in the form of a full time job. We need a new perspective on income.
Active Income is Limited
You do the work and you get paid - once. When you want to get paid again, you need to spend more time, effort, energy, because the income is non-recurring. Active income doesn't enable scalability. "Scale", in the world of business of entreprenuership, is the ability to grow with minimal friction. But when you exchange your time for a single-payment, limitations exist. Your service is limited to you - your presence, your focus, your schedule.
For most of today's workers, their jobs represent 100% active income. We know that if we don't work, we don't make money. Active income can come from our desk jobs, but it can also be represented by some entrepreneurial efforts like coaching, public speaking, live events, trainings, consultation, and writing.
Time is money. Or is it?
"Time is more valuable than money. You can get more money, but you cannot get more time." -Jim Rohn
Passive Income is Unlimited
In passive income structures, customers and clients pay you repeatedly for work you already did, once. This income is recurring, and scalable, because it is not limited by your presence, your time, or your focus.
"If you don't find a way to make money while you sleep, you will work until you die." -Warren Buffet
Passive income factors in scalability. You can serve six orders just as easily as you can fill six thousand. While your product or service initially takes time to create on the front end, you'll repeatedly get paid for the original time, effort, and energy you invested. This can include certification programs, online products, affiliate commissions, book royalties, and audio/video recordings. This model allows you to create passive income, and passive impact, creating both profit and purpose from a venture you do not directly participate.
Money is time.
The Real Value of Passive Income
Passive income is superior because it scales. It knows no limits because it's not finite, like your time. Passive income works, even when you don't. Passive income gives you more money, but more importantly, it gives you more time. And that is arguably more valuable than more money. You can always make more money; but once time is gone, it's gone.
"The goal isn't more money. The goal is living life on your terms." -Chris Brogan
Forget about any get-rich-quick schemes you might have seen. If you're in this to make some fast cash, this definitely isn't for you. A.) because money is a weak reason to do anything or navigate the inevitable challenges your face, and B.) because it does take some time, energy and love on the front end to do this well and do it right. But if you're here to turn your calling, your passion, and your service into a sustainable business with massive impact, this is the ideal work model for you.
Once you start to generate revenue, you have the resources to do more of what is meaningful to you - to launch more ventures, to make more art, to have more family, and to create more impact for the causes and communities you care about.
"We don't make art to make money. We make money to make more art." -Walt Disney