How to get a passive income without working (like a moron)
Caution Strong Language
Hey, thanks for watching this great video on “How to get a passive income without working (like a moron)” by Alex Becker. I’ve made a few notes relating to the above video which you’ll find below.
Creating a passive income on the Internet
We have all heard about creating a passive income on the internet. Well I’m here to burst that particular bubble. There is no such thing as creating a passive income on the internet. This mind set is caused by so called guru’s in order to sell their product. It is not congruent with reality.
The problem with this mind-set is that you are bringing an employee mind-set into entrepreneurship.
In business you cannot just kickback and relax because things change all the time. For instance if you create a piece of software and are making a “passive” income from selling it, all that is required to take away your “passive” income is for someone else to create another piece of software that replaces what your software does and starts selling his “improved” version at a lower price.
Once you stop working on your business somebody else will take away the income that use to be generated from your business.
When you set out to make a passive income you are setting out not to work. And this is totally the wrong mind-set to have. Thinking this way you are setting out to do the bare minimum work and not challenging yourself.
Your business will be based upon very poor concepts that have no foundations.
You cannot set out to build a business with the goal of not working.
You have to set out to be the best; you have to set out to be great; and you have to set out to make money. When you have this mind-set making money becomes easy.
How to create a passive income
However, if you really want to set up a passive income this is how to do it:
Make so much money that you cannot ever spend all of it. Set out to do this over the next 5-year period; then kick back and relax.
Make a goal of making $1,000,000 from your business. Save that money – don’t spend it on crap. And then find someone who can get you a 10% to 15% return on investment every single year. Once you do that you’ll be making $100k to $150k per year of passive income and you will be free to do what you want.