It’s not your active labor that is used to create passive income. If it were, it would be called active income. Typically, that’s also called a paycheck that you receive every two weeks as an employee. Entrepreneurs act and think differently. They create passive income from their activities in other ways, for example, by creating something from their intellectual capital or buying assets that create streams of cashflow… even while they sleep.
Once you learn how to provide value, you can earn passive income 24/7 and with your eyes closed. Once you’ve packaged your assets correctly you will earn passive income. You can find a property, put it under contract, raise capital to buy it, and then earn passive income in the form of rent every month. One single-family house equals one stream of passive income. The more doors (properties) the more streams. If you invest in small multifamily properties, say with 8 units, the rents start adding up.
It’s not as hard as you might think to get started in real estate investing.
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Jay Massey here, with the CashFlowDiary.com and in this video I’m going to discuss various different strains of passive income in two minutes or less.
Passive income is simply that income where you are not trading time for dollars. Meaning your active labor isn’t being used in the moment in which the value is created.
That doesn't mean you don't work at all. Here's what I mean. By that you may pour yourself into something and what left the result of that something then have the ability to go in the marketplace and provide value for other people.
And while providing value you may be at home sleep.
A good classic example that happens every week is a movie. Many people come together to lend their best talent to entertain, and inspire and cause many different emotional journeys for all of us.
And then they package that movie and sell it. When you and I are watching it they could be building another movie on the beach doing all kinds have many different things to whatever make them happiest.
The point is that the packaged that thing, that movie that concept as in asset for them. One of the great ways for you and I, we may not know how to make a movie we would probably want better movie though but we don't know how to make up.
What we can do is we can go out there and provide housing for people. We know how to go out there and buy a property and rented out for someone else. We may not know how to find that deal what paperwork to user how to find the money for it.
But the good thing is — all that can be learned. And at the end of the day isn’t it fun to learn new things anyway? Especially when you know it's going to result in income coming in whether you are awake whether you sleep, whether you're just hanging out on the beach with some friends.
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