Guest Blog Post by Rob Moore - The Disruptive Entrepreneur - 3 Times World record Holder for Public Speaking and Author of 8 best selling books including " Money
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I feel passionately that passive income is possible, exists & you can have it too. I know this to be true, but voices like mine get drowned out by all the BS that’s out there in the form of schemes, scams & also all the poor people giving free advice & working 80 hours a week to make a few pounds an hour.
If you're working your arse off & you don’t have passive income, it means you're doing it wrong, not that it doesn’t exist.
The easiest advice in the world is to say ‘work harder, longer, hustle and grind’, but that advice is basic, & not smart; it's attrition not invention, so:
- You have to work hard enough not to have to work hard & set to forget, while setting up
- But as you do, you need to build systems, processes, software, automation & teams around you
- You need to make yourself redundant not reliant (it is the ‘hard work’ myth that keeps people working on not in their enterprise)
- You work hard to build assets, not earnings. Assets give you passive income. Systems manage assets
- You still need to monitor assets, but that can also be systemised/outsourced
- Your highest value (non) task is setting a clear vision & inspiring people around you to help you towards that vision (& that’s the easiest (non) hard work their is)
Passive income can come from any industry and there are loads of people out there now making a lot of money from things that they made or did years ago, like:
- Slade make £500,000 each year with their xmas no.1
- Paul Brown made $13million from the patent on the valve that holds upside down Ketchup in
- Lonnie Johnson got $73million in royalties in 5 years from Hasbro for the super soaker
- Paulo Coelho has been earning on The Alchemist since 1988, getting his share of 65 million of sales ever since
In these examples, an asset was created, not an exchange of time for money. Books, property, information, IP, songs, movies. licenses, audios & DVDs, eCommerce platforms & sites, stocks, companies that you no longer work as an employee in, patents etc are all assets.
If you stop spending & wasting your time working 80 hours a week & wearing it like a badge of honour and glory, & start investing your time, putting your time into building assets (& yes you work ‘hard’ at the start, but more importantly ‘smart’) then you get residual, ongoing return on your time in the form of passive income.
Might you have to speak to your publisher every now & again, or send your invoices in, or even set up contracts; of course. Could you have a PA or MD that manages even those small (in terms of time) tasks? Yes.
There are 15 million millionaires in the world according to Forbes. That is 0.00214%. The problem is the 99.998% have a louder voice, which is why there’s so much free, poor advice about money out there.
If you fall for a scheme or scam it shows a lack of vision & understanding of the value of money, assets & passive income at that time. Will most people attain passive income? no. Most people are not millionaires either.
But does that mean it's not possible? Well I guess it depends on if you take advice from the 99.998% or the 0.002%.
If you missed my live feed video on passive income you can watch it here
"You have more time than you think. Yes be persistent, but patiently persistent.Don't be a busy fool"
Rob Moore
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