If you can't manage your active income well today,
don't think about your passive. This is a little harsh.
Look at me, lounging by the pool, taking an outdoor shower,
eating some fresh fruit all while watching sales come in on my phone.
Sounds pretty great, right? It is.
But what you don't see is all the emails to my team, my laptop set up,
my ring lights and all the hours I spend working so that I can have this passive
income come in while I'm in Costa Rica. So what's going on here?
What is passive income? How does it actually work?
And is it true that you can really make money without lifting a finger?
In today's video, I'm going to answer all these questions for you.
If you've ever thought about setting up a form of passive income in your life or
in your business,
you're in the right place because today I'm going to break it all down for you,
$1 at a time.
And stay tuned until the end where I'm going to share my number one way for you
to get started with passive income today.
I'm Elise Darma and I've helped thousands of entrepreneurs like yourself use
social media to actually grow their business. And in today's video,
I'm covering the whole truth about passive income.
So let's talk about common beliefs that people have about passive income,
and I want you to check in with yourself. Do you deep down believe this?
The first belief is that passive income is only for the super elite or spammy
marketers who are just out to trick you.
The truth is you're probably way more familiar with passive income than you
realize. You have retirement plans, the stock market,
a savings account that pays you interest, rental properties,
all of these are forms of passive income. Now, in online business,
passive income looks a little bit different. There is network marketing,
so if you've seen doTerra or Arbonne, those are forms of passive income.
There's also affiliate programs,
so if you sign up with Amazon to be an affiliate and you share a link to a
product and someone clicks that link and buys,
Amazon is going to send you a commission and that is getting paid while you
sleep.
There's also the option to sell an E-product or an info product that's set up to
run on evergreen on a funnel so that literally you wake up to sales on your
phone. I did a whole video on how to automate your small business,
so check it out and learn a little bit more about funnel marketing.
The bottom line is passive income is for everyone,
not just the elite and not just spammy marketers.
Increasing your passive income is available to you if you have a bank account
and wifi.
Let's talk about the next belief or myth that people have about passive income.
Passive income is something in my business that I create once and forget about
it.
Now there's so much truth that I can go into on this topic because in the online
marketing world,
there is a belief that passive income is a set it and forget it model.
As someone who has run funnels in her business for three years,
I can tell you it's not something I've ever forgotten,
especially if you are running paid traffic to something like a funnel.
If you're running Facebook ads or Google ads,
you need to be babysitting those ads because they're spending your money.
You need to make sure that your funnels are working and you're actually getting
a return from your ad spend. Plus there's customer service.
If you are selling something online,
your customers are going to have questions and inquiries,
so you or a team member need to be available to help your customers out.
Keep in mind there will always be market changes,
so even though your passive income product works today,
you are eventually going to need to update it or overhaul it in order for it to
stay relevant in your market. Now,
let's say you became an affiliate for someone else's product and you helped them
promote their product during their launch. This is by no means passive.
If you sign up to be an affiliate for someone's live launch,
you need to be promoting it just as hard as them or if you're an affiliate for
their evergreen funnel, that's something that requires constant promotion.
So in neither of these examples is passive income something that you set once
and forget about. Now, the third belief that I hear about passive income is:
passive income is the solution to my money problems.
The truth is if you're feeling financially tight in your business or like you
have money problems, you actually need to get into bed with your numbers.
You need to be super intimate and in the know with what's going on with your
revenue, your expenses, your profit.
So if you're feeling like you have money problems,
you might be avoiding your money altogether.
And so I highly recommend to look at your income, look at your revenue,
and really get familiar with what's going on because at the end of the day,
if you're struggling to manage what you have today,
it will be extremely challenging to grow your wealth.
And even if you are able to set up a passive income stream,
you probably won't be able to manage it in a healthy way.
If you can't manage your active income well,
it's not the time to be thinking about passive income.
All this might be sounding a little harsh,
but I want to give you hope because I have definitely been there before.
I spent many years in my business where I had my blinders on and I didn't really
know what revenue versus expenses was.
Where I learned this concept and got in bed with my numbers was when I read this
book called "Profit First" by Mike Michalowicz.
So I will link that book down in the description of this video so you can check
it out. And yes,
it's an Amazon affiliate link so that you can get up to speed with how to
prioritize profit in your business today.
So what's my number one tip for you to get started with passive income today?
Well, for me,
I really honed in on passive income when I got to know the right tools that I
needed to set up in my business so that things could run on autopilot all day,
every day. So I invite you to check out my free tools training.
The link is right below this video.
I'm going to walk you through my top favorite tools that I use in my business
today to run it on autopilot. To and passive revenue.
I'll see you in the next video. You have retirement. Retirement.
Okay. Retirement. Why is that so hard to say? Okay.
Retirement. No,
to run it on automat ah.