The average person can come up with 2 ways to earn more money: (1) get a promotion or (2) work more hours, but I have a third method – passive income.
By receiving a promotion or working more hours, there still becomes a limit as to how much you could earn. But, by developing multiple forms of passive income, you could essentially earn as much income as you desire!
Think about it, a business consultant might charge $200 an hour (which is probably way more than what your job pays), but that’s basically their limit! If they walk into another place and suddenly decide to charge $1,000 an hour, they’ll most likely be shown the exit. Each job pays only as much as it’s worth and since there are only 24 hours in a day, there’s also a limit as too how much can be earned each year.
If, however, you develop an income that does not require your presence, you could continually build more and more money without reaching that glass income ceiling!
Earning More With Passive Income
Let’s say that you develop a niche website that attracts 10,000 visitors per month and $1,000 through affiliate sales and CPM advertising. The only time you needed to work on the site was the initial build. Now it runs without a hitch and does not require work from you at all!
That niche site worked so well that you decide to build another one. It takes you less time to create and make it profitable (since you’ve done it before), and you quickly have 2 fully functioning niche sites that now earn you a total of $2,000 per month.
So, you now have 2 sites that are raking in some cash. How much time do you spend working on these sites each month? Absolutely none! Do you know what this means?! Your income is unlimited! Create 8 more sites and earn $10,000 a month. Create 100 sites and earn $100,000 a month. It’s entirely possible!
Passive income obviously isn’t limited to niche sites, but the premise is always the same: Develop a business that will continue to generate an income without you and repeat the process over and over again! With this process, your income truly is unlimited!
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