Andrew Picard asked, “What’s the fastest way to passive income, even if the passive income is small at first?”
There’s two ways that I could address this.
First, I believe that passive income only comes from investing.
So, first thing you could do, allocate a small percentage of your take-home pay, either from a business or from your paycheck, preferably 10% or more, and put it into automatic places of income. This could be a real estate investment trust, it could be bonds, it could be dividend-paying stock.
But the other way that a lot of people talk about passive income that is not really passive is working really, really freaking hard for passive income, and that’s like building niche sites where you sell affiliate products, or you have a YouTube channel where there are people who are sponsoring it.
These are places where income comes in, but you don’t have to work for it once the hard work is upfront, but you still work really hard for that passive income.
So, where are you working really hard that could be monetized? Do you have a large following? Do you have a lot of customers?
And this is just the simple question of where do I monetize the assets I’m already building? Or, another question, are you building any assets that could be monetized long-term?
‘Cause if not, then we’ve got to address how we do that so that you have a business that you can monetize.
That’s what most people talk about when they mean passive income: how do I work really hard so I can monetize it later?
And we gotta look at where we’re spending our time, and where we’re building an audience, or where we’re building assets that can be monetized.
But on the immediate side, take a small percentage of your take-home pay, whatever amount that would be, and put it into real-estate, real estate investment trusts, any place that is going to pay automatically without you having to think about it.
This Q&A clip is from Freedom Fast Lane TV.
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