Increase your income with the best kept secret
Almost everyone today is seeking a side income to supplement the higher costs of living! Hence the popularity of companys like UBER, AIR BNB, AMAZON & EBAY just to name a few. Then there are new ones like TASKGRABBER (a mobile marketplace for people to hire others to do various jobs and tasks) and DOGTASTIC (shared dog sitting services) along with; LYFT, Turo, GET AROUND and LIQUID (car or bike sharing). There are more of these companies coming online every year!

For people seeking to diversify their income these are easy options to utilize items they already own or can sell in an online space. But none of these opportunities create passive income streams, and so you only get paid each time you sell or lease your service or product. This process offers a limited amount of income - related to your limited time available to offer your products or services.

For those who are able to gather substantial financial resources, with master coaches like Robert Kiyosaki, (Author of Rich Dad Poor Dad) they often embark on the passive income model by investing large sums of money into real estate properties, and create a passive income stream though renting properties. They may also develop and improve the value of these properties and then sell them later for a hopefully sizable profit. These can be very profitable investments, but are limited to people with the funds to spare, who have some specialized knowledge and education about timing, real estate markets, and know proper valuations, in what can often be a very fickle or changeable marketplace. As they are very comfortable taking the higher risk with their capital they are also able to have great windfalls in their portfolios. Of course this is the type of financial success and security we would all love to have.

However, for most of us with limited funds and less tolerance to risk, the sharing economy through the business model of Network Marketing is much easier, and includes passive income built right into it. This model allows people to make a nominal investment - typically around $500 – $1500 - to build a side income very part time, while still working in their primary field of business or employment. It’s a simple mini-franchise type home based business model that has many perks. These include tax incentives, as they can write off so many of their home office expenses, and even travel to training and events, while fitting in a bit of holiday time in as well. This model also creates a sense of empowerment through belonging to a group of people committed to helping others win, all of them working in teams to get ahead in their lives, both financially and otherwise. It also offers free personal development and business training to those who really embrace the culture, and opportunities for learning more about business, marketing, goal-setting, working smarter instead of harder, and utilizing a very powerful tool called leverage.

Examples of individuals who are quite likely to jump into this time freedom vehicle are: seasoned entrepreneurs, people with influence who enjoy helping their families and friends achieve more, moms and dads who are determined to stay home with their children... We see many couples freeing up one parent to return home while rearing young families, and the income generated through referral based networking, which appeals to many women, can soon out perform their husband's full time income. There is also now a burgeoning group of Millennials dedicated to improving their financial picture. They are excited about building their dream: perhaps paying down student loans faster, creating a plan to fund their first home purchase, or take vacations. Even college students can squeeze in a few hours a week to keep finances flowing while they are in school, and hopefully set in motion a lifestyle that continues on even after they land full time careers.

The industry of Network Marketing is part of the new sharing economy - people sharing services and products through a network of distributors. People earn substantial passive income from their networks promoting these products. It is now a $170 billion dollar industry, producing hundreds of thousands of millionaires, and definitely here to stay. In fact, Warren Buffett, Robert Kiyosaki, and Les Brown endorse it as the business for the 21st century.

Passive income can help you increase your income without substantially increasing your workload. It has a secret power that makes it ideal for people who want to fund their dream lifestyle. It can also free up time through the power of leverage, which for the current generation of working folks has become an even scarcer commodity than money.

In essence, passive income is simply an income you earn repeatedly for a single effort. For example, someone who creates a piece of artwork or music puts effort into creating it once, but continues to earn money every time it is used or sold. Wouldn’t it be great if we could have written California Girl by Canada’s own Bill Henderson from Chilliwack, B.C.? Some 45 years later he is still be paid residuals for that one time effort!

If you are interested in learning more about how you can make passive income work for you, contact me. I’m a business coach and provide one-on-one mentoring to help people obtain ultimate financial freedom.
Deborah MacDonald

Entrepreneur.  Speaker.  Author.