I’m finally starting to find my feet, honing in on what my new venture is all about. As it turns out, my niche is somewhere within lifestyle design. Watch the video The Video Diaries – Episode 1: The Beginning to find out more – there’s a big hint below though!
As promised in the video, you can jump on the mailing list here, and follow along with me:
And I also said I’d explain a little more about what passive and leveraged income is. In a very small nutshell (and I’m going to take some liberties with my explanations, because there are a few different interpretations):
- Passive income takes a little bit of time to set up initially, but then it earns you money without you having to do anything.
- Leveraged income uses the power of many, to multiply the value of the income.
So let’s say you are a designer, working for clients, on an hourly basis. You are trading hours for dollars. For every hour you work, you are paid a certain amount. You can’t reuse the assets you create for the client.
If as a designer, you wanted to generate some passive, leveraged income, you might write a book, or a training course on ‘The Psychology Behind Websites That Convert’. You write it once, put it up for sale, then move on. Multiple people may purchase your book or course, over many years – thus generating leveraged, passive income.
A nice wee side hustle there, trading skills and experience -rather than hours – for dollars.
For 5 more quick ideas for passive income streams that you could start work on today, pop your details in below.