hey guys Addi Ganley here from addiganley.com where I teach entrepreneurs
how to create smarter systems more success with less sacrifice so today I
just kind of wanted to talk about two myths that I hear a lot about passive
income so for anyone who doesn't know me I've kind of built my business on this
passive income notion where I don't have to be physically present a lot in my
business to still earn money so I kind of just wanted to talk about that today
because everyone wants to have this passive income you hear this term being
thrown around a lot I'm sure you've seen a lot of Facebook ads where people are
talking about earning sales on autopilot and they're like standing in front of a
Lamborghini or their multi-million dollar home and it's kind of confusing
sometimes I know a lot of people don't even understand what passive income
means so I kind of just wanted to talk about that today because I get a lot of
questions about how I earn money in my business what passive income is what it
isn't so I kind of just wanted to talk about that and discuss two myths that I
see about it because I've definitely built my business over the past couple
years this way so I just wanted to really talk about that and before I go
into the two myths I wanted to talk about what the definition of passive
income is so by definition it is income received on a regular basis with little
effort required to maintain it so this means that you are earning like a
reoccurring commission or reoccurring payment without having to put in more
and more work every single time so that's what passive income means by
definition an example of that could be if you have like a sales funnel in place
so you did the work upfront and then it continues to earn money whether it's a
sale every single day so every single week every month and you earn money for
the work that you already put in so that's what the basic definition of
passive income is so the opposite of that would be active income and active
income is where you are like trading your time for money so an example of
that would be like coaching or consulting where you are
we have to be physically present to earn that money or you have to put in more
hours with your client to earn the money for it so that's on the opposite end of
passive income so an example of passive income could be maybe you have monetized
some of your content on your website and you drive traffic from Pinterest to that
website someone opts in for a content upgrade and they go through an automated
email sequence that you have and then at the end of the sequence they either
purchase an affiliate product or they purchase your product that you sell or
service and that can earn you money passively because you're not actively
working on every single day to get that sale because you've already created that
email sequence so just kind of wanted to give you the definition of passive
income and show you what it means that you can understand so the two myths that
I see the first one is it isn't actually passive and I know that's kind of hard
to understand um but this is the biggest misconception around passive income is
people think that they can just set it and forget it and that's not true it's
not something that you can just do one time then you never have to touch again
not only does it take a lot of effort to set up and lay the foundation for these
systems but you have to continually refine it you have to spend time editing
these systems that you have and figuring out what works and what doesn't work and
also marketing it so maybe you are driving traffic to a post on Pinterest
and that pin needs to be repaired or needs to be added to group boards or
maybe you need to create new images for it to drive more traffic to that post
that you monetize so even though it's earning you money passively and you're
not actively doing a lot of work every single date on that money it still isn't
actually completely passive so I actually like to call it leveraged
income because you're leveraging the system's are leveraging the work that
you put in prior to this point to earn that money on a reoccurring basis so I
kind of really don't like the word passive because it's a little bit
confusing because a lot of people think they can just do something once and then
never touch it again but you still have to update it you have
to maintain it there's still work involved I'm not
saying that it's a ton of work it might be minimal compared to the work you put
in up front but it's still not something that you're just gonna be done with and
then never touch again and you're gonna keep continuing to get these sales so
there's always refining there's always editing maybe you want to drive more
traffic to it you're gonna do Facebook ads and you're gonna mark it in a
different way there's just always different things that you can do to set
that up so that it's working and you're it's just not gonna happen all the time
and set it and forget it so that's myth number one the second myth is passive
income is easy it's not easy it's easy once you have everything set up and you
have this system in place but there's a lot of work that goes into creating
these systems to make sure something works passively in your business there
is a lot of content that's created there's a lot of refining and figuring
out like you might do a sales funnel and it might not be converting and you might
have to go back to the drawing board and realize like okay I need to add in more
value driven emails or I need to attract the right audience into this funnel or
this product isn't right for my audience they're not buying it or this affiliate
service that I was promoting isn't something that's actually gonna benefit
my audience so there's so many different things that you're gonna be fixing and
working on to the whole process and then to get it all set up and running so if
you were doing the example that I said where you're driving traffic from
Pinterest and you have a monetized post that has affiliate links in it you still
have to settle that out you still have to write that content you still have to
optimize your pins you still have to drive the traffic from Pinterest you
have to create the email sequence for it so there's a lot of moving parts so I
always hear that myth it's like oh my gosh you're just gonna set this up and
you're gonna earn all this money and you're gonna get these sales on a daily
basis and yes it can happen but it's not easy and it's not something that's gonna
happen overnight and I always like to tell that to people because they hear
this term passive income and they see people earning money on autopilot and
they think okay I'm gonna put in this this work one day and then I'm just
gonna start earning this money and it doesn't necessarily happen that way so
the two myths that I always hear is they think it's actually passive and it's not
and to is it's easy so those are just two
misconceptions that I always hear with passive income and I know it can be
confusing because a lot of places online are showing you how easy it can be and
it's definitely easy and when you put in the work and you put in that you lay the
foundation so I like to tell people I've built my business on creating different
types of systems and I have different types of funnels and I've diversified my
income with different income streams so that it does seem easier now but I put
in the work for a year is upon years and I tested what works with my audience and
I figured out the types of products that they want and I've learned from my
mistakes and it's it's not always this easy process and sometimes it might come
easier for some people and not as easy for others but I just kind of wanted to
put that out there and let you know that sometimes when you see the success that
people have online there's a lot more that's going on behind the scenes and
there's years of work and experience and knowledge and learning that happened
prior to them making those sales every single day so I don't want to scare you
away from it because it is honestly amazing and it's great that I am able to
work only a couple hours per day and get sales every single day or every single
week or if I have to take off time for my business if we go on a vacation I
don't have to worry about it because I know I have these systems in place yeah
passive income was that easy everyone have it true very very true it was that
easy everyone would be doing it so you definitely have to put in the work but
it pays off tremendously in your business I definitely still recommend it
even though it's not passive and it's not that easy it's one of the number one
ways I always recommend to people because once you have those behind the
scenes and you're earning money maybe it's even just one sale per day it'll
free up some of your time and give you the cash flow in your business to work
on things that you want to work on so maybe you haven't created your own
product or service yet in your business because you need to make money right now
and once you implement these certain systems whether it's using affiliate
marketing or maybe putting in a sales funnel and you do learn from that and
you have happening in the background then you can
have that cash flow to work on what matters most in your business yeah so I
love systems two systems are amazing and that's what I've built my business on
but it's definitely a learning process and figuring out just because it worked
for one person's business doesn't mean it's always gonna work for yours and
it's testing what is gonna work well for you so passive income definitely pays
off I still don't like the term passive income I like to use leveraged income
but people understand it better when I say passive income it definitely pays
off in the long run it's just taking the time and putting in the work now to have
those systems that are gonna earn you money on a recurring basis in the future
so one way to start to have these passive revenue streams is through
affiliate marketing and that's something that I did in my business years ago and
it's what I've built my business upon I'll put a link below if you want to
download a free copy of my affiliate starter guide that will show you how to
get started with flight marketing so you can monetize some of your content and
start to build that sort of system within your business and also if you're
not a member you can join my facebook group I'll put a link below as well to
that where we're talking a lot about monetizing your site having these
passive revenue streams affiliate marketing and everything else to help
you set up these systems in your business so again the two myths I always
hear is passive income is passive it's totally not completely faceted and it's
easy and it's not I mean it can be easy but I just kind of wanted to bring those
two to the forefront today so everyone understands I know this term passive
income has been thrown around a lot lately so again you can download my
affiliate starter guide and join my facebook group so thanks for being here
and I will see you guys later
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