Have you ever wished for a money tree?
Or even, like, a cute little indoor money plant that slips ya twenties like grandma used to when no one was looking?
As a kid, anytime I asked for something new and shiny that my mom thought was kind of frivolous, she’d say, “Hayley, money doesn’t grow on trees.”
And I’d look outside the window – see the tree in our yard – and instantly start fantasizing that it WAS a money tree.
Of course, she didn’t appreciate it when I told her money is made of paper… and paper comes from trees… sooooo…. LOL
Maybe that’s where I learned to become a fast runner.
When I started my own biz, I discovered there is a way to plant your own money tree…
By creating multiple sources of PASSIVE income.
I’m hosting with three of my besties – Latasha Mitchell, Julie Serot, and Kimi Evans – and it’s all about how to create multiple, DIVERSE sources of income. Including passive and nontraditional ones.
So you can stop stressing about money – feeling like you’re a bad couple of months away from not paying your mortgage – and actually create consistent streams of income… so you can breathe deep again.
Because the fact is – the life our parents told us we’re supposed to have… where you (*cue Rihanna) work work work…
…and then retire comfortably on a single source of income – yeah – that’s not reality anymore.
That’s an old school way of thinking… and why so many of us are depressed… anxious… constantly worried… and feeling behind.
First, let’s talk about passive vs active income.
ACTIVE income is what most of us focus on.
That’s essentially trading time for money… the cash flow we receive from our ACTIVE efforts. Whether you have your own biz… or work for someone else.
PASSIVE income is money you make without actively working for it every day.
Common examples of this are things like commissions or selling a digital product online.
Something where you did work upfront – and then you get to reap the rewards. Ideally over and over again.
Because if you depend entirely on active income… you will literally never stop working.
I love this quote from Warren Buffett: “If you don’t find a way to make money while you sleep, you will work until you die.” You don’t want that kind of life, do ya?
I certainly don’t… which is why I’ve personally set up my biz so I have multiple streams of diverse, passive income coming in.
So if something happens with the education and training portion of my biz… I still have my essential oil income coming in. And vice versa.
There are actually four key ways to bring in passive income. And I know you’re dying to hear about them.
And in this week’s podcast episode, I share even more examples of how you can build passive income for your biz – without distracting from your core biz.
Of course, do your own research before doing any of the things I’m mentioning. These are all innovative ideas – I’m not offering financial or business advice, ok?
Alright, let’s go.
4 Paths to Passive Income – How to Use Your Existing Resources to Earn More Money
#1: Investing money you already have.
An example of this is investing in stocks that pay dividends or buying bonds.
AKA: putting your money to work for you.
Now, of course, always be careful investing money you already have. The point is to earn MORE… not risk it all. It’s not gambling.
Remember… this is all about building consistent money – WITH your money. This is something I’ve been doing since I was in my 20s. I kid you not. I learned from my dad. #TeamDad
Another super cool and non-traditional way of investing money you already have to earn more… is crowdfunded real estate.
Have you ever wanted to flip a house or get in on the real estate market… but didn’t have all the upfront capital?
With crowdfunded real estate, you basically pool your money with other people – and fund the loan for a developer or flipper.
Yup. For real.
Reports I’ve read about this say you can get returns in the range of 7-10%. Which is pretty good – better than many short term traditional investments.
Yeah, there’s some risk involved with it… but you do have the actual house as collateral in the event something goes south.
#2: Rent things you already own.
You’re seeing a lot of this right now – people are getting super creative in this economy.
This passive income stream includes things like:
- Privately renting your car.
- Renting out your parking space – which is super popular in crowded cities like LA and New York.
Did you know you can even rent out things like your bike… and your wardrobe?
Does anyone want to rent any of my 9000 pairs of fuzzy slippers? What about my extensive collection of hoodies and yoga pants?
No? No one?
Well, I tried… LOL.
If this idea appeals to you, think about assets you already have that you don’t use that often… and would be willing to rent.
For example, I owned a townhouse when I married Wes 15 years ago. I’ve been renting it out ever since. Not only does this cover my entire mortgage… I actually make about $600/month.
PLUS, the property value is way higher than it was when I purchased it. So if I do decide to sell at some point, I’ll make some pretty good cash.
Think about assets you own or have access to… and see if they’re something you would be willing to rent out as a means of making a little passive income on the side.
#3: Get paid for things you do.
You might be scratching your head like… wait, isn’t that active income?
Nope… hear me out.
Here’s what I mean by getting paid for things you do…
You can get paid to shop.
Not for someone else like Instacart… but getting money back from the actual companies you’re already shopping with.
I’m sure you’ve seen those ads for apps where you scan your receipt, upload it to the app, and earn some cashback. They’re called “receipt apps”.
All you really need to invest is your time…
I mean, you’re not gonna make a ton of cash doing this… but if you’re already shopping at the grocery store (or Target, Amazon etc), you CAN earn some money this way.
Honey is another one you can add directly to your web browser – it scans the internet for coupon codes and has a cash back option.
Here’s another way you can earn passive income from things you do:
Earn cashback with credit cards.
Tons of credit card companies have incentives for you to sign up and use their card.
What you spend gets turned into points, which you can redeem for perks… including cash. You can get gift cards… vouchers for travel… all sorts of things depending upon the credit card you use.
And it really only works if you pay off your credit card in full each month.
I mean… what’s the point of earning 2% cash back when you’re paying 15% in interest? No thank you.
I totally use this passive income method – and redeem my points for travel since we’re always on the go.
So it definitely saves me money – and lets me get better perks from hotels, airlines, etc. And I earn even MORE points for travel… by paying for my travel with the card.
BTW: is it mean if your child sits a row behind you in Economy Plus when you’re upgraded to Business? (Asking for a friend…)
Definitely use this method wisely. Make sure you’re making smart choices with your card… and do your homework.
And pay your bill in full each month for this to work.
4. Create an online biz.
This one is actually my fav. And what I personally do myself.
Here are three income streams I have in my biz:
A - I sell my own products – digital downloads and resource bundles. Things like that. Actual downloadable goods.
B - I also teach online – I offer live and recorded courses, trainings, and subscription-based memberships… just to name a few examples.
C - I’m in affiliate marketing – which is basically what my essential oil biz is. I don’t keep any inventory. I’ve got no overhead. And I receive a commission when people I recommend buy the oils.
The great thing is… all three of those income streams are RELATED to each other.
I teach about essential oils… I offer digital products about them and how to build an online biz like this… and I make commissions from them.
See how you can create multiple streams of income from your core biz?
See how you can diversify where your money comes from… without diverting away from your passion?
So what do you think?
Are you hyped about earning some passive income now?
Because not only will you hear all about making money online… selling your knowledge, experience, or products…
But you’ll also hear about how to:
- Make and sell subscription boxes – which is a SUPER hot industry right now.
- Earn passive income is through apps – and no, you don’t have to be a superstar engineer for apps to be a revenue generator for you.
- Generate money and grow your influence on YouTube and Tiktok.
- Get media coverage for your biz – so you can reach hundreds of thousands (if not millions of people) without a publicist, manager, or someone else who wants to take a cut of your paycheck for it. LOL
If you already have a biz and what you've been doing just hasn’t been working anymore… and you’re sick and tired of feeling stressed out, anxious, and frustrated AF…
Or if you’re intrigued by how a nontraditional way of generating income for your biz works, then definitely come to the On the Edge Summit on March 15th and 16th.
It’s from 12pm-4pm Pacific / 3pm-7pm Eastern each day.
So… you ready to plant that money tree?
(BTW, IDK what the hell this gif is but it’s super weird and I’m kinda into it. #evendemonslovemoneytrees)
With your (non-demony) money tree you could…
- Save up to take your kid to Disneyland.
- Get her those Adidas shoes she’s been begging you for (yes, they’re back).
- Get yourself another pair of fuzzy slippers* and Vuori joggers*.
*Hey, it’s an investment… you could totally rent those out. That’s what I’m gonna tell Wes when he asks me if I REALLY need another pair… LOL.
See ya at the On the Edge Summit!