What is Passive Income
I had lunch with Heng Whye yesterday and this is the first time, we really, actually met up and talk over lunch. Though we have know each other for almost 10 years, but we have never came out to meet by ourselves.
Heng Whye left SQ 2 years back. He join WBG MLM 4 years ago. He took almost 2 years to general enough income from MLM to meet his expenses before he make the big leap away from monthly stable income from SQ.
We talk a lot and covered many subjects. One of the topic discussed were about passive income and financial free.
Firstly, we need to get our definition correct. What is Financial Free? Financial Free mean we do not need to worry anything bit about our financial FOREVER! It’s not just “for now” or “we can manage”, but it goes beyong all these! Financial Free, to me, is I have enough passive income that cover my expenses perpectually and I could generate extra for me to use freely without worrying if it will come again tomorrow.Â
Now, what is Passive income? Some business owner told me he is generating passive income now as he is talking to me, he is earning money! Politically, he is correct. However, to me, Passive income goes beyond just not been at the office; it’s the notion that one do not need to be present in their business AT ALL! Take not of my words, “AT ALL”.Â
Remember Rich Dad Poor Dad mentioned about ESBI quardium Some Self-employee are mistaken to be a Business Owner. They though the own a provision shop and hired a shopkeeper to help them, and when they were away to run errant, their shopkeeper helped them to look after their shop is equal to passive income. However, he did not move away from from left to right quardium yet; because if you ask him to take 1 month leave, he will sure freak off!
For business Owner, they are a steps ahead and nearer to passive income. However, they too, unable to take long leave, doing nothing and let it’s company run by itselfs!
So, my definition of passive income model is, I do not need to attend to it and yet, it auto generate income for me! Thus, how to achieve it?
INTERNET MARKETING!
Yes! Internet Marketing. Just imaging,
- You have the whole way as your market place.Â
- All transaction can be automated:
- payment
- comments
- contents
- viral marketing
- others
You don’t need to attend to it. Once all established, begin heavy and massive marketing at initialy, and once it is established, it’s automatic!
That’s why I created “AllInterviewsWithGod.com” hoping to mimic my competitor and I need to do massive marketing on it (Which I have not) and lastly, I will do my CD site! Then, I think I should concentrate on marketing!
Once it is automated, i should be able to start generating passive income.