“I just want to have Passive Income”
If I hear one more person say this I think I am going to scream!
Honestly, there is No Such Thing as Passive Income
Money does not gush out of a tap, it is not growing on trees. I am astounded by how many highly intelligent people think that there is such a thing as Passive Income. Just this week I was talking to a prospective client who was telling me that they intended to build their business to create passive income and they were looking to me to assist them.
I’m especially skilled in assisting businesses to identify and develop processes and systems that can streamline the way they do what they do. This creates consistency for clients, customers and team members. This protective client is a health professional and can see the opportunity to have multiple clinics that would provide “Passive Income” and was seeking my assistance to help her achieve that.
Here’s the truth. This notion of hanging out at the beach with your laptop while money pours into your bank account …. Dreamland!
The reality is that no matter what you are investing in, money follows assets and assets require attention.
From my observation the people who are seeking or talking about Passive Income fall into one of 2 categories, either:
- they are trying to sell you some thing or
- they have no clue what they are talking about
and I’m not sure which of the 2 is the more scary!
It is possible to create assets that give high return with low or minimal attention – when you have developed the expertise.
Let’s go back to my chiropractor. She could easily have multiple practices:
- that have self managed work teams
- that generate steady income
- that lead to a type of ‘Passive’ Income.
Passive in the sense that she might not be treating clients.
Not Passive in the sense that she needs to provide
- Vision and
Think about an orange grower. It might look like Passive Income because the oranges grow on the trees all on their own. The reality is they need to be fertilised, watered, pruned, sprayed.
Money follows assets and assets require attention!
Being in business is a fabulous adventure and I truly love to work with people wanting to create their own business; just know that there is no Passive Income .