Nightingale-Conant - The Power of Passive Income: Make Your Money Work for You

THE POWER OF

PASSIVE INCOME

MAKE YOUR MONEY
WORK FOR YOU

Nightingale-Conant

Entrepreneur Press

Entrepreneur Press, Publisher

Cover Design: Andrew Welyczko

Production and Composition: Eliot House Productions

2019 by Entrepreneur Media, Inc.

All rights reserved.

Reproduction or translation of any part of this work beyond that permitted by Section 107 or 108 of the 1976 United States Copyright Act without permission of the copyright owner is unlawful. Requests for permission or further information should be addressed Entrepreneur Media Inc. Attn: Legal Department, 18061 Fitch, Irvine, CA 92614.

This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional services. If legal advice or other expert assistance is required, the services of a competent professional person should be sought.

Entrepreneur Press is a registered trademark of Entrepreneur Media, Inc.

ebook ISBN: 978-1-61308-396-3

CONTENTS

BY ROBERT W. BLY

FOREWORD

By Robert W. Bly, marketing and passive income expert and author of The Digital Marketing Handbook, The Marketing Plan Handbook, and The Direct Mail Revolution

T he majority of people I meet have basically one stream of income. This is typically a 9-to-5 job where they trade time for money or a small service or retail business they own in which they also trade time for money. Any business, job, or profession where you are paid only when you actually work is active income. Dentists, for instance, have a saying: If youre not drilling and filling, youre not billing. As highly paid as they are, dentists only get paid when they are working. If they are not working, they arent getting paid, which is the drawback of active income.

In this book, you will discover one of the ways to escape the 9-to-5 rat race: Develop one or more streams of passive income (money you are making even when you are not working). You could be playing golf, taking your kids to Disneyland, fishing, or just loafingbut with passive income, you are still getting a steady stream of cash with no direct labor on your part.

For instance, if you own an apartment building or multifamily house and hire a property management firm to manage it, you collect rent checks from tenants every monthwithout lifting a finger. Likewise, if you are an investor and buy 10,000 ounces of silver bullion at $10 an ounce, hold onto it, and then sell when the price hits $30you have made a $200,000 profit in passive income while sitting on your deck or vacationing in France.

Thats why most wealthy people have multiple streams of passive income. Thats why you should, tooand The Power of Passive Income shows you how to achieve true financial freedom by building one or more passive income streams.

For many years, I have had multiple streams of passive incomeincluding many of those listed in the table of contents of this book. For me personally, my biggest passive income stream is my online businessprimarily selling information products on the internet.

A few weeks ago, I checked my email on a Thursday night at around 6 P.M. Nothing important in the inbox. So, our family went to our favorite local Korean restaurant for a quick dinner. When we got home around 8 P.M., I checked my mail inbox again. And heres what I found: While we were out at the restaurant, two of my customers had each ordered multiple information products from mejust in the time it took me to eat dinner.

The total dollar amount: $1,079.65.

Now, thats not a fortune. It didnt make me rich. But the average American between ages 35 and 64 earns around $50,000 a yearor roughly a grand a week. That means that, thanks to just one of my passive income streams, I made in just two hours about the same amount of money the average American earns in a week! A nice little chunk of cash with no labor on my part. No meetings. No phone calls. No going to the office (which is in the house).

I tell you this not to brag, but to make a point: I firmly believe you should have multiple streams of income, with at least one of themand preferably, most or all of thembeing passive income for two reasons.

First, while a paycheck from a 9-to-5 job is steady and expected, orders like the $1,079.65 I made overnight are unexpectedand there is delight in surprise. An unexpected royalty, commission, bonus, profit from the sale of a flip house, a stock that goes up, or a large online order makes my day, and many of my fellow solopreneurs have told me the same is true for them, too.

Second, and more important, if you can develop a passive income stream that generates an annual six-figure income (without regular active daily labor from you), you achieve a degree of financial security that 95 percent of your friends, relatives, and neighbors will never have.

I am not money hungry or even money oriented. I work long hours in my freelance copywriting business, which is my primary active income stream, and will do so as long as I am able because I love it.

But by making a six-figure passive second income online, its comforting to know I could live nicely off that income stream alone if I so desired. And by following the advice in this book, The Power of Passive Income, you will discover how to set yourself free from the need to work for someone elsemaking them rich in the processand make yourself rich instead.

INTRODUCTION

W elcome to Entrepreneur Media presents The Power of Passive Income. For the first time, we are partnering with Nightingale-Conant, the worlds largest producer of audio programs and the world leader in personal development content, to bring you an exclusive look at the proven techniques you need to create a passive income stream. This hands-on guide from Nightingale-Conant is designed to maximize your income, minimize your stress level, and get the absolute most from every moment of your life while also sharing the tips, tricks, and techniques youve come to trust from the Entrepreneur brand. Its a winning combination that we hope will help you win, too.

These are ambitious goals, so as a way of getting started, lets look for a moment at what getting the most from your life really means. The fact is, over the course of a year, most Americans spend more time working than they do in any other activity. You may spend a day at the beach with your family, or you may even go on a two-week vacation, but in the overall context of your life, those are just interludes. On the whole, day in and day out, month after month, most people are hard at work. Whats more, the percentage of our time that we spend working has dramatically increased over the past two decades. Compared to the way we used to work and also compared to other nations of the world, Americans are workaholics. We may not like it or we may have never even stopped to think about it, but thats the way things are in the 21st century.