3 Ways Every Freelancer Can Benefit From Passive Income

Pay all your bills, and then some

Rick Martinez

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Photo by Travis Essinger on Unsplash

Have you heard of the stat that says wealthy folks usually have at least seven income streams?

That means that they have seven different methods to churn revenue each month. Now peep at your own freelance business; solopreneur or otherwise. How many streams of income do you currently have pumping out dough?

If it’s only one, you’ve got some splaining to do.

Because if you’re only running on one cylinder, it may be well past time to pop open your creative side and create more income streams.

The term “passive income” is somewhat of a misconception. In the case of passive income, work still has to be done for items or various forms of money to become available, but the distinction is that these revenue streams may operate on autopilot for years to come, long after the initial efforts are completed.

So think of what I’m sharing as “front-loading” the work. In other words, out in the heavy lifting now and reap the reward of passive income down the road.

So what exactly are the benefits of having a passive income?

Increase your amount of “take-home” money

I realize this is a Captain Obvious point, but let’s be honest. Who doesn’t wanna make more money?

Different ways to earn income are always welcomed if you create a for-profit business. As you know, limiting your practice to one single client or doing exclusive 1:1 coaching vs. group services can limit your income potential, making passive income streams even more critical when your freelance calendar is filled to capacity.

Consider ways to automate what you currently do so that you can engage people while you sleep.

Capture more time in your days

What if you had more time for family or leisure things each day?

Sure, I realize I said you had to “front load” your work to create passive income, but think down the road a bit. Consider when these streams are on autopilot and spewing cash for you while you sleep.

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Rick Martinez

My journey began on food stamps • I help CEOs & entrepreneurs write & publish books that give them authority & legacy • Former CEO turned ghostwriter