5 Passive Income Ideas to Make $10,000 Per Month in 2024

5 Passive Income Ideas to Make $10,000 Per Month in 2024

I want to introduce you to a couple of key powerful ideas one is how can you make sure you have some insurance in your business when business slows down and this is a really good idea because it helps you to get out of the feat and famine mindset to give you a little Cushion maybe a little extra spending money every month that doesn’t require you to build a bigger team or to chase after more clients if you’re interested stick around so this’s this concept here is that we’re we’re building a company that is generating revenue for us so if We look at a graph it’ll look something like this and we’ll talk about like this is the money graph and this is time so what we want to do is we’re want to figure out another way to make income that insulates us against the fluctuations of whatever’s going on and this is Something I warn everybody about and they never heed the warning and they call me in a state of panic after the fact so I say why weren’t you listening to me when I warned you about this clients go away Industries changed disruptive Technologies emerged to take away your Revenue source and then now You’re CAU holding the bag and there’s nothing in it so you need to start developing this today not yesterday today okay here we go so Chris Franklin you have a video-based business right and so you’re going to earn money and this is kind of how your Revenue looks Okay if you do well this number will go up if you do poorly it’ll go down so the way that we ensure against this because we should just anticipate it going down and act accordingly to assume that you’re going to lose say 25% of your business how do you fill that so that That that doesn’t cause you to come in State a panic and if your business grows you have an extra 25% of money to sit on top of that we’ll just call peer profit and so it’s going to be some kind of graduated scale so your video business Occupies this much in terms of Revenue over time so the question is what can we fill in here that brings it back to that Baseline that you’re looking at so previously we were talking about $300,000 a year in Revenue not in profit everybody in Revenue so what we have to Do is fill it in so maybe the first year it’s not making that much much but over time it starts to make a lot and this is the really cool point when it reaches the 50% mark this alternative business that you generate you have to make a big Boy decision at that point you can say to yourself should I invest more resources into this alternative business or should I just keep doing what I’m doing and let this thing chill in the background and that’s a great thing because you have choice choice is powerful okay now what can we do to Generate more money without taking more client work have to think about this so historically speaking most of us do this we exchange time your time for money so what we’re doing is we’re selling time for money makes sense right that’s why we get into this mindset we’re charging hourly there’s an Hourly rate so x per hour or sometimes we think about like x per day but what I found that especially in certain kind of communities let’s just call them rich people what people do is they trade money for more money it’s a wild concept you trade money for more Money what are some examples that you can think of where people trade money for more money some simple examples that everybody can understand stock stocks that’s excellent stock so you you buy a stock or a future right that’s what they’re called is you hope that the stock grows in value that you’ve done Research you got a hot tip or you see trend moving so you might invest in a company like apple in 2007 the bottom of the market 2008 that would have been a great time This brilliant genius sold his stock in 2008 okay back to the show guys my Financial advisor says don’t do it I’m like bro get me out the Market’s terrible you remember when it crashed and it started crawling up when it got back to where I thought this is it I’m out Steve job’s going to die tomorrow this company’s going to happened I did Not see the genius and Tim Cook at that time brilliant don’t do as I I do do as I say what’s another thing that we can do because some people say you know stock is pretty volatile and the thing about stock which will teach us a valuable lesson is this what stocks are Most likely to go up faster than other stocks does anybody know tech tech tech is usually more volatile when we say volatility we talk about risk right the greater the risk the greater the reward so the percentage of risk is often tied to the percentage of the reward we Understand that right so if you do Blue Chip like IBM or one of the things they consider Blue Chip it’s a pretty safe investment it’s going to move a couple of percentages uh Blue Chip could be considered Disney to and now Apple’s Blue Chip it’s not so volatile but if You got early in on Twitter you would have made like a bandit and the earlier that you can get in Pre IPO round a I I don’t know all my my terminology here but you’re taking the most amount of risk because they haven’t proven Jack so when I interviewed Gary Vaynerchuk and I asked him what was the best investment you ever made what’s the greatest return return of investment he said Twitter so they’re talking about like a 100x return so if you put in 10 grand they’re looking at 100% X in terms of their investment and that’s how They’re able to use their money to actually buy more money so your job right now if we can think about this is to make enough money that you have Surplus money that then you can use that money to invest in other vehicles to make you more money here’s another one That we all understand real estate if you buy a rental property you have the capital and capital moves things because not everybody has money you invest in real estate and hopefully the property generates money for you such that the amount of money that you put in um you Get more in return so you’re going to pay down your loan quickly or you can get cash over the money that you invested so it becomes um income property for you right that’s what you do now if we just understand these two things we can apply this a lot of what We’re talking about so the first order business is get your business right side up so that you have excess money and the first thing you do when you have more money is you buy back what my time you back your you buy back your time so you trade the money for time so now you have Free time that would be the first thing how do you buy your time back because it sounds like an impossible idea how do you buy your time back you hire people to do what what you used to do and in this that’s right let’s look at you as a A sole proprietor and we talked about this…