The 5 Principles To Make $10,000/Month Passive Income in 2024 For Beginners.

Today, we’re diving into something truly life-changing: the 5 principles to make $10,000 a month in passive income for beginners. I’ve got to say, this is hands down the best and easiest type of money I’ve ever made in my life. From being a FedEx courier to diving into real estate, creating courses, and consulting in healthcare, nothing compares to the allure of passive income.

I’ve learned a lot in my 18-plus years in the game, and I want to share these lessons with you, including the biggest mistake I made along the way. Let’s get right into it!

Principle #5 – Passion

Let’s start with passion. Over the past few years, we’ve seen different types of gurus come and go, each preaching their own ideology about the hustle culture. And let’s be honest, the job market is tough. People are getting laid off every day.

Take Gary Vee, for instance. He’s all about hustle, hustle, hustle. When you listen to him, it’s easy to feel like you should be throwing everything at the wall and seeing what sticks. This can be especially tempting if you’re new to entrepreneurship. I used to get distracted by this kind of advice, especially when it looked like these gurus were growing so much faster.

But here’s the deal: my most significant successes have come from sticking to what I’m passionate about. It took me 15 years of ups and downs to find the courage to focus on what I love. When you enjoy what you do, it never feels like work. Passion is the cornerstone of a sustainable passive income stream. It’s what keeps you going when things get tough and helps you create something that genuinely resonates with people.

Now, I have to address something crucial here. Passion is essential, but it’s not a free pass to laziness. I’ve seen people sit around with piling bills, claiming they want to pursue their passion, but doing nothing to actually make it happen. Pursuing your passion doesn’t mean you get to avoid hard work. It means you work even harder, but it doesn’t feel like drudgery because you love what you’re doing.

If you’re in a tough spot financially, you might need to balance your passion project with a day job initially. There’s no shame in that. Use your job to fund your passion until it can sustain itself. The key is to stay committed and disciplined. Don’t use your passion as an excuse to avoid responsibilities. Instead, let it drive you to build something meaningful and sustainable.

So, to sum it up: Find your passion, but remember that true success comes from combining that passion with hard work, discipline, and persistence. That’s the real secret to creating a sustainable passive income stream.

Principle #4 – Continuity Offer

Next up is the continuity offer. When I first dipped my toes into entrepreneurship, I was flipping pre-foreclosures for high-ticket fees. We’re talking checks averaging $25,000, and my highest being $82,000. These were fantastic paydays, but they were one-off deals.

Then came the 2008 market crash, which was a massive wake-up call. I realized the value of passive income. In real estate, passive income can come from buying and renting out properties. Unfortunately, I missed out on retaining some houses for my own portfolio back then.

So, what is a continuity offer? It’s a product or service that meets an ongoing need. Think subscriptions or memberships. This model is much closer to the idea of passive income. For instance, Netflix charges a monthly fee for its service, providing them with a continuous income stream.

These days, there are many digital products and services you can offer as continuity offers. This can significantly stabilize your income and create that passive flow we’re all striving for.

Now, I want to highlight an opportunity that’s perfect for solopreneurs who may not have access to venture capital or enterprise-level offers like Netflix: affiliate marketing. Affiliate marketing allows you to earn a commission by promoting other people’s products or services. It’s an excellent way to generate passive income with relatively low upfront costs.

Here’s how it works: You find a product or service you believe in, sign up for their affiliate program, and promote it using a unique link. When someone makes a purchase through your link, you earn a commission. It’s a win-win because you don’t have to worry about inventory, shipping, or customer service. You just focus on marketing and driving traffic. Check out clickbank.com which is a free affiliate network. 

Many successful solopreneurs have built substantial passive income streams through affiliate marketing. It’s scalable and can be incorporated into various platforms like blogs, YouTube channels, social media, and email marketing. For instance, bloggers can write product reviews or create how-to guides that include affiliate links. YouTubers can create tutorial videos or product unboxings with affiliate links in the description.

Affiliate marketing fits perfectly into the continuity offer model because many affiliate programs offer recurring commissions. This means you earn a commission every month for as long as the customer remains subscribed to the service. Think about subscription boxes, web hosting services, or software tools. These recurring commissions can add up quickly and provide a stable, ongoing income stream.

Oh yea… It gets even better when you hit the like button on this video. What it would do is push extremely valuable videos like this to the top of your YouTube feed, ensuring you never miss out on more tips and strategies.

So, whether you’re offering your own digital products and services or leveraging affiliate marketing, continuity offers are a powerful way to build a reliable passive income. They provide stability and scalability, allowing you to grow your income steadily over time.

Principle #3 – The Freemium Model

Principle number three is all about the freemium model. In the early days of digital marketing, it was easier to set up ads and rake in sales. But with the saturation of the internet today—there are over 3 billion users online—standing out has become crucial.

One of the most effective ways to do this is to offer something of value for free. This is the freemium model. By demonstrating the value your product or service brings before asking for payment, you not only build trust but also turn non-customers into evangelists for your brand. They’ll spread the word about you, potentially sending more business your way passively.

For example, Spotify offers a free tier with ads and limited features, enticing users to upgrade to the premium version for a better experience. This strategy has been wildly successful for them.

If you’re interested in setting up passive income online with the power of AI, digital marketing, and our secret 3 core pillars framework, head over to www.myempirepro.com/3pillarsystem

Principle #2 – From Prepay To Scale

Our fourth principle is moving from prepay to scale. I’ve always been obsessed with passive and residual income, but I also realized that sometimes a business needs a little cash injection to accelerate growth.

Enter the prepay model. Offer customers a discount if they pay for several months or even a year upfront. For example, if you charge $10 per month, you could offer a yearly plan for $100, giving customers a $20 discount. This provides your business with a cash injection that can be used for marketing or other growth strategies.

While lump-sum prepay and monthly recurring billing serve different purposes, both are essential for improving and increasing your passive income. The key is to find the right balance for your business and use these models to scale effectively.

Introduction – How I Make $15k Per Sale With Digital Marketing

Principle #1 – Content Residual

Finally, let’s talk about content residual. Back when I launched my first business right out of college, I relied heavily on direct mail marketing. I had great success with it, generating leads that converted into those $30,000 deals I mentioned earlier. Some leads even contacted me years after receiving the original letter. That’s content residual.

In today’s digital era, content creation is a powerful tool for leaving digital residuals that can turn into residual income. Each piece of content you create—be it a blog post, a video, or a podcast episode—has the potential to generate income long after it’s published.

Take YouTube, for example. Once you monetize your channel, every video you upload can continue to earn ad revenue for years. The same goes for a blog with affiliate links or an online course that continues to sell.

Prioritize content creation because each piece can become another source of passive and residual income. This is one of the most sustainable ways to build a passive income stream.

So, there you have it—the 5 principles to make $10,000 a month in passive income. To recap:

• 5. Passion: Stick to what you love and enjoy doing.
• 4. Continuity Offer: Create products or services that meet an ongoing need.
• 3. Freemium Model: Offer value for free to build trust and create brand evangelists.
• 2. Prepay To Scale: Use prepay models to inject cash and scale your business.
• 1. Content Residual: Prioritize content creation for long-term residual income.

By following these principles, you’ll be well on your way to achieving your passive income goals. Remember, building passive income takes time and dedication, but the payoff is more than worth it.

If you want personalized help setting up passive income online with AI, digital marketing, and our 3 core pillars framework, don’t hesitate to visit www.myempirepro.com/3pillarsystem

Thank you for watching, and if you found this video helpful, make sure to like, comment, and subscribe. See you in the next one!

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