Have you ever wished for a money tree?
I remember growing up…whenever I asked for something new and shiny that my mom thought was kind of frivolous, she’d do…
“Hayley, money doesn’t grow on trees.”
And I’d look outside the window – see the tree in our yard – and instantly start fantasizing that it WAS a money tree.
Of course, she didn’t appreciate just how smart I was… when I decided to educate her on the fact that money is made of paper… and paper comes from trees… sooooo…. LOL
Maybe that’s where I learned to become a fast runner. LOL
Anyway…
This whole money tree thing really stuck with me as a kid.
What if there WAS a money tree…
And when I started my own biz, I discovered there is a way to plant your own money tree…
By creating multiple sources of PASSIVE income.
I mean, if you wanna tape some of that money onto a little tree at YOUR house – and then grab five bucks off it to get coffee with your friends – who am I to stop ya? LOL
Maybe I’ll do that for my mom’s birthday and send it to her… she’d get a kick out of it.
If not, I’m still faster than her. LOL
Annnyyywaayyyyy… let’s talk about passive income sources. AKA: planting your own money tree.
Which actually reminds me… you know about my upcoming On the Edge Summit, right?
I’m hosting with three of my besties – Latasha Mitchell, Julie Serot, and Kimi Evans – and it’s all about how to create multiple, DIVERSE sources of income. Including passive ones.
So you can stop stressing about money… stop feeling like you’re a bad couple of months away from not paying your mortgage…
And actually create consistent streams of income… so you can breathe deep again. Knowing that no matter what the world throws at all – cuz we’re not done with it, my friends LOL – you’re covered.
You got this.
You’re not reliant on just one source anymore.
Yep, you heard that right… DOT LIVE. Not dot com.
I know… it’s a little out of the norm… but that’s what we’re talking about today. Being non-traditional!
I’ll tell ya more about it at the end of today’s show… including some examples of the KINDS of untraditional income streams you’re gonna learn about in the Summit.
Because the fact is – the life our parents told us we’re supposed to have… where you work work work and then retire comfortably on a single source of income – yeah… that’s not reality anymore.
That’s an old school way of thinking… and why so many of us are depressed… anxious… constantly worried… and feeling behind.
So let’s talk about how to break out of that low key sense of impending dread… and take ownership of our financial futures, ok?
So first, let me explain super quick what I mean by passive income.
ACTIVE income is what most of us focus on.
That’s essentially trading time for money… the cash flow we receive from our ACTIVE efforts.
Whether you have your own biz… or work for someone else.
PASSIVE income is money you make without actively working for it every day.
Common examples of this are things like… commissions… or selling a digital product online.
Something where you did some work upfront… and then you get to reap the rewards.
Ideally over and over again.
Because if you depend entirely on active income… you will literally never stop working.
I love this quote from Warren Buffett:
“If you don’t find a way to make money while you sleep, you will work until you die.”
I mean… the man’s not wrong.
You don’t want that kind of life, do ya?
I certainly don’t… which is why I’ve personally set up my biz so I have multiple streams of passive income coming in.
And they’re diverse…
So if something happens with the education and training portion of my biz… I still have my essential oil income coming in.
And vice versa.
Now, there are four key categories of ways to bring in passive income…
#1: By investing money you already have…
An example of this is investing in stocks that pay dividends… buying bonds… things like that.
In fact, one of my friends is doing that right now.
She just sold her house – but isn’t ready to buy anything for at least another year.
So she’s putting that money into short term, low risk investments… so she can let that money multiply until she’s ready to buy again.
Now, of course, always be careful investing money you already have. The point is to earn MORE… not risk it all.
It’s not gambling.
Remember… this is all about building consistent money… WITH your money. This is something I’ve been doing since I was in my 20s. I kid you not. I learned from my dad.
Another super cool and non-traditional way of investing money you already have to earn more… is crowdfunded real estate.
Have you ever wanted to flip a house… or get in on the real estate market… but didn’t have all the upfront capital?
With crowdfunded real estate, you basically pool your money with other people – and fund the loan for a developer or flipper.
Reports I’ve read about this – because I find it super fascinating – are that you can get returns in the range of 7-10%.
Which is pretty good – better than many short term traditional investments.
Yeah, there’s some risk involved with it… but you do have the actual house as collateral in the event something goes south.
Of course, do your own research before doing any of the things I’m mentioning today. These are all innovative ideas – I’m not offering financial or business advice, ok?
So that’s the first category of passive income you can make: making money by investing your money. And personally, I’ve been doing this for years.
The second way is… to rent things you already own…
You’re seeing a lot of this right now.
People are getting super creative in this economy.
Airbnb… privately renting your car… renting out your parking space – which is super popular in crowded cities like LA and New York.
Those are all super popular ways for people to earn passive income with assets they already own or have legal access to.
Did you know you can even rent out things like your bike… and your wardrobe!
Does anyone want to rent any of my 9000 pairs of fuzzy slippers?
What about my collection of Vuori joggers?
No? No one?
Well, I tried… LOL.
Let me know if you change your mind. LOL
If this idea appeals to you, think about assets you already have that you don’t use that often… and would be willing to rent.
I swear, my neighbor in San Diego could open a surfboard rental with all his equipment in his garage. Really nice stuff too! Maybe I’ll mention that to him…
And actually, when I got married to Wes 15 years ago, I owned a townhouse. Well, we never sold it. I’ve been renting it since.
Not only does this cover my entire mortgage… I actually make about $600/month.
PLUS, the property value is way higher than it was when I purchased it. So if I do decide to sell at some point, I’ll make some pretty good cash.
I’ve always been super into real estate.
So when we were looking to buy a home in San Diego… we purposely chose one that has an ADU (attached dwelling unit).
We’ve been renting that out since we purchased it 5 ½ years ago.
The rent on that unit alone, covers about 25-30% of our mortgage. So that’s fun. If you can get in on the real estate game… it’s a really smart investment over time.
Ok so that’s the second category of ways to earn passive income – renting out things you already have.
The third one is one I think you should definitely start – if you aren't doing them already.
That’s to get paid for things you do…
Now you might be scratching your head like… wait, isn’t that active income?
Nope… hear me out.
Here’s what I mean by getting paid for things you do…
You can get paid to shop.
I’m sure you’ve seen those ads for apps where you scan your receipt, upload it to the app… and earn some cashback.
All you really need to invest is your time…
I mean, you’re not gonna make a ton of cash doing this… but if you’re already shopping at the grocery store… or Target… or Amazon… you CAN earn some money this way.
Another example of how to earn passive income from things you do is…
Earning cashback with credit cards.
Tons of credit card companies have incentives for you to sign up and use their card.
What you spend gets turned into points, which you can redeem for perks… including cash.
You can get gift cards… vouchers for travel… all sorts of things… depending upon the credit card you use.
And it really only works if you pay off your credit card in full each month.
I mean… what’s the point of earning 2% cash back when you’re paying, like, 15% in interest.
No thank you…
I totally use this passive income method – and redeem my points for travel since we’re always on the go.
So it definitely saves me money – and lets me get better perks from hotels, airlines, etc.
And I earn even MORE points for travel… by paying for my travel with the card.
Definitely use this method wisely… make sure you’re making smart choices with your card… and do your homework. And pay your bill in full each month for this to work.
I feel like this is good prep for when Madeline goes to college and all those shady credit card companies line up during move-in weekend. LOL
I’ve got my talk for her alllll lined up. BOOM.
Now the last one… is actually my fav. And what I personally do myself…
And that’s to create an online biz…
Here are three income streams I have in my biz…
A- I sell my own products…
Which are digital downloads and resource bundles… things like that. Actual downloadable goods.
B - I also teach online…
I offer live and recorded courses… trainings… subscription-based memberships…
And C - I’m in affiliate marketing.
Which is basically what my essential oil biz is.
I don’t keep any inventory… I’ve got no overhead… and I receive a commission when people I recommend buy the oils.
The great thing is… all three of those income streams are RELATED to each other.
I teach about essential oils… I offer digital products about them and how to build an online biz like this… and I make commissions from them.
See how you can create multiple streams of income from your core biz?See how you can diversify where your money comes from… without diverting away from your passion?
Those are just a few examples.
Here are a few more…
If you are a content person, you can make money from your blog… or from your YouTube channel.
Not only in the form of influencer marketing gigs… but also getting paid for ads being placed on your articles or videos.
The more eyeballs on your content… the more money you can make.
You can also kinda combo category 1 and category 4…
By BUYING a blog.
You wouldn’t believe how many people are putting their websites up on the auction block.
Sometimes they’re just not into it anymore… but the site has a ton of value…
Or they change careers… or maybe get too busy.
Like, I know a woman, Alexis, who had this thought leadership mini empire… and then she got pregnant.
With twins.
With a three year old at home.
So instead of just letting all that incredible content collect internet dust… she decided to sell it.
And worked out a deal where she’s not only received a nice fat check… she’s also receiving royalties for a couple of years.
See, what I love about this story is… Alexis wasn’t attached.
Her priorities had changed for the foreseeable future… and when I stared at her as she told me she was selling her brand…
She said, “I’ve built this from nothing once. I can do it again.”
Talk about having an abundant mindset.
And she’s right.
While she sold her content, she owns her ideas.
They come from her mind… and no one can ever take that away from her.
So what do you think?
Are you hyped about earning some passive income now?
Well, if ya are… then you’re gonna want to come to the On the Edge Summit.
Yep… dot live.
Don’t let it trick ya. LOL
Now, I mentioned at the top of the show that I’d tell ya about a couple of non-traditional business models you’ll hear about in the summit…
And yes, you’ll hear all about making money online… selling your knowledge, experience, or products…
But you’ll also hear about how to:
Make and sell subscription boxes.
Which is a SUPER hot industry right now.
If you’re intrigued by how this works… and how you’d even get started with that…
Definitely come to the Summit on March 15th and 16th.
Another way to earn passive income is through apps.
And no… you don’t have to be a superstar engineer for apps to be a revenue generator for you.
Maybe you have an app idea… or you and your friend have kicked around an idea for an app or a business…
Or maybe you HAVE a business… and an app would really make your customers happy… and streamline your biz…
You’ll hear about inside the On the Edge Summit.
PLUS – if you already have a biz… and what you've been doing just hasn’t been working anymore… and you’re sick and tired of feeling stressed out… anxious… frustrated AF…
You’ll learn from some amazing marketing and business geniuses who will show you things like:
- How to make money and grow your influence on YouTube… and Tiktok…
- How to get media coverage for your biz… so you can reach hundreds of thousands – if not millions of people – without a publicist, manager, or someone else who wants to take a cut of your paycheck for it. LOL
- And from me… you’ll learn about a brand new way to create your ideal client or customer avatar – one you haven’t heard a thousand times.
In fact, I just saw a comment from LeAnne, who is taking my business course, and she said: that she’s on the ICA module and thought it would be mostly repetitive.
All the things we’ve heard a bazillion times – in course after course – but she was happily surprised that I approached this in a whole new way…
And it really resonated with her.
She said it’s (and I quote) “completely different from anything else.”
So if the thought of developing our ICA… AGAIN… or even for the very first time – fills you with dread… then come to my talk at the On the Edge Summit.
Quick reminder that when you attend live… it’s free to you.
There are 16 of us currently slated to share our biz growth insights – and I’d love for you to be there.
And I’ll throw it in the show notes as well as this week’s newsletter.
So… you ready to plant that money tree?
Save up to take your kid to Disneyland… or get her those Adidas shoes she’s been begging you for?
Or get yourself another pair of fuzzy slippers and Vuori joggers?
Hey, it’s an investment… you could totally rent those out.
That’s what I’m gonna tell Wes when he asks me if I REALLY need another pair… LOL.
Ok friends… have a good week… and I’ll see ya online.