By skyforbes 
#6 – The FF Formula
…and we are almost done, I promise… 🙂
Let’s look at the “Financial Freedom Formula” since freedom is the whole purpose of passive income:
3 Points – you’ll love them:
#1 – What is Passive Income?
Basically:
Money on Autopilot
You’ve heard about “earning while you sleep” and you know about rental properties, royalties and some financial investments.
But what else…?
Rental properties are “income producing assets”. Once acquired and cultivated, they keep producing money without constant effort from you, aside from maintenance, turn over, etc.
Royalties work in a similar way – though a lot more hands off – and publishing is one of the blueprints in this book.
In all cases, you are first building an asset that has the potential to eventually be put on autopilot.
It usually takes considerable time and effort to build, but once created, you can sit back and let it produce income every month.
There will be the occasional maintenance and upkeep – with some blueprints more than with others – but you are mostly free.
That’s for starters.
#2 – The 3 Steps to building an income producing asset:
(write this one down + keep it handy)
STEP 1: Create the asset
STEP 2: Develop replicable Systems to run & scale the asset
STEP 3: Automate by either outsourcing or automated funnels (more on that in the blueprints)
Those are the 3 pillars that every passive income blueprint is built on:
Creation – Systems – Automation
That’s it!
#3 – The Financial Freedom Formula
First of all…
Financial freedom does not mean you have to be a millionaire – though you certainly can.
Financial freedom means having enough money coming in every month to live well and not having to worry, chase discounts or live in a shoe box.
What is that number for you?
Pick one now and write it down, you can always adjust later.
Let’s choose a monthly number since that’s easier to gauge.
Let’s say you picked $3,000. That’s conservative, but let’s start small:
$3,000 per month means:
$100 per day
On average.
Doesn’t sound so crazy anymore, does it?
Now you can focus and plan:
How many products do you need to sell per day to make $100?
While it might take some time to generate that number consistently, it’s a lot easier to hit a goal when you know what you are aiming for.
Right…?
And break it down into smaller parts.
Let’s go wild and look at 10K:
$10,000 would be ca. $335 per day.
Also not entirely crazy once you look at it in this way.
Getting to that first goal of $100 per day (or whatever number you set) – is the biggest milestone!
Once you can do that and have systems in place to replicate at will, you can start scaling up, which is a lot easier.
So try to hit your daily target number first.
Take your time, be patient and keep at it until you hit that number.
First, once.
Then, twice.
Then more regularly.
And then daily – or more.
Once you do, the hardest part is done and you will enjoy the rest a lot more.
Cool…?
Then here’s the final FAST TRACK FACTOR: