Visiting Legoland in San Diego this past weekend!
What Is Passive Income
I just got back from a spur of the moment, three-day vacation to San Diego. We took my son, Ethan, to Legoland, and also visited a good friend.
It was the third vacation for us this summer.
Legoland was a ton of fun. Ethan didn’t get to go on too many rides because he is still too small, but just getting to check out Miniland was cool enough. The Lego models of American cities, such as New York City, were INCREDIBLE!
Are we in NYC or in Legoland? This is Legoland’s version of NYC! It looks so real!
I grew up playing with Legos so it was super special for me to see all these great structures.
We also had a good time hanging out with a good friend and mentor of mine in Carlsbad. It was hot this weekend so we just hung around the pool and the kids had a great time together.
Great times with good friends
Another Vacation?!
Vacationing in Santa Barbara last month
It was only five weeks ago that we got back from our vacation to Santa Barbara, but my wife, Kelly, wanted to take another short trip before our new baby arrives.
It was another last minute trip, which was good and bad.
I’m someone that loves to plan every minute, every hour, and every day so I’m not a big fan of spontaneous trips, but spontaneity has it’s good side.
Walking the beach in Santa Barbara
It is change, and whether we like it or not, change is always good.
More importantly, these spontaneous trips remind me to be grateful for what I have.
They also make me appreciate and remember the power of passive income.
What Is Passive Income?
You may have heard of passive income or residual income. They are basically the same thing.
The official definition of passive income, according to Wikipedia dictionary is:
An income received on a regular basis, with little effort required to maintain it.
I first learned about passive income from Robert Kiyosaki’s “Rich Dad Poor Dad.” The concept of working once and getting paid for life was so profound that the book easily became one of the top six most influential books in my life.
It shattered my previous beliefs about money. It taught me anyone could be wealthy. However, you first had to do a few simple things that the rich do, but the poor and middle class do not.
My discovery of passive income is what led me down the path to MLM.
Network marketing is the easiest and lowest risk way to start generating passive income.
I also looked at other businesses, but in the end I chose MLM.
Not only was it the lowest risk, but it allowed me to fulfill my purpose of having a “positive impact on as many lives as possible.”
The Real Answer to What is Passive Income
As I reflect back on how my life has changed over the years, I’m truly grateful for what passive income has given me.
To me, passive income is more than the financial definition that Wikipedia gives us.
Here are 23 other definitions to what is passive income:
- Passive income is a result of working my butt off in MLM and paying the price for success.
- Passive income is taking spontaneous, three-day vacation trips.
- Passive income is the ability to take three vacations this summer.
- Passive income is studying and reading each day on how to be a better parent.
- Passive income is taking my son, Ethan to the park anytime I want.
Simon Chan at the park with his son
- Passive income is taking Ethan to baby gym every Wednesday morning while other dads are working.
Getting the Baby Workout in
- Passive income is taking Ethan to Disneyland at least once a month.
Meeting a Giant Mickey Mouse Balloon!
- Passive income is reading to Ethan everyday and helping him build his own personal library.
- Passive income is getting to spend over an hour per day investing in self-development.
- Passive income is exercising more than 90 minutes per day.
- Passive income is about riding over 4,500 miles (over 6,400 km) on my bike in two years.
My Cannondale Bad Boy was build to take a beating and after 4500 miles, it has definitely lived up to its reputation. Still going fast and strong!
- Passive income is getting to do yoga every day.
Simon Chan’s headstand yoga pose
- Passive income is being in better shape than people half my age.
- Passive income is being able to travel to different countries.
- Passive income is being able to have the time to properly train my “first son,” Obi, my dog.
- Passive income is being able to take naps with Obi every afternoon.
I love Obi!
- Passive income is about having the time to pursue other passions and opportunities.
- Passive income is about creating trainings to help motivated MLM distributors.
- Passive income is being able to pursue my passion for coaching and helping other MLM distributors.
- Passive income is having the time to create my own iPhone and Droid MLM Training App.
- Passive income is having the time to publish my own MLM Training magazine,.
- Passive income is being able to eat out whenever I want and not worry about a budget.
- Passive income is the ability to develop great friendships with people from different countries.
- Passive income gives me the time to create multiple streams of income.
- Passive income allows me to pursue God’s purpose in life for me, i.e.to have a positive impact on as many lives as possible.
That is what passive income means to me every day!
Passive Income Requires You to Get Started
The good news is that everyone can have passive income.
You just have to choose a method (e.g., MLM, real estate, a car wash, etc.) and get started.
If you want to have a passive income lifestyle, it’s time for you to devote time to create assets.
Assets are things that pay you even when you are not working.
If you don’t know how to get started, don’t have much money to buy a business, don’t have business experience, or are afraid of risk, then MLM is the best way for you to build something that creates passive income.
You should strongly consider MLM and its benefits.
If you are in MLM already, then I hope you understand that it will require tremendous sacrifice to make your dreams happen.
But your success can happen if you decide to make it happen.
Success in MLM Requires Commitment, Sacrifice and Skills
The good news it that MLM is just like everything else in life.
Nothing rewarding in life is easy. It takes commitment, sacrifice and skills.
If you don’t give up extracurricular activities that consume time (e.g., your favorite TV shows, your hobbies, and online Internet surfing) then you will never make it.
But I highly encourage you to create your Give Up list and DO make the sacrifices.
If you only knew how rewarding passive income is, you would work harder and make it happen.
Once you make that commitment, then decide to learn the skills to become successful in MLM.
If you want to sponsor more people and also learn a simple duplicatable system, please check out my S.O.W. SPONSORING SYSTEM. It has helped simplified the prospecting process for many distributors.
Now it’s your turn to create your meaning of what is passive income.
I’ve just given you 24 reasons to motivate you to get going.
So what are you waiting for?!
Sincerely,
P.S. In the last 10 years, I have read almost every book and listened to every audio on network marketing and then took what worked and did not work and created THE S.O.W. SPONSORING SYSTEM.
If you want a short cut to your success in network marketing and learn a simple and duplicatable approach to sponsoring, go check out THE S.O.W. SPONSORING SYSTEM. It is proven to work and is backed by 4 Different Money Back Guarantees.
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The post 24 Answers to What is Passive Income (#665) appeared first on Network Marketing Training by Simon Chan. Simon is a Global MLM Leader and Internet Marketer who teaches people how to earn extra income from home with a using a combination of online and offline strategies..