Over the last few months, you’ve probably heard the words “passive income” mentioned a lot. It’s the hottest new topic creatives are trying to learn more about. But what exactly is it all about? In today’s episode, we are joined by Stephen Diaz, a passive income coach and multiple business owner, as he discussing what passive income is all about and how you can increase your income too.
Think Outside the Box
There are two routes that Stephen tells us we can take, focusing on passive income within our business or thinking outside the box and going outside of your business. He himself uses AirBnB to rent out a room in his house, rents out gear like cameras, and has paid to have programs developed for extra passive income.
Misconceptions About Passive Income
There are two misconceptions according to Stephen. The first is releasing control. Stephen shared that he used to think he had to edit all his video from his videography services, it was his baby – but mentions “am I really the best editor out there”. So he created a detailed checklist to hire someone to do his editing for him and free up his time. You can create lists and guides and even use video to make things as specific as you’d like to onboard someone into your work systems.
The second is that nothing is actually passive. Yes there is work in setting it up, but if it requires continual work and attention, it is not truly passive. Like with Stephen’s AirBnB he mentioned it was fun at first but cleaning the room every few days became old really quick, so he reached out to a high school student to come in to clean the room for an hourly wage. It is off his plate and he still gains the income from renting out his room.
Buy Back Your Time
Stephen likes the phrase to “find whos for your to-dos” and buying back your time. Consider listing out everything you do day and find all the “minimum wage” task items. How can you source them out to free up your time to focus more on the things you love doing and want work on.
Consider Dave Ramsey’s debt snowball and start small with building your passive income. What can you create to cover your $10 Netflix subscription. Then focus on another route for your next expense until you are able to cover all your living expenses. Then maybe you can create space for income to cover additional desires like the trip to Paris he and his wife are planning! But start with one thing first and don’t be afraid to start.
Stephen helps people increase their income by 200% while working LESS. He loves helping people level up their income, influence, and generate leads – all with style and ease, that’s why people call him STEEZ.
Passive Income Idea List
- Rentals: rent your room, your house, your car, your dog
- Affiliate marketing (recurring is best) Repurpose your existing stuff to sell at a different price point or to a different audience
- Find who’s for your to-dos Arbitrage: hire others and bundle their services together
- Investments: long term mutual funds, real estate funds (like Fundrise)
Stephen’s Helpful Passive Income Links
• Amazon FBA Free Training: rainmakers.academy
• Free Course on becoming a Clickfunnels affiliate: bit.ly/100dayaffiliatebootcamp
• Free Products: stephensfreestuff.com/
• Airbnb E-book: rainmakers.academy/airbnb
• Facebook: facebook.com/sarahschraderdesign