You love your work. You love helping people. But, you’ve realized you can only see so many clients and do really great work. Or, maybe you’ve realized that the kind of work you’ve done for so many years is starting to wear on your body in a way that you need some time to recover. Or, maybe you just want to live debt free or send your kid to college. Whatever the reason, you are searching for how to make more money, or passive income ideas, or passive income for therapists for inspiration and how-tos. In this series, we are here to help you navigate through the world of passive income for small business owners!
What is Passive Income?
Passive income, is income that doesn’t require you to do ongoing, regular work for you to receive it. Years ago I had a friend who read Rich Dad, Poor Dad and introduced me and friends to a board game called “Cash Flow.” The book shares observations that the way a wealthy or rich parent teaches their child about money and finances is very different than the way a low or middle income parent teaches their child about money and finances.
The Cash Flow board game was developed to give people a chance to “play” and understand what it meant to move from being in the “rat race” of working for a paycheck in each week, ot moving into creating cash flow through passive income where investments would give monthly income that could build up to a point where income could be derived completely from the passive income and a salary wasn’t necessary.
Traditional Passive Income Ideas
Some of the traditional passive income ideas, the ones that are integrated into the board game relate to purchasing property to create rental income. The idea was to save money to purchase an investment, and then use that to purchase another investment property, and so on. The goal was not to “pay off” any of these properties, but to make sure that the rent was more than the mortgage and expenses to create the “passive income.”
Passive Income in 2018
In 2018, passive income has come to mean something very different. There are a lot of conversations about ebooks, podcasts, webinars, online courses, manuals, downloads, youtube channels, and more that are all focused on developing this same general idea: how to create recurring money that doesn’t require you doing a ton of work.
The original Cash Flow board game was somewhere around $100… I found a copy at a thrift store for $1.50- talk about a deal! Now, they have a new version of Cash Flow for $79.99 on Amazon and I wonder if they include the things that many people are talking about in terms of passive income and small business owners: write an ebook, build an app, develop an online course, get paid for activities you are already doing, advertise on your blog/podcast/vlog, etc.
Understanding Passive Income
Working as a business coach for therapists for over 10 years, I spend a lot of time teaching therapists the reality of passive income so they can create plans, and products that really work and make sense for them and their life. Sometimes passive income stream ideas come out where none were present before, and sometimes therapists realize they don’t really need to do as much as they thought they bring in the income that they need to take care of their family.
Exploration and Understanding Passive Income
In 2018, Kelly Higdon and I launched our first round of My Awesome Year for Therapists. We have had the privilege to work with some of the most passionate, and successful therapists from around the world and dig into the nitty gritty of their businesses and lives for an entire year. We even got to spend almost 5 days in a beachfront condo living, playing, learning, and working together with many of them (it was SO much fun to surprise them with a retreat with oceanfront lodging and many gorgeous meals included!)
Back to the point… it was clear how much inspiration these therapists had, but also how much misinformation, or how much misdirection they were receiving from all of these blogs, podcasts, etc. that made this phrase “passive income” sound like a magical wand you were an idiot if you weren’t exploring.
Let us be clear. We love passive income. We love getting smart about finances. We love looking big picture and nitty gritty details, and we want to help you explore your process for creating a business and brand that you love that brings you the income you need for decades to come!
Your Passive Income Plan
Over the next several weeks we are going to be digging into passive income for therapists talking in details about the reality of passive income, what to do first, passive income ideas, passive income online, how to choose your passive income stream, and developing a realistic plan for success. I hope you will come along with us, have some fun, and get inspired about what is, and is not workable for passive income as a therapist.