What is Passive Income?
Well, according to Wikipedia, passive income is income that requires little to no effort to earn and maintain. Well, here I will take a little liberty with the phrase because while it is certainly possible to create this type of income, everything requires some amount of work upfront.
Rental income can be considered passive income but even there, you still have to do research to find the right property, tenants, and maybe even a property manager. Receiving residual income from one past sale can be seen as passive but still required the work to get that sale.
So for our purposes, passive income is income that requires little to no effort to maintain, but lots of work upfront.
If you’re willing to put in the time now to reap the benefits later, please join me on this journey of building a passive income-producing empire. So what is passive income? It can be financial freedom.
Who Am I?
I have been a solo attorney since 2010, but in 2018 I realized I needed a change. The practice of law can be fulfilling, but I felt a need to create revenue streams that did not require the day-to-day grind. I wanted to be able to grind for a while and then reap the rewards.
I decided I wanted to open my open internet storefront to sell women’s apparel and that was my introduction to the big world of e-commerce. Since 2019 I have launched and relaunched an online store, I have joined several print-on-demand sites, sell on Amazon Merch, Amazon KDP, and Amazon Ignite, set up multiple social media accounts, began affiliate marketing, and now this blog.
Oh, and a podcast is on the way. With all of this comes a TON of research and a significant amount of trial and error. How could I try and save people time so that they didn’t make the same mistakes I made? How could I share everything I have been learning with people who actually want to hear it?
I decided to start this community. I am not yet where I want to be but I am determined to grow until I am. I am hoping that you will come along with me. Let’s learn together and share the tips and tricks necessary to reach the goals we have set for ourselves. I don’t want a fly-by-night business based on products or services that are hot one minute and not the next.
I want a sustainable business that will pay revenue for years to come. I hope we can make this happen together. Please follow the blog and check back for updates. I will share the release date of the podcast once it’s available.
Lisa Michele, Founder
Passive Income Group 360