When I started my first business, I did it for the extra money. I had no idea what I was doing, was filled with self-doubt and pretty much thought I’d stick to it for a few months before throwing in the towel.
I also had no idea that the business model I had fallen into had the potential to turn into a passive income stream. In fact, I had no idea what passive income even was.
Like most women, I had been taught the typical trade time for money paradigm.
I was well on my way to a career in neuropsychology, where although I’d be paid good money for my time…I was still selling my time.
It took around seven months for me to really get things off the ground with my business. I remember my first monthly income that was over £1,500. How was it even possible that this little side business was paying me more than my job?!
I also noticed something funny…I was only working on my business around ten hours a week. Now, I don’t know about you…but £1,500 was more than I made working FULL TIME.
As my business took off, and my doctorate took over…I continued to make a bigger income from my business than I had ever made in any job. £1,500 grew to £3,000 per month. That grew to £6,000 per month…and that grew to a six-figure income.
Passive income is crazy and beautiful. It’s crazy because I was still working far less hours than I would have in a full-time job…and getting paid about ten times as much.
It’s beautiful because it looks after you, much like an over-bearing grandmother. My passive income has been an incredible friend to me, on so many occasions.
Like in April this year, when I took a whole month out to regroup and reflect…I still got paid and I didn’t spend a single moment working on that business. It allowed me to travel for a whole month in Australia and still get paid. It has given me the time to start a second business I feel passionate about.
I know that every day I am protected and that if I need to take time out for whatever reason, I can.
Passive income can be created in many different ways (I’ll do a separate post on all the different ways at some point), my particular passive income stream comes from Network Marketing.
A passive (or sometimes we call it leveraged) income is perfect for women who want to create a business that will make them both time and money-rich, and it’s perfect for women who want to add a more passive income stream to a more traditional business.
If you want to learn more about starting and building a passive income stream the same way I did then be sure to check out this group.