In this brand new mini-series, I’m going to cover the essential rules to setting up, managing and scaling recurring income streams. I’ll be diving into some different asset classes and models that I think you can invest in and not all necessarily with money, but with resources, time and creativity.
Now before we get into it, there are some rules…
First of all, let’s define the difference between passive income and recurring income.
Passive income exists once you’ve built an active income stream or acquired assets first. Passive income can be one-off, whereas recurring income is by it’s very nature, recurring. And it’s relentless and persistent.
Passive income appears as though you’re doing less work but with recurring streams, there’s always more and more and more work to be done. Passive tends to remain passive, whereas recurring income is active and omnipresent, It wants to grow and grow all of the time.
At this point, it’s time for a little exercise.
I’m going to ask you a question: Would you rather have one million a year working 20 hours a week, or 10 million a year doing 50 hours a week?
Think about it carefully because I can tell you this, I’d rather take 10 million a year working 50 hours a week. Those of you that agree probably have the same empire building entrepreneur mindset I do. You’re someone who wants to go big, wants to go hard, wants to achieve their vision and change the world. You’re someone who wants to make a difference and build vast wealth doing so.
Let’s summarise, passive income could make you a million pounds a year with less time. Recurring income could make you 10 or 100 million a year but with a significant amount of more time invested.
There’s also some unrealistic connotations with passive income, people often think they can just get really rich, doing nothing. Some people have just got unrealistic fantasies about what it takes to get rich with passive income streams, whereas recurring is real. It is real and it’s relentless.
Okay so here are the five main differences between passive and recurring income:
- Passive only exists once you’ve been active first.
- Passive can be a one-off. Recurring is forever.
- Passive assumes doing less. Recurring is always doing more.
- Passive wants to be passive. Recurring wants to be active and empire-building and relentless.
- Passive can be unrealistic, whereas recurring is real.
If you want to learn all the tools and techniques to build passive, recurring income to give creators, influencers & entrepreneurs more stable, continuous cashflow YOU control then sign up to my Recurring Income Summit by clicking here.