Frugality and saving can only get you so far because there is a hard cap limit. Ultimately, you need to make money to build wealth. You’ve got to build new skills or start a side hustle and scale it up.
Are you really going to do this:
- Go to school for 12 years. Go to school for 2-6 more years. Then go for 4 more years if you really want success.
- Get a job at the bottom of the totem pole. Work for 20 years to climb the pole. Work 20 years to save for retirement.
- Retire. Too old at this point to really do what you love. Just sit and complain and wonder what happened and where did time go.
Working in an environment where many people play politics, backstab, take each others credit (and discredit each other) to “win” the game of politics and career? Earn more money at the cost of my mental health, social health and life?
Maybe it’s for some people who likes that – good for them. More power to them.
But nah, that’s not for me at all.
I prefer direct and practical approach. To me, my practical decision and conclusion will be B: to build a business that I love. Never mind that I earn less (at least in the beginning), but oh come on, who wouldn’t enjoy being paid $50,000 a year to do what they love?
- For some of you, it could be a business all about peanut butter (yum!)
- For others, it could be a business about some obscure writing pen
- For that bunch of people, it could be writing love stories
- For a group, it could be writing about One Piece manga (oh my goodness, my favorite)
- For some, it could be a business all about miniature art.
And the list goes on and on.
I’ve been an entrepreneur officially since 2008, and I will single-handedly say to you this, there are so many reasons for entrepreneurship, which taught me and made me realize all the different areas to learn and master in life for a good and happy life.
First and foremost, the first goal of passive income entrepreneurship is to
Table Of Contents
- 1 Diversify your income and deconcentrate your single income risk
- 2 Passive Income Entrepreneurship Is A Basic Life Necessity
- 3 Why Passive Income Entrepreneurship?
- 4 Why Not Passive Income Entrepreneurship?
- 5 Choose yourself
- 6 Do it now.
- 7 Passive Income Entrepreneurship
- 8 Online Business Affiliate Marketing Is My #1 Personal Favorite For Passive Income Entrepreneurship (See Point #3)
- 9 Create your blog…in 10 minutes.
- 10 Invest profits into dividend paying assets
- 11 Passive income entrepreneurship is not for everyone
- 12 Caution to the wannabes and scammer
- 13 What if I want something normal? Like regular entrepreneurship?
- 14 Passive Income Entrepreneurship Success Principles
Diversify your income and deconcentrate your single income risk
100% of a single income is high risk.
Doesn’t matter if the amount is high (ie high salary). This is very important, because just by losing your job,
- Maybe it’s due to COVID
- Maybe it’s that jealous colleague
- Maybe your insecure boss
- Maybe it’s a disease
- Maybe it’s an accident.
Just like that, 100% of a single income is wiped out.
No matter how high the income was.
Passive Income Entrepreneurship Is A Basic Life Necessity
Ever since I read Robert Kiyosaki’s Rich Dad Poor Dad, which opened up my eyes to the world of positive recurring cashflow via rental properties and business in 2002 (when I was 20 years old), I’ve been on a ever-learning and growing journey on learning how to create multiple streams of passive income.
…and I’ve concluded that passive income is 100% required “unlock the next stage of our lives”, which is to be able to achieve our highest sense of self and fulfillment.
It is really hard to level up when we can just live hands-to-mouth and barely surviving.
If that’s you, then all the more pay more attention, focus and energy on learning to start your profitable passive income entrepreneurship adventure with me.
Why Passive Income Entrepreneurship?
Pursuing and building a passive income lifestyle by being a passive income entrepreneur means to learn to build and acquire multiple streams of passive income.
It is a worthy goal, with so many reasons, benefits and plus points, which generally covers or includes
- Confidence – with multiple streams of passive income coming in, and even if one stream dries up, you still have other streams of passive income AND you will know how to create more streams of passive income. This gives you a sense of confidence that cannot be replaced…which leads to…
- Some form of relief or happiness – simply because it brings you peace of mind and takes away much of stresses related to spending and money. It can solve many issues such as seeking medical services, traveling, food and shelter, even comfort of another. It isn’t able to do everything, but it will likely give you at least 90% less worry in life.
- Future and recession proof – it doesn’t matter if it’s boom time or down time (like how COVID19 trashed so many jobs), multiple streams of passive income means multiple streams of passive income that comes in like clockwork, even whilst we sleep.
- Spend time pursuing meaningful things, relationships and dreams. For some, it is spending more time with their loved ones like children, parents or spouses. For others it’s focusing on spiritual matters and relationship like church and God and mission work. For some it’s to volunteer. For others it may be to pickup a new education and pivot. For others it may mean to give back and teach and serve. For some it’s all of the above.
- …or just go to work as normal, minus the stress. You can be more picky with your workplaces and colleagues. Or fire your boss. Or just work with 95% less stress because you no longer work for money, but work purely for fun and social interactions and to learn.
- Take more, further or longer vacations to see the world and even work (or not work) in other countries that you may be interested in.
- Maybe you can finally afford to have or adopt a child or pay for their medical / educational expenses.
- For others this may mean you can give to causes you care about, such as to abolish diseases, abolish illiteracy, or sex trade or others.
- This skill is a teachable skill that you can pass on to your loved ones. Note: this is the reason why the rich keep getting richer and richer and why the poor keeps getting poorer – because becoming and staying rich is a skill that needs to be learnt and taught.
Being able to create multiple streams of passive income and having passive income lifestyle freedom simply gives you more options in work, life, family, play and self care. Period.
For me personally, it’s freedom.
I start my work days around 11 AM so I can take my kids to school, have a slow breakfast at the school cafe nearby, and then siesta over to school. If I want to have a cuppa tea with friends to catch up, I do so.
Then head to work on patients, meetings, sales, appointments, and then depends who is available, either myself or my wife will pick up the kids to go for extra lessons then dinner or home.
And that’s nice and what I want – more time with people I love and care about.
The real question is, why not?
Why Not Passive Income Entrepreneurship?
I cannot imagine why people or anyone wouldn’t want to earn passive income.
There are so many reasons why one should (as mentioned above) that will motivate anyone to strive to build multiple streams of passive income to their portfolio.
Choose yourself and say yes to learning this life-transforming skill.
It may be tough and there will be days you may get frustrated, but persevere through and grow through it.
If it’s so easy then of course everyone will do it. There’s a reason why one often hears “this is not for everyone” – and that is true. Because learning to build passive income and starting a passive income entrepreneurship is BOTH easy to do…and easy to drop and not do.
It requires a lot of
- growth and learning mindset
- patience, dedication and perseverance
- investment in a mentor who has done exactly what you wish to achieve and a community to support you
- going through doubt, rejection and even friends and family members who do not understand may laugh at you
Yes, be open to feedback BUT do not let someone else’s limitation of themselves and of you be your limitation.
This is a little in the direction of personal development, aspirations, dreaming and taking the necessary steps to invest, commit and taking consistent action to get to where you want to be.
See the reasons and benefits of the passive income lifestyle above – there are so many reasons and benefits to passive income and high ticket affiliate marketing, but I cannot force you.
I can bring the horse to the water but I can’t make the horse drink – The horse has to be thirsty and hungry. If the horse isn’t thirsty or hungry, nothing can make it drink or strive to search for water and growth.
Likewise, I can’t force you to start YOUR passive income entrepreneurship adventure and journey. I can only invite you to join me (which I am) so together, it’s more fun and we can achieve more together.
Choose to start your passive income entrepreneurship journey.
You have to find biggest motivation FOR and what you DON’T WANT, basically
- What you WANT to achieve with the passive income lifestyle / being a Passive Income Entrereneur (see reasons and benefits section) as well as
- What you DON’T want to end up doing or being – which is being broke and locked in to a place or job and doing things you hate with people you don’t like
If we do not plan our goals and take consistent actions to take us where we want to go, other people will plan for us and use us to take them to where they want to go.
Do it now.
Last year and yesterday would be the best time to start.
The second best time to start will be today, right now.
If not today, then when?
Where would you be in one year’s time? If you don’t take any actions and keep doing the same things at the same place, chances are, you’d end up at the exact same place, one year from today.
The definition of insanity is doing the same thing over and over again and expecting a different result – Albert Einstein
So if you want to transform your life and have a future and passive income streams, choose to invest in learning how to do so today.
Passive Income Entrepreneurship
The individual on his or her passive income entrepreneurship journey is a person who builds a lifestyle business that runs and automates with the power of technology, providing ongoing value 24/7 to their clients. In turn, this provides passive income in payment for the value.
Passive Income Entrepreneurship is both my conclusion and solution to building and living The Passive Income Lifestyle.
Since 2008, I’ve been writing on The Passive Income Lifestyle ie acquiring and building assets (online or offline) that will provide streams of passive income, dividends, commissions and cashflow that allows us to live without worry about money any more.
I wasn’t born into rich family, and I will not marry for money, nor will I beg for money, hence my conclusion and solution is to start my own passive income entrepreneurship journey.
I started with offline freelancing, and hustled my way up (can read more of this below), but it is bloody tough.
These days, I recommend friends, families and entrepreneurs to keep their jobs first and to build an online business monetized with affiliate marketing on the side.
Have some secure and stable 9-5 to pay rent, bills, food etc which provides leeway to use the extra 2-6 hours weekdays and 6-12 hours weekend, to hustle on the side.
ONLY when the side hustle earns at least 50% of what their 9-5 offers them, then they can consider exiting their 9-5 and focus full time on their business – this allows sustainable growth and success.
Online Business Affiliate Marketing Is My #1 Personal Favorite For Passive Income Entrepreneurship (See Point #3)
With the internet, so many things have changed – you can literally start a business to sell or provide service to the entire world. You don’t even need to carry physical stock anymore, you can do dropship or affiliate marketing or other similar solutions.
To make money online, you generally need 3 things:
- A website with webhosting (don’t worry, they’re not that hard to make)
- An audience
- Something to sell
An online business is a great asset; you can work from anywhere and serve people worldwide. Depending on how you have it set up, you can even earn money while you sleep.
The location-independent business models you’ll find here include:
- Self Publishing
- Teaching Online Courses
These are basically a platform for you to communicate your voice, ideas and thoughts to the world, and to build a tribe. And where it makes sense, you can refer them products which if they buy through your affiliate link, you make an affiliate commission.
That’s affiliate marketing in a nutshell.
And why I like affiliate marketing so much is because
- You don’t need to create your own products to start. You can ethically recommend good products and services that you already use to your people, and get paid for it.
- The barrier for entry is very low. It’s really affordable to start, with less than $1 a day at Wealthy Affiliate. They even have a forever free membership (with limited functions of course). But what this means is with your expenses being so low (we’re talking less than $1/day to start, that means that your profit margin is very high, anything from 50-95%!) Which is unheard of in the brick and mortar world today.
- Your customers can be from all over the world. Like you right now, reading this – you could be in United States, or United Kingdom, or India, or Singapore or China or Japan – wherever. The world’s your oyster and it’s a global reach now.
- It’s a lifelong skill that you can keep, refine and pass on to your loved ones. With the same skills, you can start another online business that complements the first one and so on.
- You use technology to automate your business, scale, grow and leverage.
- Because it’s technology, it typically has an uptime of 99.9%…this means that it works night and day, whether you continue to work on it or not, or if you’re sleeping, whatever.
Create your blog…in 10 minutes.
- Sign up for an account at Wealthy Affiliate (there is a free version as well with limited access and 2 free SiteRubix WordPress sites) – this will solve all your tech issues related to web hosting, domain names, support, website etc.
- Next, choose your domain name (every domain name needs to be purchased, around USD$ 14 / year / domain name)
- Then install your website, you will have to choose a WP Theme (use a free one for now, I recommend GeneratePress)
- After that, you will need to install some plugins
- Create a home page
- Research keywords to create keyword-rich Posts and Pages
Invest profits into dividend paying assets
This refers to the Money, Wealth & Passive Income section, where I take a % of all my passive income entrepreneurship profits and work savings, say 10-50%, depending how aggressive you want to be and invest them into stable positive cash flow assets such as
- rental / lease properties for rental income
- dividend stocks such as equities and bonds for dividend income
- cryptocurrencies such as Bitcoin and Ethereum and stake them for interest payment in cryptocurrency
Read more in the Money, Wealth & Passive Income section.
Passive income entrepreneurship is not for everyone
It’s just not for many reasons, be it timings, seasons, motivations, fear, too hard, too tired – there can be so many reasons to not embark on this transformative journey.
You need to find your REASON FOR and WHY, your reason to start and grow your passive income entrepreneurship adventure, not dwell on the can’t/won’t/didn’t. Remember, fortune and luck and growth and profits favor those who are diligent and those who take action and those whose visions and dreams are so strong, it pull them forward towards their future and destinies.
Without a strong and compelling reason and consistent actions in the directions of our goals, all motivations, dreams and hopes remain as that. “Just” dreams and hope.
- if you’re not ready to commit to change and learn new passive income habits and streams
- if you don’t have the funds to invest (or don’t want to)
- if you just don’t believe in it
- if you don’t believe in yourself
- if you don’t want it for yourself
- if you’re not feeling well
It’s okay too, sometimes it’s timing and things. Do what you need to do first. Come back later when you can and when you’re ready to transform your life and future by starting your passive income entrepreneurship journey..
I’ll still be here.
Of course I would have grown more by then, I won’t be at the same spot =)
When you’re ready, I invite you to come join me on this adventure and passive income entrepreneurship lifestyle – and for the massive and consistent action takers: you will find and receive what you seek earnestly and consistently.
The reason why this is the case is because we can only save on how much we make, ie if we make $2000, at best, we can only save a percentage on $2000 – be it 5% or 50%.
With an online business, when we nurture it well, it can make $500 a month, $1000 a month or more – this will be a marked difference between “saving” and starting an online business.
Learning, applying and doing this well will transform your life significantly.
An example is I used to earn $2000 per month as a therapist in a large public hospital – I wasn’t gonna waste time trying to win the game of petty healthcare politics and spending tens of thousands of dollars and maybe get an additional 3-5 years bond to “just” increase my salary by a few hundred bucks a month.
Instead, I decided to be an entrepreneur, where I knew there is no limits, but I went ahead and learnt the hard way, and got cheated, learnt many business, leadership and entrepreneurship lessons – all these lessons, I take them as investments to improve myself.
My results at a glance:
- 2007 – my take home pay per month as employee was $1700 (gross $2000)
- 2008 – my 1st month as freelancer was $4800
- 2010 – dividends as business owner was $30000 per year
- 2013 – $100K dividends per year
- 2014 – business acquired for 7-figures
- 2017 – exited the acquired business because my work was complete there, ready for next phase
- 2018 – started my 18 months sabbatical away from therapy business and focused on online business and publishing
- 2019 – invited to my wife’s physiotherapy business and turned it around from multiple setbacks to strong-accelerated growth business
- 2020 – multiple businesses, multiple online assets, growing therapy business, creating sustainable growth and and more – it’d more than like 100X from here
I’m having a ball of a time right now, and I won’t have this if I stuck to my $2000 a month job. Sure, I may have some raises along the way, but oh boy – it started with a dream and desire.
Caution to the wannabes and scammer
- If you’re in it just for the money, which has its own merits but lots of its own demerits, you’re not going to last. Because entrepreneurship is grueling, hard work. And when shit hits the fan such as downtimes and depressions, you’d be shaken out.
- If you’re hanging out with the “rich and powerful” waiting for handouts and crumbs – you’re gonna be so sorry…cos they know this about you and will use you to do stuff you’re not gonna like.
- If you’re in entrepreneurship because it looks glitzy and glamorous on Tiktok or some social media platform…good luck to you. All those kind of videos focuses on selling you the “glamorous and cool” aspects of being a successful entrepreneur (on video at least). It’s for show and to sell you the dream.
- If you’re here for a quick buck by scamming or cheating….don’t. Just don’t. It’s just plain wrong.
There is truly a lot of work when it comes to entrepreneurship.
You gotta go deep, you gotta be hungry.
If not, you’re gonna drop out when it gets tough.
What if I want something normal? Like regular entrepreneurship?
Freelancing and service business is the next easiest side hustle to start.
In fact, staying “small” as a freelancer has many perks such as flexibility without the demands of a growing or large agencies (one of my physical businesses is a physical therapy and rehab agency which is highly competitive and demanding – but I love it and am good at it).
These can include
- freelancing / service business
Such as tutoring, dog walking, baby sitting/ nannying, housekeeping, accounting, designing, butlering, fashion advisor, personal training, therapist, medical practitioners etc.
Passive Income Entrepreneurship Success Principles
- Entrepreneurial mindset: You’ve got to be hungry, willing to learn and willing to serve profitably
- Create value / something valuable that someone wants to pay you more than it costs to create
- Market constantly
- Followed with selling ethically and sincerely
- Deliver the value you promised
- Ensure your numbers, cashflow and finance are okay ie don’t run out of cash
- Understand the human mind (yours, your team and your clients)
- Solopreneurship (working alone)
- Building a team (working with others)
- Systems are the key to sustainability and scale
- How to analyze systems
- How to improve your systems