The ONLY Real Passive Income

PodcastScaling

Apr 3

Episode 836: Show Notes

Passive income posts frustrate me so much – especially the ones promising you that digital products will make you money in your sleep. Don’t get me wrong, digital products have made me millions and they are great to have in your business. But they do not generate sales without maintenance and certainly do not work all on their own! They are far from passive. Today I want to talk about what is actually passive because passive income definitely is available to you and it’s not talked about often enough.

When I came into this business, I had a world of knowledge at my fingertips. I worked in the financial industry prior to building this company and that definitely gave me an advantage. I got to witness what really goes on in the financial world and I got to learn about my financial future rapidly. I know that this job set me up for success regardless of how much I disliked working there! I don’t sell financial products and am not tied to any financial firm, I simply want to see you wealthy and deeply care about your future!

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The Easiest Way to Retire Early

Throughout my experience in the financial world, I could tell that having money in the first place is necessary to make passive income. All the people who were making loads of money were making it off of the assets they already had! It wasn’t their business that was growing exponentially, it was their assets that were growing exponentially. But salaried employees have no upward mobility and will only make a certain amount. The people who are retiring early are in control of their finances, building a business as an asset to bring in cash. They then take that cash and invest it elsewhere; not necessarily back into their business. Ultimately, you’re only going to get wealthy if your savings outnumber your spending. The amount you have to save in order to survive through retirement is astronomical!

The One Thing You Need to Know About Saving

Saving is obviously important, but it is not what set me up for long-term success. What set me up for long-term success was building a business that brought in the cash flow that allowed me to make salary and profit distributions. I could spend money, live the life I want, and put the rest in savings and investments. And that is where passive income comes in! Saving is not going to bring you the compound effect that other investments will bring you. I suggest you have a high-yield savings account because it will earn you more than others and is fairly competitive with inflation. But that isn’t growing my money! While you can invest in real estate, for example, that isn’t actually passive. And if your goal is actual passive income, you want income that you don’t have to work for at all and that is maintenance-free!

How I Make Truly Passive Income

You need to work with a qualified professional to figure out the products that you should be investing in. The things that are earning me regular passive income are stocks, mutual funds, structured notes, and principle-protected notes! When I say these things are truly passive I really mean it. I literally sign a form with my financial advisor and then it does its thing. It makes money all by itself! I recognize that I have over-simplified this but I want you to know that saving did not get me to the position that makes me feel comfortable about my future. What has done that, is building a business that is a true, stable asset that brings me income and allows me to work with someone outside of my business in order to invest money and actually make passive money.

My Number One Goal in Life and Business

I can retire in 10 years because I have built a business that is fueling my future but that is just one piece of the puzzle. My goal is to help you build a business that will bring in the cash flow that will pay for the life you have, the life you want, and the life you will have in the future so that you can retire early and comfortably! You are going to need to take the money out of your business and use it to power you forward. You can make use of sales, content, digital products, courses, affiliates, sponsorships, brand partners, and so on! I don’t think you necessarily need to do all of these things because it took me nine years to get here! You can start off with a few and expand over time. But none of those things are passive! None of them! My business works best when those products naturally flow into each other and are all speaking to the same audience.

I know this is a lot to digest but I am here to help you figure out how you want to show up in the world, how to build the life you want, how to plan for the future you’ve always dreamed of, and how to do all of these things in a way that is ethically aligned with your values and makes a true impact in the lives of your clients. That’s what I am here to help you do! I want to support you in building a business that can help you expand your team and ultimately allow you to achieve all of these things. I have a community that is perfect for you! If you haven’t heard of the Co-Op, this is your chance! DM me the word “accelerate” and we can talk about it more!

Quote This

I want you to retire early and I want you to retire wealthy. That is my goal in life.

Highlights

The Easiest Way to Retire Early [0:16:19]
The One Thing You Need to Know About Saving [0:19:56]
How I Make Truly Passive Income [0:25:30]
My Number One Goal in Life and Business [0:28:38]

OUR HOST:

Abagail Pumphrey

Abagail on Instagram

Boss Project on Instagram | Facebook

Abagail Pumphrey, the Co-Founder & CEO of Boss Project, has been a driving force in the creative entrepreneur industry since 2015. With a passion for empowering service-based business owners around the globe, she became internet-famous after the launch of the transformative training, "Trello for Business." This innovative system revitalized the operations of over 10,000 business owners, making a significant impact on the online business landscape.

Under Abagail's leadership, Boss Project has been featured in prestigious publications such as Forbes, Marie Claire, INC, and HuffPost. Her twice-weekly podcast, The Strategy Hour, is a staple in the business community, continuously topping Business and Management Charts on Apple with millions of listeners from around the world.

Abagail's superpower lies in her ability to break down complex concepts into easy-to-implement, duplicatable systems. As an expert in online sales and a data-driven strategist, she has turned a layoff into a 7-figure work-from-home business. Abagail's mission to help more female founders become financially free, without letting their businesses take over their lives, continues to inspire and guide entrepreneurs on their path to success.