Living the entrepreneur life can be thrilling, motivating and rewarding all at the same time, but there comes a point in every entrepreneur’s life when they have to take a step back and ask–how long will I have to trade dollars for hours?
What does it mean to trade dollars for hours?
Trading Dollars for Hours
Every entrepreneur (and person for that matter) only has so many hours in a day to accomplish everything on his to-do list. For most entrepreneurs, this means they have to charge by the hour for the services they provide.
If you are a consultant, you may make $100 per hour for providing consulting services.
If you run a lawn mowing business, you may make $30 per hour that you work on someone’s lawn.
If you run your own marketing agency, you likely bill your clients an hourly rate or a retainer fee for the services your agency provides.
Even if you are making a great hourly rate, your income is still limited by the amount of hours you can work in one day, one week, one month, and even one year.
Sure, if you’re making $250 per hour, you can take home a great income. But what if you could earn the same hourly rate while you sleep at night, or while you take a trip to Europe with your family? That’s why coming up with a strategy to earn passive income can change your life for good.
What is Passive Income?
Put simply, passive income is the practice of building a business that can essentially run on auto-pilot and make you money without you having to physically work all the time. That doesn’t mean that you can wave a magic wand and suddenly watch as thousands of dollars drop into your lap.
Building a passive income takes dedication and resilience, but ultimately the goal is to put in a lot of work during the first few months and years so you can reap the benefits down the road. Eventually, once the heavy lifting is done and your business is set in motion, you will be able to earn money while you eat, while you sleep, and while you travel the world.
Just imagine waking up in the morning at the hour you choose. You make yourself some breakfast, hit the gym for some exercise and then finally sit down to your computer at 10 a.m. When you look at your earnings for the previous night, you see an extra $500 in your bank account, just in the past 8 hours!
Passive Income is Key to Building Wealth
If you truly want to become a wealthy person and live an abundant life, passive income is key to your success. So how do you begin earning passive income?
If you want to start a business that will earn you passive income for years to come, please check out the resources, programs and live events available through Digital Altitude. Instead of struggling to start your own online business without any tools or guidance, you can count on the expertise of everyone at Digital Altitude, because all of them have grown their own successful online businesses, so they know how to help you build your own passive income stream.
So what are you waiting for? Check out our product section to see what tools are available to help you jumpstart your future passive income.