If you want to receive an income on a regular basis without putting a lot of effort to maintain it, stay with us! Today, you’ll hear all about the 5 realistic methods of creating wealth through passive income. Learn how real estate can make you wealthy, what network marketing is, and how you can do licensing even if you are not a big player on the market.
What You Will Learn About 5 “Realistic” Methods of Producing Passive Income:
• Who should consider participating at Epic Intensive
• Where you can learn everything about finding discounted deals
• The tool that will help you create a solid foundation for a better life
• What passive income is
• The fastest path to financial independence
• Different strategies for creating income in real estate
• How to get educated on that topic
• Why you should write a book and how easy it is to do so
• Matt’s experience publishing the one he wrote
• What network marketing is and why you should give it a try despite the existing stigma against it
• How to choose the right company for which you want to start working
• What dual income opportunity is
• How Matt started doing internet marketing
• How expensive it is to do so
• What licensing means and how it works
• Who should consider doing it
Whenever you’re ready, here are a few ways we can help:
Work with me One-on-One
If you’d like to work directly with me on your business… go to REIAce.com, share a little about your business and what you’d like to work on, and I’ll get you all the details!
- Would you like to meet in person? Our next live event is right around the corner! Go to EpicIntensive.com for the details.
- Become an Epic community member at The Epic Real Estate Investing Show
One of my favorite things to do is share with investors the latest and greatest tactics and strategic friends I make. I do it every week and you can listen in by subscribing to The Epic Real Estate Investing Show podcast on iTunes – Click Here.
- Grab my book, Epic Freedom ($1)
I frequently hear from people looking into investing in real estate for the first time, “How long is it going to take?” So much so, I wrote a short book about the 2 easiest and fastest strategies to a paycheck in real estate. You can grab a copy for $1 and I’ll pay the shipping – Click Here.
- Join our Badass Investor Program and be a Case Study
I’m putting together a new Badass Investor case study group at Epic Real Estate this month… stay tuned for details. If you’d like to work with me on your real estate investing, go to FreeRealEstateInvestingCourse.com to get started.
- Also, check these out:
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Speaker 1: I would recommend The Epic Intensive to anyone who is on the fence, can’t quite decide if they really want to do this business, and they don’t know if it works. Just getting around people that are doing it, it’s possible. It’s something that people are doing that works and it’s just a matter of getting around the right people, getting the right information, and taking action.
Giving out information that you don’t have to pay for is amazing, you don’t see that anywhere else.
Matt Theriault: Hey rock star, Matt here and I just wanted to thank you. Thank you for listening, thank you for sharing this with your friends and your family. At almost a decade running now, we just wouldn’t be here if you weren’t doing that, so I’m really grateful for you.
I’ve got a really good show for you today as well. But before we start, I wanted to ask you a really quick question. I was just thinking, and I’m curious, are you breaking the bank right now on your time and your money, spending more and more on marketing, trying to buy discounted real estate?
Because real estate investing trends, the trends have really gotten out of control lately. It’s time to go back to the basics. To buy discounted real estate, you’ll only have to focus on three things. Just three things.
One, contacting leads. Two, setting appointments. And three, making offers.
If you want to crank it up, setting up a really good automated lead machine, that’s the way to do it. Do that, and you’re good to go. Before we get started today, this podcast, as you know, it’s all about finding discounted off-market real estate deals.
And if you’re really serious about finding these types of deals, and finding them at will, then you might like to join us at the upcoming live three-day Epic Intensive Lead Machine Workshop in Manhattan Beach, California. It’s July 18th through the 20th, and if that sounds good to you then have a look at epicintensive.com. Now, let’s get started with the show.
Hey, it’s Way Back Wednesday, welcome. Glad you’re here. If you’re finding us for the very first time, welcome. I’m really glad that you did find us. You’re catching us on Wednesday, Way Back Wednesday and the Way Back refers to us reaching way back into the archives of the podcast. Specifically, we’re reaching way back into The Do Over Podcast.
This is the original podcast that launched The Epic Real Estate Investing Show. We’ve been doing this for almost 10 years, and we’ve got really good stuff back there. I’ve been listening to a lot of these episodes for the first time in 8, 9 years myself, and I’m getting something out of my own stuff. Hopefully you are too, hopefully, you’re enjoying it, and I’ve got a great show for you today. Five realistic methods of producing passive income. All righty? Can’t wait to hear what I said, enjoy.
Speaker 1: This is Theriault Media.
During an era where countless people, businesses and organizations are feeling the pinch, running out of time, running out of money, losing confidence, feeling as if life is unfair, praying for another chance. And unless something is done, life is going to pass them by.
Life is going to pass them by.
Fortunately, in the nick of time, there is now a place where the ignored, underestimated, and unknown steps to producing results and making life work are revealed. Save your career, save your business, save your health, save your relationships, save your life.
Get from where you are to where you want to be faster, and with greater ease than you ever thought possible. Say hello to your Do Over.
Do over. Do over. Do over. Do over. Do over. Do over. Do over.
Matt: Welcome to your Do Over, the place where once a week you will hear, learn, and take action on the ignored, underestimated, and unknown steps to producing results.
This is the show where I show people dissatisfied with their current situation how to start over and begin a new life setting goals and objectives, so they can create wealth and live life to the fullest easier, faster, smarter.
Now you can get a head start and lay a solid foundation for a better life using The Three Pillars Of Creating The Ultimate Do Over. You can get that for free at freedoover.com. It’s a 55-minute MP3 audio program that I made just for you. Yes, I made it just for you with three specific steps on how to get success as you start over. Now it’s yours for free at freedoover.com.
I’m getting a lot of feedback from that program, by the way, and if you haven’t taken me up on the offer, you might want to do that right now. Go to freedoover.com. Oh, well wait a minute. Wait, wait, wait. You might want to wait until today’s show is over, as you’re probably not going to want to miss this.
Now having said that, the free audio program I put together is going to help you get started ASAP should you want to implement in your life what I’m going to be discussing today. Okay? I’m coming to you live from downtown Los Angeles, I am recording in my loft today. You might hear a little background noise, a little echoey or reverb, it’s just because I’m in my loft. It’s not a special effect.
You might hear the sounds of the city going on as well. Downtown can be busy, especially during the day, and typically I record at night when it’s a little quieter, but not so the case. We’ve got the leaf blower guy outside, we got helicopters going over, semis and buses, and all that stuff.
Try to ignore that, and let’s get into the subject. Today’s subject, five realistic methods of creating wealth through passive income. I put the emphasis on realistic. There’s a lot of stuff out there. There’s a lot of trash out there. There’s a lot of theory out there.
So I wanted to share with you five realistic methods that I’m implementing in my do-over. You see generating passive income has become a primary focus of mine over these last few years, and I constantly have my eyes open for new methods and systems for producing it. I test a lot of them, and I implement what works, and I throw out the rest.
First of all, what is passive income? Now there are several definitions you can find online, but for the sake of today’s podcast, passive income will be defined as an income received on a regular basis with little effort required to maintain it.
However, do not misinterpret our definition of little effort required to maintain it with little effort required to produce it. You see, producing a significant income, whether it’s passive or active, it takes work.
Passive income is not a get-rich-quick idea. Quite the contrary, actually. I mean you’ll certainly get rich quicker than anything else that I’ve found out there, but it’s not get-rich-quick.
You know, we all have to earn a living in some way, but we have the choice of how we’re going to earn it. We each have that choice. We can be an employee, or a self-employed person, and exchange time for dollars. Or we can create systems through businesses and investments to produce the dollars for us.
Now the former doesn’t really appeal to me, really doesn’t appeal to me whatsoever. The concept of “no-work-no-pay”, it’s probably the biggest killer of financial independence. In fact, I saw a bumper sticker like that years back, and it said that the job is the biggest killer of financial independence. Now there’s certainly some exceptions to the rule. However, as they say, “The exceptions only prove the rule.”
Now the latter, creating systems through businesses and investments to produce our living for us, that’s much more appealing. To me, at least. You know your situation better than I do, but that makes sense to me.
Let me ask you this, let me put it this way, do you want to continue working 50, 70, 80, 100 hours a week for the rest of your life, or maybe the next 40 to 50 years till you’re able to retire? Or, do you want to work 50, 70, 80, 100 hours a week for the next few years, and never have to work again?
Now to me, that’s the real difference. As I’m illustrating here, it’s going to be hard work one way or the other. But the difference, the significant difference is for how long do you want to do that hard work?
I just want to make that clear to you. It’s going to take work. I don’t want to be lumped in with all of the crap online declaring you can earn $20,000 a week your first week, and you don’t even have to get out of bed to do it. I mean that’s not what we’re talking about here.
Now there are two ways to get to this point where you don’t have to work. Let me clarify that also. There’s nothing wrong with work, and I’ll probably continue to work for the rest of my life, but where I’m going is to get to a place where I don’t have to work. I get up in the morning because I want to, instead of having to.
There are two ways to get to this point where you don’t have to work. You can focus on either increasing your passive income, or you can focus on reducing your expenses. The fastest path to financial independence, where you get that time freedom and money freedom, the fast path is to do both. Increase your passive income and decrease your expenses.
You see, as soon as your monthly passive income surpasses your monthly expenses, you’re essentially done. You have enough money coming in every single month, whether you go to work or not, that pays your expenses. You are done at that point, or at least you have the option to be done.
Any time you find an activity that does both, it deserves your attention and effort.
The first realistic effort of creating passive income does both. It increases your passive income and it decreases your expenses. It happens to be my primary focus. It’s what I get up and do every day, and that’s real estate investing.
Now there are many different strategies to create income in real estate, and that income can be broken down into two categories. Massive income, which would come to you typically by wholesaling, or fixing and flipping a property, shorter-term strategies. And then there’s passive income, which would come to you typically by buying and holding.
Now you can buy and hold property, or you can buy and hold notes. Another word for notes would be mortgages. You can become the bank, that’s another form of buying and holding. Now buying and holding sounds pretty straight forward, you buy and you hold. You buy a property, place a tenant in the property, they pay their rent to you every month, you take that rent and pay the expenses on the property. If you did it right, there’s something left over for you at the end of the month, and we call that cash flow or passive income.
Now it is that straight forward. However, if you’ve ever owned a property, you know that there’s plenty that can go wrong, and for some reason, it typically does for the newbies. And then, unfortunately, real estate gets a bad wrap.
As many horror stories as you’ve heard, they’re probably all true. But there are horror stories with any type of investment. There are horror stories with any type of business. But the reason I like real estate investing so much, it’s probably the one investment strategy, the one passive income stream where you have the most control. Where you’re able to influence and manage your income.
That all comes just through education. There’s a lot of people out there that I actually talk to every day, they think they know what they need to know about real estate investing. But the thing is they never get out there and actually do it. To know and not do is the same as to not know.
I would really recommend before you take on any sort of endeavor in real estate is that you get at least a basic foundation of education. You know, the next step might be actually to find a mentor, someone that has done it. Preferably somebody that is doing it right now, and preferably someone that is doing it at the level that you want to do it.
Real estate is one of those industries, or one of those fields where you can find a self-proclaimed expert on every single corner, and they’ve all got their ideas and methods. It only takes a small amount of conversation to find out that most of those people don’t even own any real estate, or they did a transaction 20 years ago and they’ve classified themselves as an expert. So be careful out there.
There are a lot of places where you can get some information about real estate, some good, some not so good. I was fortunate enough to stumble across an opportunity, or I should say an educational program and a system, that actually had a lot of resources and contacts built in. Where it actually enabled me to take that education from the classroom, and go out and put it to work in the real world.
I’m in this program with a lot of like-minded people, thousands of them across the country, and I’ve heard some horror stories out there. There’s a lot of really, really expensive programs. There are a couple of people I know that have spent over $100,000 on their education, and by the time it was all over, they hadn’t even conducted one real estate transaction, so be careful.
Now, I was fortunate enough to find this program, it was my first time out so I don’t have those bad experiences with the educational programs. But, I was able to find a program that was a fraction of that, not even close to that much money, and I’m a full-time real estate investor now and I got here reasonably fast. It didn’t take me a whole lot of time to get up and running and to start producing some really good results. If you want to check that out, you can. It’s theinvestorintroduction.com. Go to theinvestorintroduction.com and you can register for a free introduction in your area, but you can check that out. Like I said, do your homework, do your research, there are a lot of options out there, but this is what I chose. It works for me, theinvestorintroduction.com.
All right, realistic method of producing passive income number two: write a book. You know, everybody has a story to tell, everybody deserves to tell it. That’s just what I believe. I came out of the music business thinking everybody had an idea for at least one hit song. That’s why we have so many one hit wonders. They had that one idea, they acted on the idea, and voila, they had their hit. I actually believe the same thing with a book. Everybody has a unique story and I believe everybody deserves to tell it. There’s someone out there that’s going to benefit. There is someone out there that will be entertained by it. There’s someone out there that’s going to learn from it. You know, that can be a form of passive income, is by writing a book and selling it.
Becoming a form of passive income is probably easier today than it has ever been with the advancement of the internet, the advancement of printing services, the advancement of do-it-yourself publishers. It took me a really long time to write my book because I was unaware of this do-it-yourself industry. I was under the impression that I had to write this book, then I had to save a bunch of money to go get a bunch of copies pressed, and then I was going to have to peddle them on the street corner because I didn’t think I was going to get a publishing deal. Who’s going to give me a publishing deal? No one’s ever heard of me. Why should anybody read my story? I mean, this was all the stuff I had going around in my head and it’s absolutely untrue, and it’s untrue for you as well if you’re thinking the same thing.
I stumbled across this whole industry, it’s a print on demand industry, a self-publishing industry. You don’t have to print up a bunch of books. They have the technology of printing has advanced so far that they can print one book at a time. You can go and sell a book, and then order it. You can actually sell it before you’ve actually printed it. That’s pretty much a no-risk business.
Then they’ve got self-publishing houses, where they’ll do all of the work for you. I did a bunch of research. I found a lot of great companies, but I did settle on one. If you don’t know how to get started, like I said, there are countless resources online but I investigate so many of them, I found a really great service all under one roof. They do pretty much everything. If you want to check that out, that’s writeabook.biz, writeabook.biz.
Not dot com, biz, because you are going to take this book and you are going to create a business out of it. You are going to create a form of passive income for yourself. Writeabook.biz. You can go there and just request a free publishing guide. That’s going to get you started right. They have a bunch of great resources and they show you how to prepare your manuscript, they show you how to edit it. They show you how to design it, how to market, set it up so it’s marketable, go through publishing terms and legal resources.
They have all of those resources, and then they have all the services, actually, if you don’t want to do that stuff, they’ll do it for you. They’ve got a design service. They’ve got an editing service. They got production warehouse. They got the marketing services, the press releases. They’ll do all the internet marketing for you, they’ll do email campaigns, online video services, they’ll do radio services, publicity I just mentioned, expert positioning and advertising. They’ll set up book signings, they’ll do the direct marketing, they’ll do it all for you. All you really have to do is write and they do the rest for you.
They’ll even sell it for you and they’ll distribute it for you. I mean, my book right now is on amazon.com and it’s on Borders, it’s on Barnes & Noble, so it’s available at all of those places as well as my website. If you want to go check that out you can, at dooverbook.com. You can go see what I put together and how it’s working for me. I sell maybe two to four copies a day from my website. I think I’m selling them right now for 20 bucks. You know, I sell four of those a day, it’s 80 bucks a day in passive income. I’m not going to retire, get rich off that, but it certainly helps pay the bills. That’s available for you, go to writeabook.biz, that’s the first step. If that’s something you were wondering about, don’t delay like I did due to ignorance. It’s easier and cheaper than you’d think.
A realistic method of producing passive income number three: network marketing. Now, I can already hear some of you snickering or cringing just at the thought of that. But, if you find a good company with a product you believe in and follow it up with some serious sweat equity for a couple of years, you can reap passive income for life off of those efforts. You know, it’s been said that if you do insider network marketing for the next two years, what most people won’t do, you’ll be able to do for the rest of your life what most people can’t do.
Now, regardless of what stigma it has attached to it; pyramid scheme, multilevel marketing, Ponzi scheme, I mean, there are all types of names that are all lumped into one pot, but they’re not. They’re all very, very different. First of all, the Ponzi scheme is illegal. A pyramid scheme is illegal so it’s not that. Multilevel marketing is just a pay structure, and what most people don’t realize is multilevel pay structure, that’s corporate America. I mean, you’ve got the president, you’ve got the couple vice presidents, you’ve got the directors, you’ve got the coordinators, you’ve got the assistants, you’ve got the mail room clerks all the way down. The top levels make money off of the efforts of the people below them. That’s corporate America. It’s been around forever.
Try and put your biases aside, your stigma aside. Network marketing, it’s quickly becoming a staple in the business world as more and more respectable business of services and products adopt this as their business model. In fact, Donald Trump, you know, if he lost his fortune tomorrow, he’s on record as saying he would climb his way back to the top through network marketing. In fact, I even saw an interview with him when he said this, and he was in front of a live audience, “Mr. Trump, if you were to lose everything today, how would you get it all back? How would you start over?” He said, “Oh, easy. Network marketing.”
The crowd laughed and they thought it was a joke. Trump turned to the audience and looked at them very seriously and says, “That’s why you’re sitting out there and I’m sitting up here.” But, success leaves clues. I mean, Trump recommends budding entrepreneurs give it a go. Not only is it a sound business model, it is an excellent environment to test yourself, to see if being a business owner is the right thing for you. Because it’s not easy being a business owner. It’s not easy creating passive income. Within network marketing, a system is already in place so you can hit the ground running. The inconveniences that a company, say a franchise or opening up a small store of your own, you don’t have to manage employees. You don’t have to keep track of inventory. All that stuff is absent. It’s all taken care of for you.
Now, there are countless companies to choose from, and some are much better than others. Some are absolutely terrible. You’re going to have to do your homework. How do you choose? Well, based on my experience, and I’m currently active in a couple of network marketing companies of good products and good leadership that I’ve found. It’s not my full-time gig, but I certainly refer people to the programs whenever the subject comes up, and it pays me some passive income. Based off my experience, how would I choose?
Well, I’d recommend the following before making any final decision. Number one: pick a product that interests you. More importantly, one you would purchase and use yourself. I mean, if you don’t believe in the product, your customers won’t either, and you will not last. It’ll be a tough lesson in futility.
Number two: meet as many people within the company as you can. I mean, keep your antenna up for shadiness. The longer I’m in this environment or I’m around other network marketers, I find that it’s not necessarily network marketing that’s shady. It’s not necessarily that multilevel marketing is shady. It’s oftentimes the people that it attracts give it that shady reputation. Meet as many people within the company as you can, keep your antenna up, listen for over-embellishments, half-truths, and specifically flat out lies.
I mean, trust your gut on this one. Your first instinct is typically correct, and trust your instincts fast. A good indicator is to listen to the individuals pitching the product. If you hear something along the lines of, “Our product will make a blind man see,” I actually had someone say something very similar to that to me once. Or, “Our product will make you rich overnight,” or, “there’s no work involved, it’s easy, it practically builds itself,” head for the door, look for another company because that’s not accurate. It’s tough work, but it’s rewarding work if you take it seriously.
Now, if the compensation plan, it requires you to recruit a small country for it to work, you know, it’s going to be a great practice to attempt such a feat, but the effort is really futile. I mean, the promise of the residual dream in so many of these companies is really a residual lie, especially if you don’t get in on the bottom floor with this type of compensation plan.
Now, the sales process in every company, it’s the same. You’re going to be required to do the exact same activities. You’re going to be required to see the people, tell the story, build for events, follow up. You’re going to have to do those same activities to produce your success, so pick the compensation plan that pays the most, and pick one that pays in multiple ways. Pick one that’s going to pay you some good money today. Pick one that’s going to pay you some good residual money, like some monthly passive income. Pick one where there’s some incentive down the road to building something really big, like maybe in the form of stock options or a founder’s pool or something like that, where there’s a nice potential prize down at the end of the road as well.
Ideally, you want to pick a company where your success within that company is not dependent on your ability to sell the product. Now, these are few and far between. But, your chances of success are far greater within a dual income opportunity. Meaning, you can generate income selling the product, but you can also do so by using the product. Like I said, there’s aren’t many companies that satisfy all of these criteria. You see, doing over in network marketing, it could be frustrating and exhausting, so take your time to make the right choice.
Now, fortunately, I was able to find a couple of great companies that do meet all of these criteria. I’m not going to promote them on the podcast, that’s not what this is about. But, if you can’t find one that suits you, you’re free to take a look at the two I’m still active in and work directly with me. If you want to have a conversation about it, feel free to send me an email with your phone number to [email protected] I’ll just give you a quick call and we can have a quick conversation to determine whether working together in one of my two companies makes sense for you or not. Or, maybe I can give you some advice or guidance about the ones that do interest you. I’m happy to do that.
But, network marketing, don’t count it out because it was a punchline once at a party and the entire room erupted at the mention of it. I mean, people laugh at the things they don’t understand. If nothing else about network marketing, you’ll want to understand that there are very successful and very wealthy people in the industry receiving obnoxiously large amounts of passive income. I take that on, it’s working for me. I wouldn’t endorse it if it wasn’t actually working for me. But, it is one of the most challenging things I’ve ever done. Keep that in mind. As with all of these methods of passive income, they’re all challenging. I had to learn something new in every single one of them.
A realistic method of producing passive income number four: internet marketing or blogging. Now, this over the past year, so it’s become almost a guilty pleasure of mine and I’m happy to say it’s finally working for me. I had a slow start but it’s finally working for me. It could have worked a lot sooner if I had followed my own advice in my book and sought out a mentor before getting started. Now, I found
… great company. They’re kind of pricey, but compared to the money that I squandered in countless little $49 eBooks, I should have just went here first and bought the whole enchilada. I mean, not only would I have saved some money, but I would have saved a ton of time and spared myself a ton of frustration. I mean, this little company that I found, they literally give you a step-by-step plan to create your own internet business. Again, it’s work. These all take work, but this is the one program, and unfortunately, I didn’t stumble across this one first, like I did my real estate investing program, but they hold nothing back. They give everything they’ve got. They’re pretty awesome, and I just love things that are step by step. I can follow instructions, and if the instructions are good, I’m going to be successful at it.
One of my favorite quotes is, “If you do what you love, you’ll never work a day in your life.” An internet business, in my opinion, it gives each and every one of you the greatest shot of living this quote, of making this quote your reality, and through the internet for relatively low startup costs, I mean, my education on how to do this has been by far my biggest expense, but starting up a business is extremely inexpensive. Starting up an internet business is extremely inexpensive, maybe $150 on the low side, and even if you wanted to just go crazy and pick up all of the bells and whistles and go first class, I mean, you’d have a tough time spending $1,000. You can create a very lucrative business, a very strong and lasting stream of passive income, for very minimal investment.
Now, everyone wants to take control of their own life. Right? That’s what an internet business can give you is control. I love the passive income that you can control. Now, the system I used, and there are countless systems and approaches to this out there, but they all teach, I should say, the scrupulous and honest systems, there’s a lot of stuff out there you’re going to want to watch out for, but they all teach relatively the same thing. I mean, you’ll see these principles to building an internet business packaged and presented in countless ways, but at the end, it’s all mostly the same stuff.
When I first started to notice real progress was when I signed up for internetbusinessplan123.com. Anytime I hear that 123 or that ABC, I’m immediately attracted, because I know it’s going to be step-by-step. When I signed up for internetbusinessplan123.com., that’s when my business started to take off, and it’s still going. I wouldn’t say it’s skyrocketing, but it is producing passive income for me now. What’s so cool about them is, they show you how to actually design the perfect lifestyle for yourself. Not necessarily the perfect business, but they take your whole life into consideration, and what type of lifestyle do you want, and then they show you how to take your passion, create a business around that to produce the type of lifestyle you want.
They create the lifestyle doing exactly what you want, bringing you the happiness and satisfaction that each and every one of us deserves, so go to internetbusinessplan123.com., and they give you a bunch of free stuff there, by the way, to get started. You’ll get full access to a 45-minute information-rich audio presentation that gets you started. They give you something called the Lifestyle Design Chart. You use that to fill out after you listen to the full program, and you use it as a guide to keep you on track with every decision that you make in your business.
Now, the simple chart, it helps you achieve the lifestyle you want, and it keeps your business running with or without your involvement. That’s my favorite part. That’s why I love passive income so much is, it works with or without you. They’ll also give you a free 30-day no-risk trial membership to their academy. If you take them up on this offer and dig in and commit some time to it and make the most of your 30-day trial, you’re going to make some significant strides during that period, so much so you’re not going to want to give up your membership. It’s like the ultimate puppy-dog close. They give you just so much information, you’re not wanting for anymore, and they show you how to produce results really, really quickly.
If running an internet business that you can set it and forget it is of interest to you, go to internetbusinessplan123.com. It’s the best place to start, at least in my experience, and even if you don’t participate in their program, you’re going to get a ton of great, free information.
Okay. A realistic method of producing passive income number five. We’ve gone through four already. This is the fifth one, realistic method of producing passive income number five. Licensing. Now, to license or grant license means to give permission. You see, a license that may be granted by a party, which we call the licensor, to another party we call the licensee, as an element of an agreement between those parties. A shorthand definition of a license is essentially an authorization to use the licensed material. There are several types of products, services, and information that can be licensed. Intellectual property, software, trademarks, and brands, and artwork or character licensing. If you have an idea, or product, or service, or some exclusive information, you can license it for others to use, which can create passive income for you.
Now, this is something rather new for me, so I haven’t actually produced any income from it yet, but I have a big interest in it predominantly to support the internet business I’m building. You see, when you run an internet business, you obviously need something to sell or else you don’t really have a business. You have a few options. You can create a product or service of your own and market that online, or you can represent somebody else’s product as an affiliate and earn a commission every time you sell their product, or you can license somebody’s product and place your own brand on it.
Now, I learned about this a few years ago when I first read The 4-Hour Workweek by Timothy Ferriss. Now, licensing has been around forever, but I really did just learn about it a few years ago with regard to how I can implement it in my business to create passive income. It seemed like something that was up there, available only to the bigger businesspeople, but it’s actually readily available to even the small business owners, like myself.
As I perused the internet for good real estate investing and personal development products that I could sell on my two websites, and I looked for stuff that I could license, I found most of them, let’s just say they either needed help in the quality department, or they were seriously lacking in the integrity department. As many as there are to choose from, seemingly indicates that there is a demand for these types of products, but they all just stink, and I wasn’t comfortable putting my name behind them. At least that was my experience, so I’ve decided to create a few of my own. I’m creating a real estate investing product, and I’m creating a personal development product, but rather than sell them exclusively on my own website, I’m going to do what’s called white label them, and allow other internet businesses to license them from me so they can put their own labels on them.
That’s from where the additional passive income comes. I will make passive income by selling those products on my own websites, but I’ll create an additional income stream by allowing other internet businesses, other websites, to put their own label on my products and market them as their own. Now, I’ve never done this before, and I wasn’t sure where to get started. I only knew about it in theory, so I did the logical thing that we all seem to do when looking for answers. I went to Google and started my search. After reading and researching several possibilities, I decided on one and purchased their product. I think it was $149 or something, but so far, it’s really, really good. Personally, I like step-by-step instructions, and I’m following along, and everything seems to be coming together so far. For now, I give this my endorsement.
It’s licensing123.com. Licensing123.com. You can see a theme of what attracts me. If you put an ABC or a 123 behind it, I’m all in. If you have an idea for a small how-to book, a little widget, piece of software, a special character you doodle on napkins and scratch pieces of paper, whatever it may be, go to licensing123.com, and you can read a bit more, and perhaps this is something that you’ll want to do for passive income.
Now, this particular site, it’s heavily focused on life coaches and speakers, but the concept is sound, and it’s going to work for any idea you have that you think is licensable. Now, their sales pitch and their landing page, it’s pretty salesy, I’ll give you that warning, but don’t let that get in your way. The product seems credible, but their sales pitch is so that they’ve got a step-by-step, proven, road-tested program that shows you exactly how to start licensing your own workshops, speeches, publications, and training materials. My experience thus far, it’s been really, really good.
This is what really attracted me. For the price, they give you a ton of information stuff. I mean, you’re going to learn clear, simple, step-by-step instructions, what a licensing program is. I certainly needed to know that. What it can do to build your business. How to tell if your program can be licensed successfully. When it’s the right time to license your work and when it’s the wrong time. That seems just as important. How to license if you don’t have a workshop or program set up already. How to find your own niche in the licensing marketplace. How to title your training program so it attracts the perfect trainees and plenty of them. Everything to include to make your training program complete.
What else do they give you? A personal Rolodex filled with their favorite road-tested resources, like printers, designers, CD and DVD duping houses, and the perfect fulfillment and shipping vendors, which types of licenses to use, pricing and payment models that work and those that don’t, the ABCs of packaging, processing orders, and fulfillment and shipping. I mean, just totally setting this up as an automated business and setting up as another stream of passive income for yourself. They literally give you all the nuts and bolts of exactly how to create your own licensing program in a way that no one really has ever done before. At least, that’s my interpretation of it. Go to licensing123.com. Licensing123.com.
All righty. Those are the five realistic methods of producing passive income that I’m implementing in my do-over. Now, I know there are others out there, but I can’t speak on them, as I’ve never used them. I can only speak on what I know and what my experiences are, so I referred you today to what’s working for me. Maybe they’ll work for you. Maybe they won’t, so do your own research, but if you’re anything like me and you just want to get started, I’m pretty confident in putting my name behind the resources I mentioned today. If you didn’t get to write them down, I have them all conveniently listed in the show notes at thedooverguy.com. This is podcast episode number 11. Just click on Podcasts in the right-hand column of the homepage, and you’ll be taken to the show notes and transcripts of all my podcasts.
That’s it for today. If you like what you heard, and/or if there’s something that you’d like to hear more of, please visit iTunes at your convenience and leave your comments and suggestions. Much appreciated. I am Matt, The Do Over Guy, and I will see you next time on your Do Over.
Speaker 1: Thank you for tuning in to Your Do Over, where the ignored, underestimated, and unknown steps to producing results and making life work are revealed. Remember, knowledge is potential power. Take action. Take action on what you learned today. This is not your learn-over. It’s your do-over. Do over. Do over. [inaudible 00:34:53]. To view the resources referenced in today’s show and to retrieve a complete show transcript, visit thedooverguy.com. Stay connected with Matt, The Do Over Guy, Theriault on Twitter @theDoOverGuy, and on Facebook at www.facebook.com/DoOverGuru.