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How to Simplify Passive Income in Your Life
Episode 13421st November 2022 • Passive Income Examiner • Lindsay Sutherland
00:00:00 00:18:20

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FREE Masterclass - Build Multiple Streams Of Income Around One Topic

This is the time of year we are all facing the hustle and bustle of the holidays while a contrasting desire of rest and relaxation calls forth from within. Winter has a way of showing us how much we long for freedom and flexibility in life.

Whether it's financially having the means to provide an excellent Christmas, or time flexibility that allows us to travel and enjoy Holiday events without having to maintain the pressures of work.

We know passive income is the solution that meets both of these demands.

But, where is the best place to start when we feel shackled by time and money.

Today's episode outlines three ways to simplify passive income in your life.

1- Get clear on a topic and find ways to create multiple streams of income around that topic.

2- Commit to the process. Try is the lowest form of commitment, you need to be 100% in the game to see success.

3- Be consistent. Commit to your plan for 1 year and consistently take action in that year to see real results.

Things to avoid:

  • Avoid the desire to chase passive income streams that appear lucrative (but don't really seem interesting).
  • Avoid switching plans frequently. Find one thing and stick with it.
  • Avoid building passive income around topics that are not interesting to you.

To truly build a freedom lifestyle it's imperative we build a business that doesn't feel like work when we work it. Don't be fooled into thinking that if you only had to do something for 5 hours a week, even if you don't love it, you could do it. Time and again this has been proven wrong.

Even Neil Patel spoke about this in a YouTube video he did. He built a passive income stream based on fitness and health, but doesn't even like that topic. Even though he made hundreds of thousands of dollars, it eventually faded away and was replaced with what he does love... marketing.

You can make multiple streams of income from one topic. Join me Tuesday November 29th for a free masterclass on exactly how to do this. https://www.lindsaysutherland.com/passive-income-machine

  • Learn how to build up to 6 passive income streams with 1 topic.
  • Leverage the power of 80/20 principle to grow your business.


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Transcripts

  Hey Pie Tribe. Buckle up for a new episode of the Passive Income Examiner. The number one podcast for budding entrepreneurs and business owners looking to diversify their income with passive strategies. Welcome to season two, focused on building successful online businesses with Evergreen Marketing solutions.

I'm your host, Lindsay Sutherland. Thanks for joining me. Hey everybody. Welcome back to the Passive Income Examiner Podcast. Today we are talking about how to simplify passive income in your life. I know for me, when I got started in this journey, it was a lot of information and very overwhelming, and I didn't know really where to start,

I was just curious about passive income, and I knew that was kind of the path for me. So essentially that's why I started this podcast. But for those of you who maybe aren't ready to commit to a huge project, like starting a podcast, that requires an ongoing commitment. Unless you truly love it, then it, you may be stuck in information overload, kind of that analysis paralysis.

Uh, even if you've been listening to the podcast for a while, you've heard from amazing guests in all different walks of life who have achieved a freedom lifestyle with a passive. Revenue machine. The question is, which one is right for you? Now, I can't answer that for you, but I can walk you through a few steps to help you get started.

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So some, some of the times what ends up happening is people will look for what passive income stream will replace my income? What passive income stream is the most lucrative? What passive income stream? Um, Will be the most successful based on the economy. These kinds of questions, although they're seemingly on the surface, they're very intelligent questions and very important ones to digest.

There is a fundamental flaw with these, and that is that you would be searching for a passive income solution That is correct, based on exterior circumstances. What I have found to be true, as have many other experts, is the solution actually comes from within. And the solution is to find a topic that lights you up and then build passive income around that.

And so we're gonna talk about that next Tuesday, is how to build those systems around a topic that lights you up. And when we are talking about today on how to find passive income that works in your life, we're gonna talk about it in three. The first is getting clear on that idea. The second is looking at a time factor, and then the third is expectations.

So first and foremost, I imagine those of you listening to this podcast have been with me for a while. You know, I left my city life and my corporate job. For a freedom lifestyle. That's what I've been chasing after, and I've gone about it in a very messy way, , it's been successful, but I've certainly done it the hard way and the long way, and I would much prefer if I could go back and do it again.

What I would do differently is I would be a lot more strategic and I would listen to this wisdom, find the thing that you could talk about or dream about, or you know, research all day every day. And that's, Doing it in a way that makes you feel excited to do it on the regular. For me, actually, podcasting has been that I enjoy podcasting and I will say podcasting can be one avenue of passive income.

So that is something to consider if that's what you wanna do. But really, I'm not doing my podcast on the topic of podcasting. My topic is passive income, which again, I love to talk about. So you get my. Find some clarity here on what lights you up, find something that is interesting to you and or maybe something that you already do or a hobby.

I can't tell you how many stories I've heard of people who said, you know, I was just kind of into model airplanes. So I started this little thing and it started out small and it went into something bigger. But they were able to stick with it because it was something interesting. Now that is so important.

Even Neil Patel, who I'm sure most of you have heard of, if you haven't, he's an amazing marketer. I saw him on a YouTube video talking exactly about this subject, saying, do what you love. This guy could make money doing anything. And he did. He went after the fitness industry because he saw that it had a significant amount of traffic on.

And he's like, I'm gonna pick up some bucks here. So he did, and he built his whole landing page, his funnels and so on, and he started profiting, but he didn't stick with it because he didn't love it. In fact, he said, I don't really like fitness at all. I don't even know why I went into it. It was just chasing the money.

So back to my point, chasing the money, chasing it for economic reasons, any of that does not work. Long term. Okay, so number one, to make passive income work in your life, pick something that you love and that is going to light you up. And when I'm saying pick something, it doesn't have to be a specific way of passive income.

In other words, it's rather than saying, well, what type of passive income do I want? Do I want to blog? Do I want to podcast? Do I want to do crypto? Do I want to. Do Amazon rather than doing that. Start broader with your topic. Okay. And then remember to join me next Tuesday because we're gonna talk more about how to take that topic and turn it into six different streams of income.

And for some of you that struggle with knowing what you're passionate about or what topic lights you up, either maybe because you're multi-passionate and you have so many, or because you simply just don't know. And I've spoken to people who that's really the thing that's holding them back. They just don't know.

Typically what I find is they're the people who are stuck because they don't know it's because. Labeling what they're interested in as good or bad, right or wrong. And instead, and, and asking themselves, could I make money with that? Just don't even try to determine that at this juncture. Just get clear on an idea.

And here's a couple little things you can do. A, if you're multi-passionate, I would recommend seeing how broad you could take your idea, for example. Recently I bought the domain happily homesteading.com because I am passionate about raising sheep, passionate about a compost business. We're starting, I'm passionate about raising my family on this homestead.

You know, like this is all encompassing many different facets of my life and it, I can go in a lot of different areas with it, but I wouldn't start trying to blog about every area. I would pick one and expand from there. That's my suggestion to you. If you're multi-passionate, if you're on the other end of the spectrum where you're not sure where to even begin, another suggestion might be to ask some friends and family, what do you, what would they come to you for advice on?

Like what are some of the things that they, when they think of a topic, they think of you first? That might be something that you kind of have a gem of a, of. Topic that you don't even recognize is something other people are even interested in, which could be part of the problem. The other issue could also be that maybe your life is just so stuck with, you know, busyness.

Like I, one person in particular is coming to mind who was, she's taking care of her parents, she's running a business, she's got a full-time job. She's so busy. She couldn't even think about where to start. In a case like that, I thought, well start with what you're doing. You're taking care of your parents and that's something that a lot of people need help with.

What has worked for you? Start with that. So there's a topic, so you know, you don't have to stick with it forever. You know, that's something that I noticed a lot with me is like, I need to come up with my forever thing. . Also, the other thing that would hold me back is this desire to try to get everything done.

And guess what? Once it's all done, then the fun of creating it ends and I'm bored. So just remember the second thing that I wanna talk about is find something that lights you up, that makes you have a good time. Because if you really love what you're. And you love the impact you're making or you love the topic you're talking about, it's so much easier to commit.

Commit is the second tip of the day. You really want to commit to whatever avenue you end up going to for at least a year. Oh man, that sounds like so long. But honestly, in this online space, if you aren't really in it for the long game, then you're not in it. And even marketer after marketer will tell you that.

I know that my podcast coach told me that when, when I was starting my podcast plan on doing this for at least a year before you make any changes. And I did. I promised myself, no matter what, even if I only got a hundred downloads, Thankfully it didn't happen. But I was gonna do it consistently with a hundred percent of my effort for one year minimum.

And here we are, two years in and I'm still going cuz I like it. So, you know, that's the thing. Commit to doing it for a year. Don't just say, I'm gonna try something because I'm gonna tell you, try is the lowest form of commitment. You will not succeed if all you do is try. It's so important to really fully a hundred percent get in the game.

Go in or don't go at all. That's my motto, . So number two, to make passive income work in your life, simply commit, because the next hurdle that you will come across is time. When will I have time to do this? How will I fit it in? Well, first and foremost, once you have your topic and you have your plan, which you will get on Tuesday, when you.

the next step is to find pockets of time to start working your plan. And there's definitely gonna be days and times where you don't know everything in your plan. And that's okay because it's like a puzzle. It, it kind of comes together. As you start taking action steps, you take little steps that you can see the next way to go, and then the next one is revealed.

And the next. So the time comes in when you find pockets of time. I used to work on my lunch break. I'd work before work. I'd work after work. I'd work on the weekends. Now, yes, it sounds like I was always working, but I did intentionally balance that out with playtime with my kiddos point though here, in fact, I will say this, my lunch hours were my most productive times.

That was by hands down my most productive times. And after I put the kids, So with that being said, you know, you will find pockets of time and you wanna have a plan to jump in and take action and not be floundering. But part of commitment is also blocking off those times and giving yourself at least one job to do in that window of time.

I could get a lot done. Very far into my system of what I was building in a 90 minute window. So you'll be amazed what you can accomplish when you have a plan and you're committed to working that plan in a given timeframe. And the last focus is consistency. We've talked about this being a long game, but it's about taking action consistently towards your end result, even if you don't see.

It's important to keep it going. So much of passive income is, some of it's trial and error. It's a scientific approach, which we're gonna talk about that on Tuesday. When you understand the 80 20 principle and you can apply it to what you're doing, it gets a little bit easier. But there is still trial and error testing, AB testing, there is still understanding messaging, testing or messaging.

I mean, there's a lot that goes into it. Um, and understanding strategy, learning strategy. So there's education. Practice, but this is why it all comes back to you. What I said in the beginning, doing something that lights you up because when you're doing something you enjoy, the rest of this is fun. It's like listening to an audiobook about passive income.

Oh gosh, what was it? Oh, recently I've been reading, um, a book called The 80 20 of Sales and Marketing by Perry Marshall. I read a hundred pages in one day. Because I'm really into it. I'm really into marketing. I love it. So if you're not, Doing something that you enjoy, it's gonna be a struggle. I've had other books that I've been a part of in book clubs where I've been, you know, committed to reading three or four chapters a week, and I swear I can barely get through one chapter because it wasn't on a subject.

I love. All of this gets so much simpler when you have a vision and you have a passion, so, I tell you, that's kind of the magic here today, is to really get in tune with that instead of focusing on what you think is gonna be the right thing. You know, I think I may have mentioned recently that I was talking about doing a TED Talk.

Two people recommended I do a TED talk, and to both of them I said, oh, maybe someday. Well, after doing some soul searching, I figured out the reason was cuz. Had some sort of arbitrary parameters that someday fit into, but when I really pressured myself by asking the hard questions like, why am I really waiting?

What's really going on? There was no good answers. So I decided to chase After this idea, I listened to a couple podcasts on what it takes to do a TEDx, and I remember my very first kind of question I was noodling over. I feel like my topic's been done so many times. Why would anybody wanna listen to me now, I think this is pertinent to passive income too, because a lot of times we might think, oh, well my topic is health and fitness.

I'm really passionate about losing weight, and that's been done so many times, right? So it's one of those things that if we were to sit and try to judge our idea based on what other people have done, We would never do it. And if that's what's holding you back, then this is your wake up call right here and now to take action and to move forward with your vision because it's inspir, it's in you for a reason.

And look, if fitness and health was easy, everybody would look like bodybuilders, right? Because that's the way it is. So there is a group of people out there who need. Message your passive income strategies to help them further themselves in that vein. And that's essentially what I learned by chasing my, my vision of doing this pa um, TEDx talk.

This guy was saying, you know, a lot of times he gets asked by people, what should I do for my TEDx talk? What's something that TEDx wants to hear or the people who watch TEDx? And to that he said, Don't try to format your speech to make the people of TEDx happy. Follow your. Story, follow your ambition, follow your own authentic self, because then it will come across more truthfully and authentic.

And that makes for a great TEDx. And then I was like, okay, I'm convinced. Now I know. Doesn't matter if my story's been done a million times, there's room for me too and my. There's room for you here in the passive income space on whatever topic it is that lights you up. I guarantee you there is a way to make multiple streams of income.

So join me on Tuesday. The link to register is in the show notes. If for those of you who want me to say it here audibly, here it is. It is the www.lindseysutherland.com/. Hyphen income hyphen machine. And by the way, my name Sutherland is spelled like key for Sutherland. There is no O . It's just s u t h.

All right, y'all. I hope you have a great rest of your week. For those of you here in the us happy Thanksgiving. I will be posting an episode here Thursday. So if you're noodling around full with a Turkey belly, you can come check out the episode and. What is here for you? And if you find that this podcast is helping you in any way, shape, or form, by all means, hit that share button and send it to two or three people who you know will benefit from this.

You know, the best people for this podcast are people who are working full time, that are looking to escape their, their job. They want either extra. Maybe they love their job. You know, let me just put a little twist on this. There's a lot of people who really like their job, but they just don't make enough money at it.

And if, if they didn't have to worry about money, they would stay where they are. This is a great opportunity for people like that. This is also a great opportunity for people who want to escape the rat race. Either way, please share this episode and this podcast with them and leave me a. I love hearing from you.

I love hearing how this, these episodes have impacted your life. Um, and by all means, stay tuned. Until next week. Bye for now.