17 February 2012

Six Self Checks

Almost everyone is talking about Passive Income Opportunities – those stuffs that earn you money even while you sleep, dine, watch a movie, on vacation – in simple words, earnings that happen even while not working at it. Sounds too good to be true to those who are skeptics, plain crap and scam to those who are not educated about the concept.

But for those who have tried it (provided those Passive Income Opportunities aren’t SCAM in the first place), Passive income is real and perhaps the ultimate way to achieve greater financial independence. They probably have heard of Robert Kiyosaki’s "Cashflow Quadrant", and read his popular book, "Rich Dad, Poor Dad”.

But what it takes  to succeed when joining a Passive Income program? Here are six personal guides to joining Passive Income programs.

Do you have clearly defined goals about your Passive Income venture?

Joining a passive income program is like starting your own business. You need a business plan. You need to define your goals – what are your needs, how you want to achieve them, what are your skills and experiences that will help you achieve your objectives.

You need to discover your strengths and your weaknesses. You need to set your targets, put dates and deadlines, provide criteria of assessing your performance and understand/mitigate the risks involved.

You can seek help from people who have tried the program, you can do research online. Make sure the program is a real opportunity and not a scam.

Can you spend money to invest in the Passive Income Program?

Since Passive Income Program is a real business – you need to spend money to earn money. Be ready to spare some real cash to get you started. But the beauty of most Passive Income programs is that these are designed for just minimal investments, mostly equivalent to eating a full meal at Mc'Donalds with your date once a month.

You don’t have to spend more money in most Passive Income programs. The strategy would be to add passive income programs into your existing business once you have made a steady income – which is not necessarily big. This is called adding revenue streams – which will allow you to earn multiple income from different revenue sources. Common sense dictates that many small quantities put together can become big, but risks can be kept low.

Can you spend quality time for the Passive Income Program?

You don’t want to start a business and then forget about it would you? You need to spend time – quality time each day of every week to grow your Passive Income business.  Before you start enjoying the fruits of steady passive income, you need to put lots of hardwork in it. If you cannot commit yourself to spend time to your business – you should not start it in the first place.

Do you believe in the Products/Services that you will offer?

If you can’t use it, or find it worthless, then you don’t want to offer it to others. It’s just a simple rule of thumb. To be credible, you must be able show people that you are using the Products/Services that you sell. If your Passive Income Program is domain and web hosting, then show people you have a working website using the Passive Income Program that you are promoting.

While others are saying you can earn money even without a product/service, you should be careful about joining and promoting it as I could smell a Scam from a distant.

Can you do Duplication?

Most Passive Income Programs use the Network Marketing as a business model. This allows the ability to distribute earnings or commissions in multi-levels – thus allowing earning revenue from these multi-levels as well.

That is why, in any Passive Income program, the key is to work on few quality potentials rather than running on many “unproductive” leads. You do the grunt work on these few leads, say just 2 people. When successful, your efforts can be “duplicated” on another set of 3 people, who in turn can use the same “duplication” method to get 2 people each.

This is where Passive Income is generated. So the question is, can you get at least 2 people to join under you and do the duplication process? If you’re short of friends in this world and cannot find 2 people – then you’re probably better off working to earn money.

Do you have patience in growing your Passive Income earnings?

Growing your Passive Income business to generate a steady revenue that can make you dump your job forever takes time, and lots of patience. Remember that you’ll be in it for the long haul. It will take weeks, months or even a few years before you can enjoy a good revenue. This is why only a few people opt to remain committed about Passive Income earning.

(I acknowledge the effort of the original author of this article, unknown to me).

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