MBA1137 4 Steps to Make Enough Passive Income For Your Personal Expenses + Free Ride Friday!

Let me tell you about Intuit QuickBooks. When I was starting out my business, I remember sitting at my desk late at night not working on my business but cleaning up numbers, tracking and reconciling payments and wondering how this became my life. But once I automated the admin side of things, of my finances, those nights had disappeared and I felt a whole lot better. Outdo it with intuit QuickBooks QuickBooks is the trusted end to end solution that businesses rely on for getting paid, managing finances, paying employees, finding new customers, and more. QuickBooks provides a team of AI agents and trusted experts, so doing it yourself no longer means doing it alone. Their payment agent gets you paid faster, their customer agent finds leads, follows up and secures more sales, and the accounting agent automates and categorizes transactions. Get your critical business jobs done with QuickBooks on the Intuit platform.

Ready to Save on New Tech? It's time for Dell Tech Day's annual sales event celebrating our customers with fantastic deals and benefits. Product perks include Dell Rewards, free shipping, premium Support and more. PCs like the Dell 14 with Intel Core Ultra processors will help you do more faster and with a premium suite of monitors and accessories, you can upgrade your whole setup with amazing savings. Visit Dell.com deals.

Hey, today is Free Ride Friday so make sure you hang on to the end of the episode to hear who won this week's Free Ride. Every Friday we give away a lifetime membership to one of our programs. We we're giving away easy course, our 30 day course on how to build your own online course. It's a $500 value over at EasyCourse Co, but somebody's gonna win it for free. All you gotta do is leave us an iTunes rating and review and you enter our weekly random draw. Listen in on Friday to see if your review wins and once you leave us a review you automatically enter the draw until you win. And we do it every Friday. Hence we call it Freeride Friday. It's our way to say thank you for leaving us love on itunes. Lets jump into today's episode. Heyo. Welcome to the $100 MBA show where we get real on the daily with our daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher Omar Zenholm. I'm also the co founder of the Hundred Dollar mba, a complete business training and community online. In today's lesson you will learn four steps to make enough passive income for your personal expenses. This is a topic that comes up over and over in my inbox. It's like this Chicken or egg thing. It's like, I want to start a business, but I have my personal expenses. I can't quit my job because my job pays for my, you know, family's ability to eat and have a roof over their head. How do I make passive income so that I can be able to feed my family, take care of my personal expenses, and go full time in my business? No more wondering. In today's episode, I cover just that. I cover the reality of passive income. What to focus on, what not to focus on, things to look out for and what order to do these steps in to make sure you're on track. I'm totally on board with the reality of, hey, we have expenses, we got to live, we got to eat, we got to pay our rent or mortgage. Financial stress is huge. We can't ignore it, we got to take care of it. So let's do that, let's get into it. Let's get down to business. How do we make enough passive income so that it takes care of our personal expenses and we can focus on building a business full time? It's like the golden key that unlocks everything, right? Well, we're going to get real in this episode. I'm going to give you the reality of passive income, what it really means, and how you can build something that can pay for your expenses while you're building your business. Number one, there is no such thing as 100% passive income. You can't just build something and do nothing and it's going to make you money or it's gonna pay you out every month. Even an investment, you have to put your money in and you don't cash out until it's time to cash out. Even when you buy a plot of land, you need to make sure the land doesn't get squatted on, that it's, you know, irrigated properly, that it doesn't get, you know, infested with some sort of rodents. Buy a piece of real estate, you gotta do all the maintenance on it. You gotta, you know, be on the upkeep, all the regulations. So even the typical passive income ideas are not really passive. So when it comes to online business and you building a passive income there, it's even more true. You have to make sure you understand you're gonna have to put in time, regular scheduled time to maintain your passive income business, quote unquote. One of the leaders in passive income is Pat Flynn. He runs a blog called Smart Passive Income. Right? But if you look at that blog, he's published hundreds of Blog posts, he's got a successful podcast, he's got courses. He's created so many things and continues to create things. So he has that passive income. So he's got to create a lot of content along the way. So just go in and knowing that you're going to have to put in some time to continue to have this grow, it's not totally passive. Yes, it's more passive than, let's say, having a job, because you got to be in an office, you know, eight hours a day, five days a week. But understand there is time. You're going to have to dedicate to it. All right, let's start with step number one. And I believe this step gets neglected, and it's the number one step. In my opinion, the best way to kind of increase your chances of making enough passive income to cover your expenses is to lower your expenses. I talk about this a lot because it's so important, especially when you're looking to make that transition into entrepreneurship. You're really going to increase your chances of success when you have less money coming out of your pocket. So if there's any way to lower your expenses, like getting rid of your cars that are on lease and maybe just getting a old used car for a few thousand dollars, as long as it runs well and it works, you're good. You. You can upgrade later when you're rolling in the dough, right? I always talk about downgrading your biggest expense, which is your house, your apartment, whatever it is. Move to a place that has lower rent or lower mortgage, even if it's just a neighboring town or state or area. You're not changing country. You're not going from New York City to Bolivia or to Vietnam, you might be going to New York City, to Hoboken or to Jersey City, somewhere that you can save some money or even just go to Pennsylvania, you can save a whole bunch of money. For those who are not in the States, I might have lost you there, but the point is that you can move just a little bit far out from where you are, commute a little bit longer, and save hundreds, if not thousands of dollars every month. What else can you cut out? Regular memberships, you're not using, expensive trips or weekends, whatever it is, lower your expenses, Take a look at where all your money goes out, Have a budget, have a, you know, a profit loss sheet for your personal expenses in front of you and, and see what you can reduce. The more you can reduce, the better. If you could take your personal expenses from $5,000 a month to 3,000. You're gonna give yourself a hell of a lot better chance for you to hit that target and cover your $3,000 expenses with passive income. You're gonna be able to free yourself up sooner where you can focus on your business full time. And then Instead of making 5,000, you'll be making 15amonth, or 20 or 30 or, you know, sky's the limit. This is temporary. Downgrading is temporary, but lowering your expenses is step one. Step two. Understand you need to build an audience. With no audience, you have no sales, you have no business. So build your audience first. That means starting a website, starting a blog, and start talking and writing content or recording content on video, or recording it on a podcast, whatever it is, creating content in your area of expertise in whatever you're going to be promoting later on, whether you're going to be an affiliate, whether you're going to be selling your own products, whatever it is. But find a niche, find a topic and start building your audience. Start today with one person. Write a blog post. We have tons of episodes here on the show to show you exactly how to do this. Start a podcast, start a video channel. But build a web presence. Make sure you have a website. Have a website and you don't have to think so big. Let me give an example. Let's say you're a decent piano player. I'm not saying you're Elton John here. I'm saying you're just decent. You're better than the average person. But if you applied for a job as a piano player on a cruise ship, you'd probably get it. That's what I'm talking about here, right? Not selling multi platinum records. But you're decent. That's your strength. You're a whole lot better, maybe better than 95% of the population when it comes to piano. You're the perfect teacher to start teaching people how to get started. Start a blog, start some videos. It's so easy to do this. Start building an audience. And people want to learn from people like you because you're not that far off from them. You can relate to them and they can relate to you. I want somebody like that. I'm trying to learn the piano. All the tutorials I see are so complicated and they're teaching me all these things that are way over my head. I need something that's really beginner. So start building an audience with your area of expertise, with your area of knowledge. I shouldn't say expertise, just your knowledge. You're just a little bit ahead of other People. So that's step two. Step three, start making recommendations as an affiliate. You're going to diversify your portfolio when it comes to passive income, okay, your passive income portfolio. And the first piece of that portfolio is affiliate income. And affiliate income is basically you're going to promote or you're going to endorse products that you believe in. And when people click on your endorsement link, you get paid a commission. This can be via Amazon. Amazon has a great affiliate program or other products that have affiliate programs. Shareasale is another one. So let's go back to that piano example. You're teaching people the basics of piano on your blog, and you're going to write a blog post about the best keyboard to purchase. Electronic keyboard, under $300. And you can give your top three, and you can put your affiliate links for each one via Amazon. It's free to sign up on Amazon. And anybody who clicks on that link and buys that, you know, electronic keyboard, you're going to get an affiliate commission. But remember, building audiences, first, you want to get some credibility. You want to show up on Google rankings with your SEO, and then you want people to read your posts and, you know, really trust your recommendations. And again, with affiliate commission, you only need to recommend things that you believe in, and you get paid for those recommendations. So that's step one, step two, step three. Now step four. You've built your audience, you've built your website, you have content, you have podcasts, you have, you know, videos, whatever it may be. You're now starting to make recommendation posts, and you're using your affiliate links. Now it's time for you to start creating your own products. And this is where you're going to make most of your money, your most of your regular income. And one of the easiest products to get started with is a course, an informational product. Now, we talked about Podia before Podia. Com, which is a great platform for you to start creating your own online courses. And you can start selling courses at a low price. $97, $200, $300. And they could be small, concise courses that focus on one area. Like, if I wanted to learn the piano, I would buy a course. It told me, your first 30 days learning the piano, that's one course, 300 bucks. I'd buy that in a second. I know exactly how to progress in 30 days. I would take that. It'd get me over the hump, and I'd be ready to take the next level and then continue to build courses with that in mind. The next level, the next level, the next level. Different areas of your expertise. In fact, one of the people that give a testimonial on Podia's website, Justin Jackson, who was a guest teacher twice on the show Love Justin sells online courses to pay for his expenses. In fact, he runs a SaaS company called Transistor FM. But his courses on Podia are what pay the bills so you could do the same. So the combination of building an audience along with lowering your expenses, along with having affiliate income, along with selling your courses, going to get that passive income to cover your expense. If your expenses are three grand, you're not going to need that much. Ten sales from a course of 300 bucks. You get the point with Sylvania.

Seeing better while driving at night starts with you because headlight bulbs dim over time and can lose up to 50ft of visibility before burnout. That's why you shouldn't wait. Upgrade your drive with brighter lights for better visibility on the road ahead. Sylvania's step by step installation video guides make it easier than ever to take control of your nighttime clarity, all without a trip to the mechanic. So before a burnout darkens your day, upgrade to Sylvania and see better tonight.

Looking for a Valentine's gift she'll truly love? 1-800-flowers.com knows what she wants. For 50 years, 1-800-flowers.Com has helped guys get it right. Delivering millions of fresh Valentine's roses nationwide with high quality bouquets guaranteed to last. Right now, when you buy one dozen premium roses, they'll double your bouquet to two dozen for free. Valentine's is coming fast, so don't wait until the last minute. Double your blooms today at 1-800-flowers.com sxm. That's 1-800-flowers. Com sxm.

All right, to wrap up the four steps, lower your personal expenses as much as possible before you begin. Number two, build your presence online and build your audience. Website content, blog posts, videos, podcasts, whatever you want. Build your audience, get your following going, create great content, attract them that way. Number three, start making your recommendations using affiliate links. And number four, build your own products like online courses. And using Podia is a great tool. You can check them out@podia.com MBA guys, passive income can be done with a little bit of effort. And the thing about passive income is that the income increases over time as your audience grows. So remember when you lowered your expenses and you dropped all those expenses down, you can start to increase a little bit as you grow because hey, you're making more money now. You can ease it up a bit. That wraps up today's lesson. But today's episode's not over. It's Free Ride Friday. I got to give away a lifetime membership to EZ Course. Let's see who won this week's Free ride and the winner is Scott Reprenuer. Scott says lessons are power packed. Five stars. Homer's lessons are concentrated with useful info and the actions to help your business. He doesn't waste time talking about these ideas, he just gives them to you in bite sized episodes. Keep up the great work Omar well thank you Scott for that great, great review. You are our Free Eyed Friday winner. Your mission is to email me at omar100mba.net so I can hook you up with that free ride to EZ course. Anybody can win. Just leave us an itunes rating and review and you enter our weekly random draw. Thank you so much for listening to the show. I will check you on Monday. But before that, let me leave you with this. I'm a believer that money is important in life. You got to have this sorted. Yes, money doesn't solve all your problems, but it solves some problems. It solves problems and the lack of money causes more problems. There's a lot of stress and a lot of worry. So if you can sort your money expenses out with some great passive income, this can help you tremendously lower the pressure and allow you to focus and be creative in your new business. It's hard to be creative when you have that pressure on you. So alleviate that pressure first by having this income for you and then go at it with your new business. Thank you so much for listening. I'll check you in Monday's episode. I'll see you then. Take care. Of.

Sniffle season happens and when it does, your skin deserves comfort. That's why Kleenex lotion tissues are made with moisturizing Ingredients and offer 3 in 1 skin loving benefits helping protect, soothe and moisturize your skin. So whether you're at home, on the go or just living life, keep Kleenex lotion close for a little extra care that makes a big difference for whatever happens next. Grab Kleenex.