Many entrepreneurs I meet ask how to earn passive income or to start a side hustle — and which is best. Yes, multiple streams of income is the way to build lasting wealth. However, the answer to the above question is not so simple…
You need the same business know-how to make either strategy work. But, once you understand that, you could have both.
How to Make Passive Income from a Side Hustle
Most people’s passive income ideas have to do with investing, but there are side hustles that can earn in the background…
IF YOU ESTABLISH THEM THE RIGHT WAY.
But before that, make sure you do your research on whatever additional stream of income you intend to pursue.
This is not just to know what you’re getting into. It is also to get an idea of how to use your strengths to gain an advantage.
Side hustles that utilize your skills and experience naturally get up and running faster toward passive income. Otherwise, you’re taking the long road towards success.
Additionally, just because you want these side hustles to earn passive income, you can’t be “hands-off” with them.
Therefore, it is important to set specific targets and goals for these income flows — for revenue and performance. There wil be constant monitoring and tweaking until everything is just right…
And even then, you need to ensure the quality remains up to snuff.
Now, I know what you’re thinking, “Grant, this is a lot of work for a side gig.” Well, I hate to break it to you, but that’s what it takes…
Get Rich Quick or Get Rich for Sure?
The problem I’ve always had with the term “side hustles” is it suggests less effort is needed…
The fact is nothing could be further from the truth.
While the tips above can turn side hustles into passive income smoothly, they are not a shortcut.
That being said, I do believe anyone can create multiple income flows and real wealth with enough knowledge.
With that in mind, I am hosting my 10X Sales System Interactive event where I cover all aspects of business…
Including adding new revenue streams.
You can secure your spot here.
Until then, be great.
— Grant Cardone
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