To create passive income you must have capital. Your own or borrowed, but you must have cash on hand.
Don’t believe anyone who says passive income is not possible.
Creating the elusive passive income stream is completely based on your ability to share opportunity. Where virtually all people fail when it comes to passive income is sharing. You must be willing & able to share the opportunity and the profit.
When you hear someone say, “I’ll do it myself because people are lazy, idiots or morons” This person cannot create passive income.Your ability to let go is essential, I seek passive income and let go of thoughts on the mechanisms of how that will happen. Remember it’s about people not a particular business plan.
So how is the business Ginsu knives, Dairy Queen & Kirby vacuums passive?Warren Buffett created accounting, finance, marketing and management departments. Each new business he acquires (like those above) is dropped into his little machine that provides the 4 services above. He leaves management in place from top to bottom.After earning his initial capital Buffett unlocked the secret of personally bridging from rich to wealthy. His capital and his managers do the work he collects a small tribute from each business.Now apply this on a much smaller scale. Let’s say you have a friend who owns a small bathroom remodeling business he is very talented, loves his craft and currently does two bathrooms each month.The rest of his time is spent doing accounting, marketing for new clients and seeking loans from banks to acquire new tools, trucks and employees. You step in and provide the Buffett 4 services.Now your friend can do 5 bathrooms a month and his profit is 20% higher and you collect a small portion of profits as an equity investor.
Repeat this with the local pizza shop, mechanic, and tree trimmer.Once you have enough businesses you’ll hire managers who oversee the operations and your investments. Eventually you’ll hire your own Charlie Munger.Once this final step is complete, when you hire your Charlie, you will have created a latticework of people & process that will prohibit issues, problems or annoyance from reaching you thereby achieving passive income.
This is what I have done ✅