56. From $50 to $160K/Month in Passive Income (What’s His Secret?)

How would you like to make $160,000 a month in passive income? That’s life for Graham Cochrane. Even more impressive, he sees 93% or higher profit margins on his income and he started his first business with just $50. 

That $50 was just about all Graham had when he started his first business in 2009. He’d just been laid off due to the recession, leaving him broke and struggling to support his family. That layoff turned out to be a blessing, paving the way for him to start his own business and figure out how to make passive income.

Just what is passive income? It means your business makes money on its own, without you needing to devote your whole life to running it. Graham uses automation and simple, efficient systems to achieve this in his business, allowing him to work an average of five hours a week. He explains how he developed those systems in this interview, along with his other advice for how to turn your passion into a sustainable, low-maintenance business. 

Resources

• https://bit.ly/3AlhJ01 Get 500 free business ideas
• GrahamCochrane.com - Learn more insights from Graham on his website 

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