TIP 020 : How to Create Passive Income - with Pat Flynn (Investing Podcast)
Jan 31, 2015
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Guest Pat Flynn, expert in passive income, shares tips on creating assets with minimal capital, finding inspiration, and blogging for income. They discuss exchange rates in stock buying and highlight books like 'The 4 Hour Work Week'. The podcast also covers the importance of trust in building relationships, developing assets for passive income, and inspiring philanthropy through online businesses.
Audience feedback is a valuable source for creating new assets, leading to recurring income opportunities.
Creating tailored assets can yield high returns, as seen with a security guard training website generating monthly income.
Asset creation driven by family legacy and social impact can offer fulfillment beyond financial gains.
Deep dives
Creating Assets through Audience Inspiration
One of the main sources of inspiration for creating assets comes from the audience's needs and feedback. By listening closely to the audience, valuable ideas for new assets can emerge. For example, the development of a custom WordPress plugin for podcast players was inspired by audience requests for a similar tool. This plugin, launched in beta and refined based on customer feedback, has generated recurring income through annual licenses, showcasing the power of audience-driven asset creation.
Economic Returns on Asset Creation
Asset creation can lead to significant economic returns compared to simply investing in existing assets. By creating assets tailored to address specific audience needs, individuals can achieve substantial returns on investment. An example provided is a security guard training website launched with minimal startup costs, now generating consistent monthly income of $2,000 to $3,500 with nominal upkeep time, demonstrating the lucrative potential of creating valuable assets.
Inspiration from Family and Social Impact
Beyond audience-driven inspiration, family and social impact play a significant role in driving asset creation decisions. The desire to set an example for children and make a positive global impact motivates asset creation endeavors. An example shared is fundraising to build schools in Ghana, reflecting a broader motivation beyond financial gains and emphasizing the importance of leaving a meaningful legacy.
Innovative Solutions from Personal Experiences and Challenges
Personal experiences and challenges can spark innovative asset creation ideas. For instance, developing solutions out of personal challenges, like creating a podcast player plugin for efficient content delivery, can lead to valuable products catering to broader market needs. By leveraging personal insights and experiences, entrepreneurs can offer innovative solutions that address specific pain points and enhance user experiences.
Shopify: Empowering E-Commerce Globally
Shopify, a leading global commerce platform, supports 10% of US e-commerce along with businesses like Alberts, Rothies, and Brooklyn in 175 countries. It offers an all-in-one e-commerce platform and a POS system, boasting a 36% better checkout conversion rate. Shopify stands out for kickstarting and nurturing businesses, providing tools for success and top-notch customer support.
The Power of Positive Impact and Kindness
The podcast explores the compounding impact of positivity and kindness, emphasizing how small gestures create a ripple effect. Anecdotes highlight how random acts of kindness, like buying a coffee for someone, can significantly impact individuals. The discussion underscores the importance of persistence, passion, and serving others, illustrating how these factors contribute to personal growth and success.
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