After experiencing burnout from juggling multiple projects, the speaker decided to retool their business. They shifted their focus towards working with clients and designing homes but wanted to do so one project at a time. The idea of generating passive income was born to make up for the income gap from not taking on multiple projects. By using their client work as content, they aimed to create interesting information for the marketplace and productize it. The speaker's goal was an 80-20 split between passive revenues and active services, understanding that active services would feed into passive revenue, emphasizing the necessity of client work for passive income content.
Earning money while you sleep is the dream of passive income that few realize. In part, that's because it requires a significant upfront investment of active work and time to build the assets necessary. For those seeking financial independence, passive income can be both an accelerator and a plentiful source of cash once you reach FI, and leave your primary career. In this show, we discuss Eric's experience gained over the past eight years intentionally creating a diverse array of passive income streams. Today, 90% of his small business revenues come from passive sources, bringing him closer to reaching FI each day. Join us as we explore these topics and more in this first episode in a series about passive income.
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