There’s an old expression that perfectly summarizes why some people end up working just a little but earning a lot. The adage goes like this:
“The poor work for their money; the rich make their money work for them.”
That’s why this article will argue that the best way to make money is through a passive and easily replicated business model. If a business model can be easily replicated, and provides a passive income, then it’s perfect, and you get the most for the least.
So, first things first — what’s a “passive” income?
Passive Income 101
A passive income is an income that continues to pay even though work was only done once. Do something once; earn forever. For example, putting a million dollars into a bank account will give you a passive income of about 30k per year or more from interest. You do nothing after putting the money in the bank — the income is passive.
Of course, a purely passive income is next to impossible to find, much less to achieve. But the closer one can get, the better. A plan that continues to pay indefinitely for a minimal amount of work is your best bet for a smart business plan. Examples are listed towards the end of this page.
Each of these ideas will be discussed in more detail later, but suffice it to say that there are plenty of ways to earn forever for a limited amount of work. This “passive” approach means that you are making the most from every minute of work.
But the best business model isn’t just about being passive. It also needs to be easily replicated.
Besides forming a passive income, the best way to make money also needs to be easily replicated. The reason is simple: if you can easily replicate a passive source of income, there’s no limit to how much you can make.
For example, if you can build a website in one week that will make $5 a day indefinately, then within a year you’ll be making $250 — even if you stop building websites and never touch them again. The income just needs to be passive on some level, and easily replicated. Even if the passive income is small, replicating it will drastically increase the bottom line.
For an example of an income that can be easily replicated and passive, consider these:
- Investing in vending machines.
- Investing in gold.
- Making a website.
- Selling a popular book.
- Outsourcing all work.
Of course, these ideas are not purely passive, and take a bit of maintenance with time. But for the amount of time spent, any and all income is a bargain. I’ll be writing about each of these ideas in the future, so make sure to subscribe below.
Just remember that the best way to make money is through a passive and easily replicated business model. Don’t get caught up in the traditional-box — thinking differently can drastically change your financial future.