What is Passive Income?
In order to create a passive income you need to understand what it is. It is an income that happens no matter what else you are doing. You continue to make money even with little to no involvement on your part. It is income you get on a regular basis, that comes in even when you are sleep. Examples of this would be income from:
- Rental property
- Savings accounts or bank CDs
- Book earnings
- Income earned as a silent partner in another business
- Residual income from the sale of insurance policies
- Making money online with a website
Why is This So Important for Massage Therapists?
For massage therapists this is very important. Since I have entered the profession, the vast majority of massage therapists have a second income unless they have their own business. The smart thing to do is to find something that can make you income that does not also require you to be physical. It does you no good to decide to do only 20 hours a week doing massages to keep from breaking your body down too soon if your second income is from you working at a warehouse where you are doing heavy lifting. You need something that is not only not taxing to your body, but something where you can earn income even while you are doing massage or even while you are shopping or sleep.
When we do massage therapy, we are trading time for money. By the time you do your maximum number of massages every week, you are most likely too tired to take on yet another job. You need something else working for you that can help you to achieve your financial goals.
Make Money Online With A Website
One of the easiest ways to do this, especially if you have limited money to work with, is to create a website that will allow you to make money with it. I seriously recommend creating a blog and affiliate website. You find a profitable topic that you are passionate about and you center your website and business around that topic. Once you do that, you can write about all types of things relating to your website and then MONETIZE your website so that it brings in passive income.
Things Passive Income Can Solve for Massage Therapists
I opened my massage practice in January 2011. I wish now, though, that I had learned about passive income FIRST – before I decided to open my practice. I attended massage school while still working for the last law firm I would ever work for. I then left in order to pursue working in the massage therapy field.
If I had known about the importance of creating passive income, I would have done that first and I would have had more money to start my practice. I would not have had to struggle financially the first few years. I would have not missed an opportunity to take over a larger office across the hall from us because I did not have enough money saved up to afford the rent. I would have been able to leave Ohio and travel to get all kinds of advanced training in massage so I could make myself more valuable as a massage therapist quicker. Doing that would have allowed me to charge much more for my services sooner than I did.
You see – having passive income – creating passive income for yourself – opens the door to a world of possibilities – if you happen to not have a lot of money just laying around…