Welcome to Episode 97 of Praestabilis: Excellence in Marketing

Welcome Aboard for Episode 97 of the podcast! This is the first podcast episode for 2023 and I’m sharing “how to create passive income streams.”

Passive income has been referred to as the “8th wonder of the world” and for good reason; having the ability to create something once and then be paid regularly for many years to come is a wonderful experience and lifestyle.

The true name for what I’m describing here is “residual income” because you must take action first in order to set up the passive income stream. When someone is in a television show or films a commercial, they are paid first for the work they do, and then on an ongoing basis every time the show or the commercial airs again.

For online entrepreneurs, we can create passive income streams over and over again in a variety of ways…

* Create your own course or product that can be sold as a stand alone item, meaning that you will not be required to do any additional work.

* Recommend someone else’s product or course or service through your affiliate link. I do this regularly when I tell others about AWeber, the autoresponder service I’ve been using for over a decade.

* Publish a book – I now have over twenty-five books to my name, and each of these brings me passive income for years. Every month I receive a direct deposit into my bank account for the book royalties I have earned. The more books you write and publish, the more you are likely to increase your passive income exponentially.

Take a look at what type of passive or residual income you already have coming in, perhaps from real estate or stock investments. Then, decide how you will add to that with your online business, in a way that allows you to work once and then be paid regularly in an ongoing manner.

I’ve been a part of a formal goal setting and achieving program since 2005. I know that I would not have had the courage and the mentoring to leave  my teaching job and real estate a year later if it hadn’t been for this program. During this episode I share a little of what I do regularly to make sure I’m on track with my mindset and my goals.

One thing I began doing just recently as a new marketing strategy is to record myself reading through my always too long email messages, and then providing a link to the most recent recording at the top of the email. This allows me to connect more deeply with my audience and to expound upon what I have written, interjecting more details when necessary and appropriate.

I’ve begun writing for television and film this year. When I begin a new writing project, whether it’s for a television pilot, a screenplay for film, or even one of my non-fiction books, I begin with a series of steps that allow me to outline my idea in great detail before I start the writing process. These steps include:

* The BIG IDEA:  What’s the story about? In this case, my big idea in 2005 was to resign my classroom teaching position, give away my best real estate clients, and to come online.

* The THEME was that I wanted out of the work force and to work for myself from home.

* The SETUP was to examine closely the life I had created for myself to date, and to take full responsibility for everything I had created over time.

* The CATALYST was a series of events, actions, and conversations over a period of about three years that led me to the conclusion that I had to change my life in a major way.

* The DEBATE was around how I would do this. I had no desire to once again return to school to learn new skills or to begin a new career. Instead,