A friend of mine by the name of Brian used to be a real estate agent. He told me a story about a very successful business mentor of his who once asked him if he knew what “passive income” was. Brian said he did. “Well, do you have any?” he asked. When Brian said he did not, the mentor said, “Then I don’t think you know what it is, because if you did, you would crash through walls to get some.”
He went on to explain it this way:
“When you sell a house, you get paid a commission, right? And then you move onto the next deal. If you don’t sell a house, you don’t get paid. You’re only as good as your last deal. Now, what would you rather have, $5,000 when you sell a house or $50 every time someone opened or closed a door? That’s passive income.”
I once explained passive income to a lawyer this way: “Think about what you currently earn in your practice and imagine that you were paid that amount but you didn’t have to show up for work.”
What would it mean to you if you had enough passive income coming in so that you never had to work again? If you had money AND the time to enjoy it?
If there was a way to accomplish that, would you want to know about it?
(Keep reading. . .)
Very few people have passive income. Athletes, entertainers, artists, writers, are usually cited as examples. Some attorneys achieve passive income by taking a percentage of their client’s business venture or intellectual property. But most attorneys (and I was no exception when I was practicing) earn linear income.
Linear income means there is a direct correlation between your personal services and your compensation. It doesn’t matter whether you bill hourly, flat rate, or contingency, what you get still depends (mostly) on what you do.
When you have employees, you have leverage, and that provides a semblance of passive income. Someone else does the work, you bill the client at a higher rate, and you profit from the difference. But it’s not true passive income because you still have to supervise those employees and you are responsible for the work they do.
If your firm is big enough that you don’t have to do that, if you can stay home and the practice runs without you, then you have true passive income. But then you probably wouldn’t be reading this.
What if there was another way to generate passive income? What if, in the next few years, you could create a six-figure passive income and it didn’t interfere with your current practice or job?
And what if I told you that a lot of attorneys have already done it?
Including me.
It’s true. In just a few years, working part time, I created a six-figure passive income that continues to pay me today. The money comes in month after month, year after year, and I don’t have to work for it.
Now you know I’m telling you this for a reason. I won’t keep you in suspense any longer. I’ve just launched a new web site that will tell you exactly what I did to create this passive income, and, more importantly, how you can do it too.
Here’s the site: https://attorneymarketing.com/legal-plans
Take a look and let me know what you like best.
