By Andre Hatchett
We are well aware of what it means to be an employee. 98% of employee’s are becoming increasingly familiar with obtaining self employment. Thank God! Although self- employment is increasing, where do we stand on creating a passive income portfolio? Many African Americans do not have the slightest clue about building one.
Lack of a passive income portfolio is a troubling concern for a myriad of reasons. I believe to a degree that we actually feel guilty about having other people work for us.
Others entrepreneurs don’t even know where to start. So we go to the MLM industry. When initial failure ensues we become turned off about the entire thought of passive income.
The time in which it takes to build the system.
The time is a horrible inconvenience to the microwave generation of immediate gratification, I know. But it’s worth it!! You build the system. Fine tune it. Reshape it. Work it some more. Then allow your hard work to pay off!
One of best feelings I’ve ever had in my life was, when I met a lovely lady at an all inclusive hotel in sunny Nassau, Bahamas. While there I was able to produce income from my Nationwide Mobile Notary & Loan Signing Service, PrioirtyNotaryInc.net. It was a great feeling literally being in the hot tub. Drinking out of pineapple. All while working off of a blackberry (note: This was back in the day when blackberry’s were the iphone ). It took me a while to get there. But, the feeling was electric once I did.
Others think that you need to have lot of money get involved, which is not the case. I ask this question. Have many monthly subscriptions are you currently subscribed to? Here are some common ones:
- Cell phone subscriber
- Black and Sexy TV? Aka the Black Netflix
- Microsoft Word
- Cable TV
Additionally, here are some low cost, tangible ways to achieve passive income:
- Tee-spring.com Simply get some cool tee-shirts and hoodies logos designed on fiverr.com. Then Upload the images on to tee-spring.com. Sell a ton. Then you will receive profits from each sold item. You don’t have to pay for the tees shirts or the shipping out of pocket.
- I teach a Masters a Masters Class at AndresNotarySchool.com. Here we show you how set up a Notary Signing Agency; A system that will allow to get clients. Then hire a team of sub contractions through though out the country to preform he jobs. You can make on average from $50-$150 profit per traction. You could get a company like this established for as little as $400- $1200.
- Purchase a 3 unit home. Ex. If a home cost $200,000. You could typically put down 3.5% which is $7,000. And pay $3,000 in closing cost. Each of the units can be rented out for $900.00 a month. That’s $2,700 in gross profits. If you mortgage payments are $1,200. Your taxes and insurance are $350 a month. $1,550 in passive Income $1,150.
Passive income is the difference between the have and have-nots in entrepreneurship. So, let’s hold each other accountable and make sure we are aggressive, about earning passive income!
Andre C. Hatchett is a nationally acclaimed entrepreneur and philanthropist. He’s also the current owner of TheBlackRealEstateSchool.com, AndresNotarySchool.com and Priority Notary, Inc. He can reached via email at Andre@AndreCHatchett.com.