The Truth About Passive Income for Young People
If you’re young and ambitious but don’t have a lot of money yet, this is the kind of career advice you need to hear.
Sol Orwell the founder of Examine.com, just finished hosting an AMA on Reddit. If you missed it, I’ll save you some time and share my two highlights from Sol’s AMA.
Highlight #1
BlueLife76 asked:
Hi Sol, thanks for doing the AMA!
As a broke college student, I have the time but not the funds to do anything major as far as investing into an online business. During my free time I often get really inspired to start researching passive income site building but it always seems like the moment I start to see useful information the “pay now for my ebook” message pops up. I didn’t know about your site so I’ll go check it out, but do you have any advice on how I can learn about passive income without wasting the little money I have?
Sol’s answer:
Honestly — I think the problem is mindset.
You have no experience. You have little money. And you’re already thinking “hey man, I want a passive income website.”
I would suggest you make some income, get some real experience, and then worry about stuff like scaling, passive income, etc 🙂
This is probably not the answer you’d expect from a digital entrepreneur like Sol, but it’s great advice. Sol expands on what he’d do in this 3-step blueprint.
Highlight #2
Snowinginspace asked:
Hi Sol, If you had to tell an aspiring entrepreneur or a struggling entrepreneur 3 things about what made/makes you most successful, what would those be? Appreciate you taking the time here…
Sol’s answer:
1. Focus. Wow do people lose focus. It’s by far the biggest problem. Either people focus on the small things (logo, colors), or on “new sources of revenue” when their original source is completely untapped. E.g. for Examine.com, we could take our ERD and go after the medical industry… but we’ve barely tapped the RDs/personal trainers market.
2. Ego. Or lack of. I go to so many conferences, and meet people who don’t give you the time of day. And then when they find out (usually through someone else)… ugh. Meet everyone with an open-mind and give them your fullest attention. I am very big on learning from others. Here’s a fun story about this that I experienced.
3. It’s cliché, but help others, and they will help you. People ask me how I’ve gone from “nobody” to speaking at gigs like two12, and it’s because I love connecting and helping people. If people like you, they will try to work with you.
The highlight here is 2) Ego. Read Sol’s fun story and you’ll see why it’s a highlight. The big takeaway: “everyone knows somebody awesome.”
For more advice and talk about entrepreneurship, make sure you follow Sol on Facebook and get on Sol’s email list at SJO.com.
P.S. Tomorrow is Canada Day so there will be no SFD. Happy Canada Day to my fellow Canucks!
Nick Papple
Managing Editor
Success Formula Daily
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