If You are a Lawyer, You NEED Passive Income
It might come as no surprise to you that I am a fan of passive income. I created Juris Diction alongside my law practice for a reason. I realized early on in my practice that I would never be able to create true wealth and freedom if my income was 100% tied to my time.
What if I got sick? What if someone I loved passed away? What if I wanted to take a vacation? I not only needed an extra stream of income that would continue to generate revenue if I was out of commission -- I needed an insurance policy.
The Professional Service Provider’s Dilemma
In your practice, you might have several different ways you make money. Maybe you do probate work on an hourly basis while charging flat fees for your estate planning advice. If so, that is fantastic! A little diversification goes a long way.
However, do you have a stream of income that is not tied to YOU? A stream of income that makes you money while you sleep? Or would continue to put money in your bank account if you needed to take a break or stop working altogether? For the majority of lawyers, the answer is no.
As attorneys, our income is traditionally tied directly to our ability to bill hours. When you really think of it that way -- the value of your work is tied to the number of hours you put in -- the prospects can be a little depressing. There are only 24 hours in a day, and my guess is you don’t want to be working all of them. Maybe you tried that as a first-year associate. How did that work out? This is what we call the Professional Service Provider’s Dilemma. As a business model, it is difficult -- if not impossible -- to scale. There has to be an alternative.
Passive Income For Attorneys
Passive income gets a bad rap. What do you think of when you hear that term? A lot of people imagine millennials hanging around on a beach with a laptop. While some people might be able to make a living that way, it’s probably not the norm. In reality, passive income is just a model that we use to do the hard work up front and then reap the revenue over time. Work hard once and continue to earn checks long after the work is done.
Can you imagine?
No more panicking if your one-on-one client work slows down. Or if something out of your control keeps you out of the office for a few days. Or if you just need a rest.
What’s the best way to create passive income?
The easiest, fastest, least expensive way to create passive income is to use your law degree to create a digital info product. You already have the skills, knowledge, and experience. The money is right there on the table, and all you have to do is decide to invest in your freedom.
If you have no idea where to start, let’s talk! Click here to sign up for a free 30-minute Transformation Call to learn how you can start earning passive income soon.
If you aren’t quite ready for a call, I'd still love to hear from you! Do you have passive income in addition to your law practice? What is the best way that you found to create a little bit of insurance so you're not working like a crazy person?
Click on my email below and let me know!
To your success,
Founder & CEO of Juris Diction