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People love talking about passive income online. But, everyone seems to have a different view on what’s passive. For me as a blogger, it means doing the work once and continuing to earn money on that work for months or years down the road with minimal upkeep. Sorry, folks. Passive income doesn’t mean getting paid for doing nothing ever. You've got to put in some effort.
Stock dividends: Some stocks, especially stocks from big corporate standouts, pay dividends to shareholders based on the number of shares they own, and the percentage of the stock price on the dividend date. For example, if a company pays out 3% on a stock that's trading at $100 per share, you'll earn $3 for every share of that stock you own. Add it up and that can be good take-home pay as a passive investment.
This aspect of maintaining a blog is different for every blogger. Some bloggers post just once per month and they don’t have to do much work on their sites. Other bloggers have a coaching business on the side or products such as books or courses. Some blogs hire out everything and the owner just have to manage the people. I’m not sure if that’s more passive or not. I guess it depends on how good you are at finding good help and managing people. There are many different approaches to making money online.
One of the great things about selling on Amazon, as opposed to eBay is that your listing on Amazon is easier to find. If you’re listing a product that’s already being sold by another seller, your entry is organized by condition and price. If you’re offering the lowest-priced listing (and you have a decent seller rating), your listing will automatically appear in the Buy Box.
For example, say you watch the interview they did with The Minimalists a while back, you straight away start getting all these thoughts about whether minimalism is a good subject to create an info product around, or whether it could work as an affiliate site that links out to all the products on minimalism (and trust me there are literally 100+ minimalism ebooks out there that you could affiliate sell, oh the irony).
Self Publishing is mainstream today. When you purchase an eBook off of Amazon there’s a pretty good chance you’re buying a self-published book. Self-publishing is also ridiculously easy. I tried this a few years ago and couldn’t believe how simple the process was. To self-publish a book you’ll first need to write and edit it, create a cover, and then upload to a program such as Amazon’s Kindle Direct Publishing. Don’t expect instant success though. There will need to be a lot of upfront marketing before you can turn this into a passive income stream.
Peer-to-Peer Lending: Earn up to 10% in returns by lending individuals, organizations and small companies who don't qualify for traditional financing through peer-to-peer lending platforms like Lending Club. You can lend $100, $1,000, or more to borrowers who meet lending platform financial standards. Like a bank, you'll earn interest on the loan - often at higher returns than banks usually get.
Almost all of these ideas require starting a personal blog or website. But the great thing about that is that it's incredibly cheap to do. We recommend using Bluehost to get started. You get a free domain name and hosting starts at just $2.95 per month - a deal that you won't find many other places online! You can afford that to start building a passive income stream.
Insurance agents, authors, credit card processing professionals, multilevel marketing participants and actors are good examples of people who often receive monthly, quarterly, semiannual or annual residual income. For example, your job is to sell credit card processing services to retail merchants. A merchant signs a card-processing contract with your company. First, you will receive active income for making the sale. Every month thereafter, as long as the merchant stays with your company, you receive monthly residual payments based on the merchant's credit card sales volume. The more merchants you have, the higher your monthly residual income.
Udemy is an online platform that lets its user take video courses on a wide array of subjects. Instead of being a consumer on Udemy you can instead be a producer, create your own video course, and allow users to purchase it. This is a fantastic option if you are highly knowledgeable in a specific subject matter. This can also be a great way to turn traditional tutoring into a passive income stream!
Now you have some of the basic dos and "do it if you feel like its." But how can you actually earn money from your blog? First and foremost, if your blog is in your specialty area, you should absolutely use it to promote your freelance writing services (even if just linking to your professional site). It can be a highly effective way of increasing business in general. But let's forget about that and think about more direct income from your blogs. Here are the tools and strategies I used to take my small business blog from nothing to a four figure income in just a few months:
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Those who can reap the benefits of residual income have typically put in an immense amount of effort and time in the beginning to be able to enjoy the rewards later on. Residual income, therefore, does not result in instant gratification. Those interested in earning residual income must have a lot of patience and determination to work as hard as necessary to achieve their ultimate goals of a long-standing income stream.
It's important to note that many policies use both an "own occupation" definition of disability and an "any occupation" definition. You may purchase a policy that provides own occupation coverage for a limited period, such as two years. When this period ends you must meet the narrower "any occupation" definition of disability to continue receiving benefits. Long-term disability policies are often designed this way.
That’s why I think the whole concept of passive income sites are based on a fallacy that they are different somehow from any other business and any other money-making scheme. For one, you still have to put in a ton of work to make anything worthwhile. People argue that it winds up being worth it because you’ll continue to make money long after you’ve finished creating that online course or ebook or what have you, but I think that’s a faulty assumption as well.
This can be a little easier said than done, but if you have a large social media following, you can definitely earn money promoting a product or advertising for a company. You can even combine this with different marketing campaigns if you are an influencer and have your own blog (advertisement + affiliate income). This is how many bloggers make money! Again, it is not 100% passive but once set up correctly and then scaled, can be surprisingly lucrative.
One specific moment came when I was approached by the United States Green Building Council, the company that administers the exam that I was writing the guide for. I got a cease and desist letter saying, “Stop what you’re doing!” and I freaked out. I was like, This business thing — I can’t do it. I’m in way over my head. And then I went to a lawyer, and they were like, you just can’t use their trademark in your domain name. Everything else you’re doing is fine. But there was a good week or two where I didn’t know what was going on and I was truly ready to give it all up.
Most workers earn income by performing tasks and receiving compensation from an employer or a client paying for services. Earned income is compensation made through active work that results in an immediate payoff. Residual income, also known as passive income or unearned income is money you receive periodically that does not require constant active effort. Passive income has several notable advantages and disadvantages with respect to earned income.
"The majority of people I see who are interested in passive income and pursuing it, haven't learned how to create value in the first place. They're just trying to do gimmicks and tricks and formulas. They're trying to do the automation part, but they've missed the point that the automation only spits off cash if it's based first on automating something that actually creates value. If you automate something that is worthless---or worse than worthless, a scam -- it's not going to work in the long run."
In the blogging world it’s common to hear other bloggers talking about ways to make income. One of those ways is by using affiliate links. An affiliate link is a link with a tracking code; when a person clicks on that link and buys the product you get a commission on that purchase. Affiliate links are a great way to make passive income (see how much I make with affiliate income per month.)
So below is a list of my favorite books with a small description of each. I hope to have full-length reviews of each of these on my site soon. I also added a little section – a “to-read” list of books that have been highly recommended by others and I plan to read in the next few months. Feel free to add some suggestions down in the comments as well.
5 months ago, I decided to create my own online business. I was really exacted because It was always my dream to earn cash by working from home to be able to unite my family and to retire my father that had been working as a security far away from home. My family and I only used to see him three times a year. I would like to change it, and online business gave me a possibility to make my dream to become real. I really was committed to giving all my self to succeed in building a successful online business. As a matter of fact, I failed to do it on my own. I was so disappointed because it seems that I was born to fail. It was 22nd June at night, I was hearing a motivational speech, so one of the guys said,” Copy what successful people’s strategy as your own, and you will get the same result that they have”. That opened my mind because that was the secret, I did not realize that there are a lot of people in this marketing a year. So, I took some online courses from gurus. Following their steps. right now where am I? I am now a successful online business of 22 years old trying to retire his father. I really thank people a lot that have the mindset to share this priceless information in this blog. Indeed, thank you.
There are dozens of ways to generate passive income. However, the option you select has to do with two metrics: time and money. Either you have a lot of time or a lot of money. Most people usually don't have both. But, if you have a lot of money, generating passive income almost instantly is easy. You can buy up some real estate and begin enjoying rental income. Or, you can invest in a dividend fund or some other investment vehicle that will begin generating a steady income for you.
Once again, though, it’s like starting any company. While you might not necessarily need to know how to code, you do need an entrepreneurial mindset, work ethic, and personality type, and you’ll probably struggle for years, going through a string of failures before you finally get it right. If you’re successful, though, the passive income potential is enormous.
As you can see, I linked the word PDF with a tool that could help readers if they had the same problems, thus giving them a way for them to solve the same problem if they had it, while earning money from their downloads and in-app purchases. I haven’t actually placed my referral link as this is an educational article, but the principle is the same. That link doesn’t have to be an app, it can also be a page on Amazon, or a link towards some other online store that offers commission for affiliated sales.
Then I learned about how people earn money without leaving their house, and even working from another country, and without having to spend too much time on it. This is where passive income comes into play. To be honest this hit me pretty hard the moment when I realized it - there are ways to earn money every month by doing almost nothing, and it’s not renting a house or apartment you inherited? First thing I thought when I heard this was “What can I do to make this happen, ASAP!?!”
Most credit card companies offer sign-up bonuses to entice you to open a credit account with them. As long as you don’t spend money just to hit the minimum balance and always pay your balance on time, this can have a minimal impact on your credit score while earning you hundreds – or even thousands – of dollars a year. Some of the best travel credit cards offer 100,000 points to new accounts when you meet reasonable spending requirements.
You know the fantasy: write some ebook (or better yet, hire freelancers in Mumbai to research and write it for you at $.20/word!) on some niche topic, set up AdWords and Facebook campaigns targeted to the right keywords (you can hire those Mumbai guys to do your keyword research too), put up a cheap landing page (with copy written by... guess who!), press "Go!" on the PPC campaign, and voilà. . . just wait for the money to roll in while you sleep!