Earning a truly passive income is the end goal of the vast majority of internet marketers. And you could very easily consider it to be an absolutely ideal situation in terms of finances and business. But what is passive income?
What is passive income?
Well, simple, it means that you earn money without having to work. Or if you check here, you will get a wider explanation.
That doesn’t mean that you haven’t worked for it. It just means that you’ve sown your seeds so that you can profit long into the future. In other words, you invest some time and money into setting up a business model that is capable of running itself.
And from then on, you reap the benefits. You might even continue to work on the business model in your spare time to scale it further or to keep it going. But the point is that you don’t have to actively trade your time for money anymore.
Once you have a passive income business model, you can literally continue to earn money while you’re sleeping. Working online increases your freedom to a great extent because it allows you to choose how and when you work.
But if you’re providing a service to a client, then it’s still not true freedom. At the end of the day, if you take time off, you lose money. And you can still upset your clients and end up losing your means of income.
But with passive income, you really do get to experience true freedom. Now you can choose to take the entire day off or to refrain from working for the next week and there will be no repercussions.
Want to spend more time with your kids, you can want to go for a stroll and feel the sound your face, you bet want to go traveling, like computer game, work on a personal project, that means a lot to you stay in bed. Well, I think you’re starting to get the picture.
Passive income can be scaled
But for many people, passive income goes further than this. For many people, passive income isn’t necessarily about working less, but rather is about increasing their income. More so than any other type of business. Passive Income model will allow you to scale.
Why? Because if you start earning money that doesn’t require your active input, there’s no reason why you can’t use your free time to set up another passive income model, and then another and another. And each time you do this, you increase your potential earnings several fold.
Also, you can often increase the earning potential of a passive income model simply by investing more money into it and scale it up directly. And the more separate passive income businesses you create, the more resilient your business will become.
With 10 separate businesses all running at once, you can consider your income very safe, it would take multiple businesses to fail all at the same time, fuse or have any threat of serious financial strain. You can use a passive income to set up multiple businesses and then use a passive income model to fund other business plans and thereby bootstrap your larger ambitions and projects.
Example of Passive Income success (definitely not instant)
I’m gonna break from convention for a moment and share with you some personal experiences of passive income. One was my friend. Now, being a very forward thinking guy, he invested a huge amount of time into writing content for a new website he was developing when he finished college in the early 2000s.
By the end of one long summer, he’d written hundreds of thousands of words, and he was able to affiliate site as well as posting a ton of content on easy articles. Now that’s not a strategy that will work today. He ended up landing the number one spot for one of the most popular search terms on the web, and then use this position in order to attract a huge amount of traffic to his website.
Better yet, he used that position to sell affiliate schemes, including many that offered recurring income. In short, he was earning nearly $100,000 per month by the end of it while not having support in any subsequent work, except a little maintenance here and there. He used this money in order to fund the lifestyle he wanted. He bought a house and bought one for his brother, and then he went traveling. Eventually, he sold the site for astronomical amounts of money. And today he lives in Spain with his girlfriend, where they spend most of their time foraging.
Okay, so he’s a weird guy. Well, it’s just to illustrate that there are countless ways you can create a truly passive income. And all of them allow you to live the lifestyle you want. It doesn’t necessarily have to mean becoming rich and quitting your day job. Although it can. It can simply mean enjoying the success, excitement and reward that comes from beating the system and figuring out a way to literally get money for nothing.
The secret of passive income
So what is the secret to success when it comes to passive income? What should you expect from it? And how do you approach it without risking serious disappointment? Well, the first thing to do is to have the right expectations. Too many people expect to get money for nothing, and to make a huge profit from a website or a blog, for example.
After putting in only a small amount of work. What’s very important to understand here is that passive income does not mean that you’re getting money for nothing. This is not a get rich quick scheme. And it does take a lot of work, and a lot of smarts.
Now, let’s take running a website as an example. While many creators seem to be under the impression that they can set up a website in a matter of a few days, and start earning thousands of dollars from advertising, the reality is very different. Actually, the main form of advertising used to make money from a website is AdSense. AdSense is a form of PPC advertising, which stands for pay per click, meaning in other words that you get paid each time someone clicks on one of your ads. If there are no clicks, you don’t get any money.
And thus, it follows that you need to get as many visitors as possible to make any serious money. How many visitors? Well, that depends on numerous factors, including just how well you optimize your ad placement and how good the niche you initially chose is. But what you can rest assured is that it’s going to require at least a couple of hundred thousand. In fact, if you read around the web and do your research, you’ll likely find that the average advice is that it takes somewhere in the region of 150,000 views to your website to make $100.
So how long does it take to get those kinds of numbers daily? I’d argue that it can take at least a couple of years for most people. And that’s only if you put in a huge amount of work to consistently flood your site with excellent quality content, and to continuously promote your site and your brand.
In the meantime, the same goes for selling digital products for creating an Amazon Kindle, or for using any other passive income models that we’re going to look at here.
If you head into this expecting to make $100 a day immediately, you’re going to be disappointed and you’re probably going to quit out of frustration before you get anywhere.
This is what happens to the vast majority of people. It’s also important because I don’t want any of you to run out right now and quit your day job. What you need to do is to scale back your expectations and make a steady attempt to increase your earnings and to build a business.
Your aim is not to give up your day job well, not right away anyway. Rather, your aim is to make yourself some extra money on the side that will make your day to day life much more comfortable and more enjoyable, is to fund your lifestyle and it’s to follow something that you’re passionate about.
To begin with, you’re not going to quit your day job or stop providing services online. Instead, you’re going to start devoting just a short amount of time in the evenings to creating content, creating a sales page or following through with any of the other passive income models.
Choose something you’re passionate about and enjoy and do it for the love of creating. If you make a little money on the side, then you should consider that to be a bonus, not the main reason that you’re getting started.
If you do that, in a few months, you might start earning an extra $10 a week enough to treat yourself to something nice at the end of the month. In time that might climb to $20, $50 or even $100 a week. And then you can start moving on to one or the other models. Dedicate time at the end of your day whenever you can and don’t rush it slow and steady wins the race.
How and where should you start?
That is the main question… In my own experience, having a mentor or a course can help you in the beginning. Especially not to make costly mistakes.
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