Monday, March 12, 2007

Passive Income

Multiple Streams of Passive Income: What They Are, and Why You Want Them

Money for nothing. Who hasn’t dreamed about that? Adding streams of passive income to your business is as close to money for nothing as it gets. With minimal effort, you can bring in hundreds, even thousands, of dollars every month.

What is passive income?

Basically, it’s money you earn without really doing anything. That sounds too good to be true, but it’s not a cyberspace, get-rich-quick scam. In fact, you’re already familiar with the concept of passive income in the form of real estate investment and silent partnerships. The only difference now is that the Internet has created new ways to earn passive income—many of which require very little upfront investment.

Why do I want it?

Passive income offers you the freedom and flexibility you don’t find in traditional jobs. If you’re running an affiliate program, for example, your site is up 24 hours a day, 7 days a week. Your ability to earn isn’t inhibited by the traditional workweek. In fact, you could literally be making money while you’re sleeping.

Plus, it’s up to you how much—or how little—you want to do. There’s no office to go or commute to make. The little maintenance that streams of passive income require can be done from your home computer.

Lots of people would like to try their hands at entrepreneurship, but—and this is a big but—there’s risk involved with virtually any business venture. Not so with passive income. First, you are supplementing, not replacing, what you already do. Second, your overhead is low to non-existent. All you really have to put in is your time, and it doesn’t require much of that either.

How do I get it?

The foundation of many types of passive income is a simple website. As a business owner, you probably already have one, so you’re one step ahead of the game!

When a company wants to place an ad on TV, they have to pay for it. The same goes for ads on websites—and you could be the one they’re paying! Passive income through advertising commission is as simple as placing a banner or link on your website. The company you’re advertising will create the banner—all you do is post it. For about five minutes of your time and a few inches of site space, you’ve set up a steady stream of monthly income.

Affiliate programs, mentioned above, are another simple way to add passive income to what you already do. As an affiliate, you use your website to sell someone else’s products. For maximum return on minimal effort, select products related to your business or the content of your website.

Selling information products is another way to generate passive income. This one takes more effort, but it’s also personally, as well as financially, rewarding. Believe it or not, everyone’s an expert on something. Pick a subject you know and love, then write an ebook on it. If you offer information people need, they’ll be willing to pay for it. You can continue to earn income for years from the sale of a book that took you only hours to write.

So, how do you get started? There are tons of opportunities out there. Take a look at several, and jump right in! Remember, the goal is multiple streams of passive income – so you want to consider businesses that require little or no time and money to get going. Nothing could fit the bill better than affiliate marketing. Here’s just one affiliate venture worth taking a peek at:


Dominik said...

You must know that - Creating passive income is not very simple. You can't leave your job and next start making money and feed you family... You must improve your skills and work very hard everyday. First year is hardest... this is very sad... because you create new strategies, learn new things. After some time you will make a passive income. At the beginning of your "journey" try to create a website or blog which will be about something that you like. After few month you will see effects of your work. Then you will buy real estate for 1 million dollars :)

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