Despite the online chatter, passive income sources take time to become an actual source of passive income.
Whether you want to make money from investments, a blog, or anything else, you will probably need to continue earning an income and build a passive income part-time.
Since you’re already busy with your everyday life, you probably want to find a passive income stream that truly works whether you sleep or play.
Many passive income ideas can earn you money and the amount will depend on how well you execute on that idea.
We continuously selling our time to keep our existing single income stream on track. We really need to do the work once and earn money forever without significant effort, that is, to generate passive income. The strategy was outlined many years ago by Jim Rohn, mentor to Tony Robbins:
“work full-time on your current job to pay your expenses, and work part-time to build your fortune”Jim Rohn
He also went on to say that, “you should never buy your second car, until you’ve bought your second house!”
Build a Passive Income
Investing in common stocks can be a sensible way to earn money if you have the surplus cash. With very little personal effort other than in selecting of stocks to put on a ‘Watch List’, you can buy at good prices as cash becomes available. Saying that, as with anything, there is always a certain risk so a basket of stocks in a diversified portfolio is always recommended. You do however, own a part of the company.
Depending on the stock you can earn a passive income in the form of quarterly dividends. Many great investors reinvest these dividends in the same stock, thus building a larger holding through compounding. This also avoids trading costs.
If you have your own limited company, dividend income allows you to take surplus cash from the business. This allows you to leverage your intellectual property, sell or rent physical property, or work freelance and put assets to work behind the scenes.
Strange as it may seem, for Small and Medium Businesses (SMB’s), online affiliate marketing is a great low risk route for the product or service seller as he/she takes little of the advertising risk, and is not liable for any payment before the online order is completed.
Social Media Marketing
Social media marketing allows you to build a personal audience over time on, for example, Facebook. The objective is to fish where the fish are and build yourself a significant audience of loyal fans. This takes time and patience. Once there, you serve your audience by getting them in front of products and services that you are passionate about.
To be successful promoting products and services online, focus on a niche that you are genuinely interested in.
Once you select your niche, you optimise your social media profiles by posting relevant content.
You then bring offers and information that helps them engage with the services, products or training that you promote … simple!
Whether or not you have an audience, you can also run paid ads. This can get costly but drives a more engaged and targeted audience to your offers. The aim as always is to build your own engaged audience and generate passive income by delivering value.
A Great Marketplace For A Long Time
Until you can remove yourself from trading time for a primary income, there is always going to be a limit to how much you can earn. This income is also limited by your time and can only increase by so much.
As long as you are selling your time for money, either in your job, or your business, there will be a limit to your earnings potential. Whether you work part-time or full-time, the majority of your income is a cash for hours trade. It is virtually impossible to save your way to financial freedom.
With a move into affiliate marketing or eCommerce, even on a part-time basis, the game changes. Everyone begins initially with reading, learning and slowly begins to earn and build assets.
Digital assets can include content, blogs or websites and eventually form the basis of your passive income. Whatever the content, whether you talk about that your pets, or your pet subjects the content becomes an asset of your business, and you become your own boss.
And the ultimate outcome for you? Time geographical and financial freedom?
Would this give you what your really want? Or would simply having choices be enough?
When your income is passive, you can do whatever you want, wherever you want, with whoever you want. All this can happen while you earn an income from your digital assets and your affiliate marketing business. You can vacation or staycation as and when you want to or open your laptop and create more content if you really feel the urge.
Affiliate Marketing – the Timely Opportunity for 2021
I somehow suspect that once you see how these systems and processes deliver a passive income for you and your family, you will be keener to get up in the morning. You might even put in an hour before you go to the beach if only to see how much you earned during the night!
Affiliate marketing can give you four to six figure income if you “have what it takes”.
Affiliate marketing allows you start building your business immediately. You learn a lot in the beginning as set up your business, and you must treat it as a business. As you consistently apply yourself and invest your time and effort you will see your business and your income grow.
Investing in online education has become really popular, especially post-pandemic.
Although affiliate marketing is mostly recognised as an online endeavour, it can be done in person. Online digital resources are created by developing material based on expertise you have gained in your previous life. You could write a non-fiction eBook to educate your audience. Topics cover anything from self-development to training pets and anything in between. Whether working for giants like Amazon or for individual companies looking for online partners, affiliate marketing can provide an incredible income given time.
But consider the upside of a Laptop Lifestyle …
Living pay-check to pay-check can feel like an endless scramble. If you are trying to get out of that endless 9-5 commute, out of the rat race, you are not alone. Surveys show that over 60% of salaried workers ads in the same boat!
Even if you do not have a ton of money in reserve, investing any extra money in yourself or your business gives you a far better return than a savings account. Although saying this, there is a time and a place for these investments too.
Just for a second, imagine not having to worry about the endless commute. What if you did not need to living hand-to-mouth, worry about car repairs, medical bills and other incidental surprises? Imagine becoming an owner of your own future. Wouldn’t it be fun knowing that if you need more, you can just use your new digital skills, flip the online marketing switch, and solve a few problems there and then?
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