When people see the term “passive” income, they often think of earning money with no work. However, that’s usually not the case. The fact is, it does require SOME initial work or investment to make passive income.
The work you do is done once, and then you keep making money later on the work you did before. It’s different from service-based work where you must do the work each time to produce income. With passive income you create something today that keeps earning money later.
Examples of Passive Income
Some examples of passive income that you may be aware of are – savings accounts (not really, because none keep up with inflation), investments (if you know how to pick them), and real estate; all of these enable you to spend money one time, or spend some money one time, and keep earning income into infinity.
But, you can also earn passive income online today.
Some examples are information products, membership websites, courses, and ebook sales. Or, you can create an online business, set up systems, and hire others to run it for you at a lower rate than you charge clients and customers. This is what I teach in the Making It Pay Lifestyle Course.
The Benefits of Passive Income
People who want to earn money from passive income understand how trading hours for dollars can be limiting.
They want to put their time and money to use one time and keep earning from those efforts. It’s the way insurance sales people have made money for years. They earn a little commission from each person that buys and keeps paying for insurance; then the more people they sell the insurance to, the bigger and bigger their monthly income becomes.
It might take a lot of work to get there, but eventually, through momentum, it seems like everything becomes a lot easier.
The Two Types of Passive Income
If you would like to earn an income via passive income, there are several ways to do so online. You can break it down to two different ways.
1. Promote Other People’s Products
This is one of the fastest ways to get started. Figure out who you want to sell to, know the audience well, and then find products and solutions for them to promote. There are even membership websites where you can promote to them so that you can earn a monthly residual income that grows. Also known as affiliate income. The Making It Pay Lifestyle Course pays $248.50 per student that signs up through your affiliate link. Go here to sign up!
2. Create Your Own Products
This is another way that you can get involved with making passive income online. At first, creating the product is a lot of work, but once you get a number of affiliates promoting the product, the income will grow exponentially, month after month and year after year.
The main question now is who your audience is, and which way you’ll go. Most people actually choose both methods. They sell other people’s products, and they create their own. Most people start with selling other people’s products, then eventually create their own after they get some experience with building a list and other marketing methods.
How do you make passive income? Need ideas? Join the Making It Pay Lifestyle Course and learn how to stop trading your hours for dollars!