Passive income is defined as income received on a regular basis with little or no effort required to maintain it. Although this sounds great, it takes a lot of hard work to get your passive income up and running. You have to start something worth value to others. Every person in the 1% of the population controlling 39% of the wealth in America understands this, and uses this income source; otherwise they would not have been able to accumulate that amount of wealth. Even when they are not working there is still money coming in, through stocks, real estate or the companies they own. This is also a very important rule of having more than one stream of income also, when one fails, the others are still up and making money for them.
Now, passive income isn’t the miracle everyone makes it out to be, you must work hard to create something your passionate about and keep building on it, making it better and more effective. You must find something you truly believe in pursuing something that is going to add value to the lives of others. The key is providing value and service to others, find something missing and filling that gap.
Google provided easy and accurate means of finding things on the web.
Netflix provides an easy way of accessing videos on the internet.
YouTube provides hosting for videos uploaded by anyone to be viewed by anyone.
These are just some main examples of providing value where it is needed; they found a creative solution to people’s problems. All of these examples could continue to make money without much more hard work but they don’t stop there, they continue to build on their services not just letting them sit and wither away. That is what is wrong with most described forms of passive income; you can’t just sit there and continue to make money without providing any more fresh content adding value to your company. This is why you must pick something you believe in! You have to want to keep working towards the future providing the best service you can, find your passion and keep building on your dreams!
The problem with all of this is that it is sometimes hard to decide just what it is you want to start, before you even start working towards it; so here are some examples to help you in deciding your path:
Start a blog
Starting a blog takes a lot of work, designing a page and creating valuable content on a regular basis to develop a group of dedicated readers who will keep coming back and learning from your blog. You can make money off this through Google AdSense and also by creating eBooks, taking donations, or Affiliate Marketing. This is a great way of making a little extra money on the side and having fun doing it, you can write about whatever you want!
YouTube videos can make you money! If you monetize your video(s) you could make a hefty profit, if you make sure you are providing value to the viewer. They have a partnership program that allows you to make even more money off your videos as long as you are consistently making valuable content that is continually being viewed (and also for all ages).
Create an app
Many sites offer ways to create an application for mobile devices. If you have an idea for a new app try websites like appbuilder.com. You can charge for purchasing the app or make it free and have ads for making profit.
This is the old way of generating passive income it takes a bit of an initial investment and some work refilling the machines but it is still a source of passive income. You will have to see what stores are willing to have your machines and at what cost, so this option does take a little research.
Sell advertising space to companies buy charging them money to put their logo on your car, at your house, on your bike, skateboard, or there is even a website where kids have charge companies to advertise on their face at – buymyface.co.uk.
Invest in property
This take a lot of initial investment but once it is made you have a steady stream of income when by renting out your land. Whoever is renting the house/apartment/business building you own will have to pay you every month and you will begin to make the money from your initial investment back!
These are just some of the ideas and the basic concept of passive income, remember to beware of any site promising passive income as long as you pay them first these sites are scams and avoid them at all costs! Thank you for reading, now get to action and start creating!