What does everybody in the world want? PASSIVE INCOME, yes that is the most sought after thing in the world. Passive income is basically when you earn money for doing no additional work. So, you may buy a bond, or a piece of land, or silently invest in a business that pays you a form of a dividend each period….this is passive income. You will do nothing more once you invest silently into a business, and as an investor you will sit and wait and hopefully get a yield, or return for your investment. Sounds great? Well it is. And in this article we’ll discuss just what is passive income, you’ll get a better definition of it, and we’ll give you some great example for you getting a passive income stream.
Wikipedia defines it as: Passive income is income resulting from cash flow received on a regular basis, requiring minimal to no effort by the recipient to maintain it.
It is a great thing of life…to get your hands onto a stream of passive income. So now that we’ve defined it, lets go over a few ways that you can start to think about building a passive stream of income.
Be a Silent Investor – Being a silent investor into a growing and profitable business is the best way to get passive income. Imagine if Jeff Bezos or Mark Zuckerberg was a personal friend of yours and invited you to invest with them a decade ago. They told you they didn’t need any help, they just needed some cash to get things going, and you were more than happy to help. If you in fact did this, the odds are great that you’d be a Billionaire today…that is billion with a “B”.
Real Estate – The two hard parts with real estate is often picking the property and managing it. But once you pick the property, you can often find a management company to manage the property…then alas you have a passive income property. Even if you manage a condo property or single family home, there are many scenarios that will require very little work to manage it by yourself.
Online Strategies – When we talk about real estate being a passive source, online can also be a passive source. Meaning that there are a number of online income strategies that can yield passive income. Or said another way, once you have a number of online assets that have been created they can generate you a recurring source of income, the preeminent way people do this is with Affiliate Marketing. We have a number of articles on this site about Affiliate partnerships, or affiliate advertising, or affiliate marketing so I encourage you to check those out. To start check out our article, What is affiliate marketing? There are also a number of other ways that you can create an online asset that will generate you money. Comment down below with your suggestions !
How Much Effort is Required?
Not too much, that’s what great about the whole idea of passive income. Passive is just what the word means, you don’t actively get involved in the day to day. NOW!!! you’ll have to monitor, stay in an oversight role at the very least, but that is better than an active role.
You can Scale your Time
Because your investment is passive, it won’t take too much of your time. The great part of this, is that you can get into many different passive income streams and they’ll start to add it. The more passive income your start to earn, you can start to scale it by adding additional sources to your portfolio of passive income.
Final thoughts on Passive Income
As a general rule, and the Shangri-La of ways to get income, allways keep the concept of passive income in the back of your mind. You may find as you think about strategies, that there are a lot of ways that you can structure any deal you get into as a passive income stream.