Ever heard the term residual income or passive income and wondered what it was?
Looking to achieve financial freedom? Well passive income is the thing that will get you there and help you sustain a lifestyle that doesn’t involve working your butt off all day, five days a week.
It is in fact, the finest form of currency. The best way to earn any sort of income because it continues to bring in money after you’ve put the work in. Everyone wants to earn some sweet passive income, but the majority of people aren’t willing to put in the work required to get there.
You see, passive income is available to almost everyone out there. The amount of passive income ideas out there is truly staggering. This is mostly thanks to the internet, which has unleashed a pandora’s box of business opportunities and in many cases, levelled the playing field. How? Because starting a profitable business is now within reach of anyone and everyone. No longer are you required to have a huge startup capital or even specialist knowledge.
You can be up and running with an online business for just a few hundred dollars.
Isn’t that staggering?
That you can have your own business up and running for less than a few months of gym membership.
So how does passive income work?
The easiest way to explain this is to give you an example. Let’s say Sally owns a blog about Dalmation dogs. She loves talking about Dalmation dogs and owns three of them herself. Her blog is loved by many people in the dog world. Sally creates an ebook that shows people how to perfectly clean and groom their dalmation dog.
Anytime people land on Sally’s blog, they’re prompted to opt-in to her email list for tips and tricks on all things Dalmation dogs. In this email series (which is fully automated), Sally builds rapport with her subscribers by sending them tons of free valuable information.
After a few days, Sally’s subscribers have taken a liking to her content. The next email they get is all about Sally’s special Dalmation grooming ebook. Because Sally’s prospects have received valuable, insightful content from her before, they are much more likely to invest in her paid offerings.
Sally sells her ebook for $35. She makes 10 sales a day from the organic traffic she receives on her blog. That’s $350 a day. Not bad for a little ebook that can be created in a matter of hours.
Now Sally can sit back and watch the sales roll in as she’s already put in the work once.
This is what passive income is all about.
Why most people don’t earn passive income
Anyone would love to earn some passive income on the side. Even just an extra $500 a month would make a huge difference for a lot of people. The problem is most people aren’t to commit to something long enough to achieve tangible, long-term results.
If I told you that if you sacrificed two years of your life, you could build an online business that earns $10k+ every single month, what would you say?
Most people would bite my hand off and ask me where to sign. But in reality, the majority won’t make it that far.
Building a business takes a certain kind of grit. You have to be willing to perservere against all odds. To maintain a high level of consisency and to fail forward because you definitely will make mistakes along the way.
How you can start earning passive income
The best way to start is to research. And I mean research a lot. Develop a sound understand of the current business landscape. Find out what other people are doing. How are they making money? What business models are they using to generate revenue?
Once you’ve done this, you should pick something. Pick something and stick to it. No matter what.
A sad downside to the infinite access to information we all have is that we get distracted easily. There always seems to be another business opportunity that’s more attractive than your existing one. Don’t fall for this feeble trick of the mind. This is how you end up throwing money away and achieving nothing in the long run.
Stick to one thing, grind it out and report back here in six months!