Definition Of Passive Income
So what exactly is passive income? And how can you make passive income online? Money we earn whilst we’re not paying attention? A second job? Extra cash?
The answer is kind of all of the above but it’s better than that…
So to describe passive income in the way I like to define it, I would say that Passive income is a source of income you get by doing little to no effort and there is near to nothing one needs to do to maintain that source of income.
Picture a real estate investor that owns several flats and he or she rents each of these flats out for a sum.
This sum is great enough to cover the bills and expenses such as mortgages, utilities, damages etc. and simultaneously leaves aside a nice bit of money to spend or live off.
That little extra cash would be the passive income.
Another possible opportunity could be to earn interest on your investments.
Maybe the dividends that are generated yearly, is enough money to spread it out over the year as a salary.
To be honest any type of business you create could be a source of passive income, as long as you don’t have to get your hands dirty.
Once you build trust you could promote him to manage your business and let him employ someone else below him.
Once you just check your bank account every month, to see how much it grew, that’s when you reached the level of living off, what would be your passive income.
My Preferred Source Of Passive Income
All of the above sound very tempting and interesting. I’m quite confident that one day I will have an empire of several different streams of passive income.
The one source I am currently working at and loving so far, is Affiliate Marketing.
Why? Well if you consider the amount of people that use the internet and own credit cards that could be your potential customers, you have such an immense advantage already to generate passive income.
If for instance you’d want to start off with real estate (don’t get me wrong I really fancy owning a few buildings of my own) look at the few issues that come up in just a few seconds of thought. Here’s a few things you’d probably need:
- Know how knowledge
- Research skills
- The right location
- The right tenant
- People on standby in case of damages to repair
This tiny list there already puts me off.
I know I make it sound dramatic and horrible when in reality there are millions of successful real estate people out there.
But what I’m trying to say is, with affiliate marketing and especially at Wealthy Affiliate, I don’t have any of these issues.
How Is It Possible?
Again, there are many ways to generate passive income online, but with affiliate marketing I don’t believe anyone should have to invest any money.
There’s enough content out there for free to make it in that type of business.
The only money you would need to spend, should be on paying for your internet bill at the end of the month (but then again you could probably work off an internet café or use a public free wifi zone too).
Inform yourself before you start working your way through it. That way you avoid annoying mistakes and wrong habits you need to shake off in future.
Put on your glasses and start doing some research, watch videos on youtube with relevant content and don’t let yourself get off track.
Soon enough you will have a few of those 2 billion internet users right on your site and letting you generate a passive income.
The Beauty Of Passive Income!
I’ll finish off this post by explaining how precious and valuable passive income can be. Imagine working hard your entire life.
Getting that promotion you’ve wanted for years and finally getting that bonus you’ve anticipated all year round.
Now picture living with a salary increase of $500-$700 more and all you have to do is work more hours and receive increased responsibility!
Does that sound attractive? I hope you said no because to me it sure doesn’t.
When I first started working I didn’t realize how much I value my time.
I’ve only been working in an office for about 3 years but that’s more than enough time wasted for me.
I want to generate passive income so that I can live off it and go outside and enjoy the sun when it’s warm.
I don’t want to watch it from inside my office and imagine what it would feel like on my skin.
I don’t want to lie in bed every night, dreading the next morning’s alarm clock shouting at me to get up and go to work.
I don’t want to only have a few days a year of holiday and be broke after each trip.
All these issues can be gone with a nice comfortable passive income. And the beauty is that we can all generate one if we really want to.
And the beauty of it all is that you don’t need more than a laptop and an internet connection. So ideally you can work from the beach!
To conclude, please don’t be fooled by society, there are many easy ways to make passive income online. No one wants to waste their time.
It’s the only thing in this world we can’t get back once it’s gone. Maybe you don’t want to become a millionaire. Not everybody does.
But I know you don’t want to waste your time for someone else to make that person richer.
You want to spend time with your families or travel the world or get to hang out with friends reconnect with lost friends. I’m sure we all do…
If you share the same thoughts please let me know and if you have any success stories please share them too. If you disagree I would like to hear your point of view also!
Thanks for reading,