What Methods Should I Use To Generate Passive Income?
So, there are several million wealthy people out there and all of them managed to generate some sort of passive income somehow.
Better yet, we are a few clicks away from reading and seeing anything we need online. I have come to the conclusion that the easiest way to become wealthy are the following.
Some might be harder than the other but they all work, given you approach them in a smart manner.
“90% of millionaires become so through owning real estate” – Andrew Carniege. This quote struck me. I’m sure that the statistics vary a bit, as it was said somewhere around the late 19th century. Nevertheless I am sure there is still a great percentage of people that make tons of money just owning property. There are over 100’s of ways to approach a real estate generated income. I am sure one day I will approach this niche and rent out several flats or houses. Only issue here is, that it’s quite a time consuming niche and it requires a lot of research before you can start investing. Make the wrong choice and you are stuck with a giant concrete structure you can’t get rid of.
I have always been fascinated at how much money circulates on a daily basis through a few clicks of a button. I have always felt like traders must be geniuses and mathematical master minds, staring at graphs and doing technical analysis from another planet.
When I started a trading course I quickly realized that it’s all a matter of analysis and research. I also quickly realized I am not made for trading due to my stress levels. I am too much of an anxious over thinker and therefor can’t make any rash decisions. I therefore prefer to invest.
Investing is pretty much the same as trading but instead of going in and out of trades on a daily or hourly maybe even weekly basis, you pick your choice of stocks, funds or whatever it might be, and invest some money. You then leave it there for months or years to come and watch it grow ideally.
It doesn’t take much to learn how this works. Go to your local bank and make an appointment and let them inform you. I follow Warren Buffets advice (one of the richest men on earth) and only invest into things I know. The interest rates are far better than a savings account.
So let us conclude with my new favorite approach! Affiliate Marketing.
When I first understood what affiliate marketing is, I had to become part of it. The above 3 methods are fairly hard for the average Joe to succeed in order to generate a passive stream of income, to be able to quit your job and do what you want.
With affiliate marketing you will find the shortcut. Imagine trying to sell a product in your social surroundings. You might have around 10% that are actually interested in the product and 2% which might buy it.
Now imagine you have access to over 2 billion people that could potentially be interested and buy a product. Better yet imagine the product already sells and you just promote it and get a commission for it. Thanks to the internet this is now possible.
All affiliate marketing is, is promoting someones product and getting a commission for it once it sells. And through the internet you have an insane reach to people.
What struck me even more is the possibilities you have to expanding that empire. For instance you could create your own product and let people promote it for you. All you do after is share your wealth through commissions.
How to use the Internet to your Advantage
When I first read I could create my own product, I instantly thought – “but I’m not an inventor or programmer what could I possibly create to sell online?” – well the answer is easy, you could create an E-book or an online course and share things you’re good at.
You might have a talent other people would like to have. In order to find your niche you could try traditional approaches such as doing a mind map or asking your close friends what they like about you or think you’re good at.
Another beauty of the internet is that you can outsource almost everything these days. If you’re not much of a writer, you can outsource it to a professional writer for a certain agreed fee and there goes your E-book. The options are endless.
Once you have a stable website through your affiliate marketing, you could integrate so many things I can’t even be bothered to list them all but definitely to consider are, pay per click options, using social media to your advantage and list buildings.
Almost all of these terms have never been part of my vocabulary, before I stumbled across wealthy affiliate. Now it’s the only thing I can think of and cannot wait to be part of. Don’t be afraid to try new things. Learn about them make them part of your life.
Like always I encourage you to let me know if you liked this article. Feel free to write me, comment below or simply read other pages on this site.
I also would like to say that you can share this with your friends and see if they know anything about it. You might find out a thing or two you didn’t know about each other. The other day I found out my friend actually works for a massive company for affiliate marketers customer support specifically.
Like always thanks and I hope you liked the articles and ideas I shared.