When people see the term “passive” income, they often think of making money without work. Nothing could be further from the truth.
It is a fact that it takes work to earn passive income. However, the work you do is done once and then you continue to earn money later on the work you did before. It is different from service based work where you have to do the work every time to generate income. With passive income you create something today that will continue to make money later.
Examples of passive income
Some examples you may be familiar with are savings accounts, investments, and real estate. All of this allows you to spend money once, or spend some money once, and keep earning income ad infinitum.
But you can also earn passive income online today. Some examples are information products, membership websites, e-courses, and e-book sales.
People who want to make money with passive income understand how dollar trading hours can be restrictive. They want to spend their time and money once and continue to earn from those efforts. It’s how insurance salespeople have made money for years. They earn a small commission from every person who buys insurance and continues to pay. The more people they sell the insurance, the bigger and bigger their monthly income becomes. It might take a lot of work to get there, but in the end, the momentum seems to make things a lot easier.
The two kinds
If you want to earn an income through passive income, there are several ways to do it online. However, you can usually break it down in two different ways.
Promote other people’s products
This is one of the fastest ways to get started. Figure out who you want to sell to, know the audience well, then find products and solutions they can promote. There are even membership websites that you can promote so that you can earn a monthly income that grows.
Make your own products
This is another way you can get involved in earning passive income online. In the beginning, creating the product is a lot of work, but once you have a number of affiliates promoting the product, the revenue will grow exponentially month after month and year after year.
The main question now is who your audience is and which way you are going. Most people actually choose both methods. They sell other people’s products and make their own products. Most people start selling other people’s products and end up creating their own after gaining some experience with list building and other marketing methods.