If you are tired of your soul-sucking 9 to 5 job, and you are constantly dreaming of being financially free, then you definitely need a passive source of income.
If you are living month to month paying your rent or mortgage and barely scraping by, you definitely need a passive source of income.
If you just simply want to supplement your retirement income or you want to have a little backup emergency cash in case life decides to throw you a curve ball, passive income is the answer.
A passive source of income is so essential in today’s world that you cannot afford not to have one. If you have been looking for a way to set yourself free, here is how to make a passive income from the internet.
WHAT IS PASSIVE INCOME
Passive income is income that you earn over and over based on work that you did once.
For example, you can write a book and earn an income from the sales, or you can get a repeat commission on a review that you wrote months ago.
Passive income is great because it allows you to free up your life for other things you are passionate about.
However, most people make the mistake of thinking that passive income is getting money over and over for doing nothing.
They usually end up sorely disappointed. Passive income typically requires a heavy investment of time, money or effort in the initial stages. You need to work hard once before the money can start working for you.
There are several sources of passive income. A few of them will be highlighted here:
1. RENTAL REAL ESTATE
OK this is not an “internet” passive income. But any discussion of passive income would be incomplete without mentioning real estate.
This is obviously one of the best passive income vehicles. It is a high return passive income strategy that has been a popular go-to investment for most millionaires.
The reason why it is often THE method of passive income that everyone talks about is because it works. The idea is that over the years, you invest in real estate and grow your wealth. There are a few ways of going about it.
For most people, they buy their first home and live in it for a few years. As their family grows or as their financial lot improves, they move to a bigger home. Instead of selling their starter home, they rent it out. Over a lifetime, this can happen 2 or 3 times, leaving the owners with multiple properties.
The benefit of this model is that the tenants essentially pay the mortgage of the rental homes. After 10-15 years, the home is paid for and the owner have a fantastic asset.
However, real estate requires a huge initial investment, which makes it difficult for most people to venture into. There are also a lot of maintenance headaches involved with rental real estate.
2. INVESTING IN THE STOCK MARKET
The stock market is very accessible today and it is all done online.
It is cheaper to get into stock investment today than it ever has been in history. Sometimes the fees required to get into funds may be as low as $5. This makes the stock market an attractive investment opportunity for a passive income.
However, perhaps the biggest downside to this method is that it can be very risky depending on your investing model.
Investing in the stock market takes time and knowledge. You need to be persistent and disciplined.
It takes a lot of “seed” money for you to make any substantial passive income this way. What I mean is that you need to have a big balance for the daily market moves to actually matter and for you to get any sizable amount of passive income.
Unfortunately, many people who save diligently and invest with care in their 401K’s and IRAs lose their life savings when the market goes south. Many people at my work that were close to retirement had to extend their working years because they lost tens of thousands of dollars when the market crashed in 2007-2008.
3. ONLINE BUSINESS – AFFILIATE MARKETING
The online business space is another passive income stream that you can get into.
The beauty of this option is that there is a very low barrier to entry. You do not need a lot of money as an initial investment, and no one is barred from getting started on it.
If you choose to start an affiliate marketing business as your source of passive income, you immediately have an unlimited income potential.
The best thing about affiliate marketing is that the more you sell, the more you earn, and there is an uncapped income potential. The sky is the limit!
Another benefit of taking up affiliate marketing as your online business for passive income is that gives you the freedom to work anywhere and at any time.
You become your own boss.
You choose your hours, where you want to work from, how much work you want to do and therefore have a direct influence on how much money you stand to make.
Affiliate marketing, however, is commonly misunderstood. Most people think it is just a matter of setting up a simple website, signing up for the Amazon affiliate program and listing a few items on their website then the money starts flowing in.
The truth of the matter is that it takes a lot of time, patience and hard work to turn your affiliate marketing business into the cash cow you have always wanted it to be. This bitter truth is what turns most people off affiliate marketing. Pushing yourself and rising above the need to be average is what sets you apart in this business.
HOW CAN AFFILIATE MARKETING HELP YOU MAKE A PASSIVE INCOME ON THE INTERNET?
It is a tried and true method to make passive income. To be very honest with you, it is my way of making money online. Before you think that I am biased (well maybe I am a little), I can tell you that I have tried many ways to generate extra money and affiliate marketing is by far the most straightforward.
I have tried eBay, Amazon FBA and freelancing. I like all of them. The issue with those methods was that I was still trading time for money. This is easy to understand when it comes to freelancing right? You get paid for work you do.
It may not be intuitive to see FBA and eBay as trading time for money, but it really is. You source inventory (which takes hours), you prepare shipments and send them to the Amazon warehouses. You keep track of taxes and make payments to each state you have nexus in……….and you keep doing it over and over. To me that is trading time for $$$$
Affiliate marketing is different. You refer other people’s products to your readers and if they purchase, you get paid a commission. I love this model. You get referrals from work you do once. Let me give you an example.
You create a great review that is extremely helpful to your readers. They click through your link and purchase the product you reviewed. You get a commission. The magic is in the fact that your article can and will be viewed by thousands over the next weeks, months and maybe even years. You will continue to make referrals and earn commissions for work you did once.
To be fair, this will not happen with every piece of content you write. But as you create more and more useful content, you will have more of these passive income assets that convert well after you have finished the work of creating and publishing. I absolutely love that!
The key is to have a blueprint and a process to create niche websites that attract tons of visitors with good content. After you have given your customers tons of valuable content, they will be more likely to accept your product recommendations.
Done the right way, this model can give you tremendous passive income.
HOW DO YOU DO AFFILIATE MARKETING THE RIGHT WAY?
I mentioned a blueprint in the previous paragraph. Affiliate marketing is essentially a series of steps. In fact, it is a series of 4 steps:
– Find a target audience, also known as a niche
– Create a website to engage with the target audience you picked above
– Attract a bunch of loyal followers by providing them with excellent, original and actionable content.
– Monetize your site
That is it! Sounds simple doesn’t it? and conceptually it is. But it is not easy!. You need to know what to do at each step in order to be successful.
You also need to set your expectation right. You cannot expect to make money with 3 posts and 2 weeks of work. It will take 3 to 6 months of concerted effort and work to see results.
If you are willing to put in the work you will be extremely well rewarded. Do you think that earning a passive income is worth 3 to 6 months of work? I believe it is and so do thousands of other affiliate marketers that generate extra income from their blogs.
The sense of freedom and security is second to none. I want to help you get there!
I am part of an affiliate training community that would love to have you join us. In this platform, you will have access to set-by-step training (with videos). You will learn how to select a niche, you will be able to create your free website in less than a minute with a leading edge site builder. Every essential aspect of Affiliate marketing is covered in depth!
There is 24 X 7 support as well as a ton of resources to help you launch your affiliate marketing business the right way. It truly is the blueprint you need to succeed.
You will have access to 10 courses in the Online Entrepreneur certification course. You also get access to 2 free websites and the site builder software to create your site in less than a minute. You get the ability to ask questions of thousands of seasoned affiliates who only want to see you succeed- All for FREE
There is no need for a credit card! There is no scarcity angle to get you to upgrade. You can stay a free member as long as you would like. You get to test drive the community for as long as you want and decide for yourself what to do next. I hope you give it a shot. I did and it was the best thing I did for my online business success!
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I hope you found this article helpful. If you have any comments or questions please post them below. I would love to hear from you.
To your affiliate success!
Mike
Very enticing content. It makes me feel a little more secure, thinking I made the right decision, FINALLY!
Hi Mark, I a glad you enjoyed the post. Keep at it and you will reap ever more increasing benefits