What is Passive Income?
The words Passive Income can be confusing, because you would think you didn’t have to do anything, just sit back and money would automatically be coming in. That is far from the truth, even though there are a lot of companies that want you to believe that.
Most, but not all passive income opportunities require a lot of time and investment of your money to get them started. Such as rental properties, storage units, stock dividends, annuities and CDs.
It takes time and money to acquire rental properties. First you have to search for the right property, then you have to go through the process of buying. And then you have to deal with collecting rent, repairs to the property (because some renters are destructive) and wear and tare of little things that can go wrong with any property.
The way to make rental properties an actual passive income is to get a management company to manage the property. That way you don’t have to deal with maintenance or collecting rent.
Storage Units are a good source of income, but it takes (location, location, location) finding the right location, building the units, adding security lights and features and of course maintaining the grounds.
Stock Dividends take a lot of research to find good stocks to invest large or even small amounts of money.
Trading in the stock market can be risky if you don’t research and just throw your money at anything. My advice would be to get a reliable source of help.
Annuities are not always a good thing, because of the amount of money you have to put up. But if you have the funds to spare, they do pay you the interest on a monthly basis for life. Again my suggestion would be to get a reliable source to help you decide.
CDs don’t pay enough to bother with, most only pay a very small percentage. Research is the key to CDs, BUT, there are a few banks that pay larger dividend amounts. Check out several banks including Wells Fargo.
Now for the good news!
Write an eBook
If you know enough about a subject to write an eBook and make it a digital download, that doesn’t cost to get started. And if it goes viral, you’ve made some money.
Designing T-shirts can be a passive income, because if your design sales no matter how many times, you get commissions.
Photography is a good passive income, if you are good with a camera. There are companies that buy stock pictures for their ads and if they use yours, you get a commission for the use of your pictures.
Network Marketing or MLM
Network Marketing or MLM. This is done by building a team under you (a down line) and collect commissions off of not only what you sell, but you get commissions off of your down lines sell or purchase, to a certain point.
Affiliate Marketing. Affiliate marketing is a great source of passive income. All you do is advertise for other companies and when someone buys their service or product, you get a commission. This is done by writing content or blogs about their product or service. Just get a following of customers and you’ve got passive income.
In my opinion affiliate marketing is the best of them all. I have found in my searches that Wealthy Affiliate is the best of the best. It is rated the number 1 affiliate program that teaches step by step process. It teaches all the steps that it takes to be effective within the field of affiliate marketing.
And the shocker is that it costs you nothing to get started. That’s right you don’t even need a credit card or debit card to get started . You just register for the Starter Membership at $0.00 costs to you.
Then you have 7 days to try before you buy. In reality you have more than that. The 7 day period lets you have access to some of the classes and you are allowed to ask questions. Other than that you can continue on with the classes until you are ready to upgrade. (One person stayed in the Starter Membership until he started collecting commissions). You just loose the option to ask questions and loose out on the discussions.
This is not a “get rich quick” scheme. It will take some time and a lot of researching, but it will be worth it in the long run. The amount of money you can make depends on you, how much time and how dedicated you are going to put into making your business grow.
You also get 2 free websites and hosting with your Starter Membership.
With the Premium upgrade you actually get 25 websites. You also get more classes, tutorials, discussions and videos and so much more.
I hope this has been helpful to you. Hope it has got you to thinking about ways to make extra money.
To join Wealthy Affiliate click here to get your free websites and start making money on line click .
Do you have questions? Please leave questions or comments below. I will answer all questions as soon as possible.