If you are searching for a passive income opportunity you are definitely on the right track towards creating financial freedom. Passive income is what is often referred to as smart money and it is the preferred method with which the rich earn their income. Passive income is income that continues to be generated long after the initial effort or work. You quite literally get paid over and over again for work done once. The majority of people earn their living through linear income which is income that is directly proportional to the time and effort you put in. Passive income not only gives you financial freedom, but more importantly it gives you the freedom of time. With passive income you will earn money regardless of whether you work or not. I always liked the analogy of an apple tree. Once you've planted it and it matured it will keep bearing fruit season after season. Creating passive income streams for yourself is like planting little apple trees. Once they matured they will keep bearing fruit and as they grow bigger and stronger over the years they will produce even more and better fruit. Although this concept sounds incredibly alluring, the challenge as usual is 'how?' Passive income has become a bit of a catchphrase and Robert Kiyosaki's Rich Dad books really popularized the term. It tends to be a little deceiving as the word 'passive' tends to be confused with 'automatic' or doing nothing. Even though the passive income is passive, you still have to set it up and plant the apple tree. Passive income won't be handed to you on a silver platter. If it's generated through property, then you still have to find it, make the deal, buy it and do all the paperwork and admin involved. If you wish to earn passive income by writing a book, or a play or a movie, you still have to sit down, write it, publish it and go through all the various formalities before you can sit back and enjoy the freedom of passive recurring income. Today there are more passive income opportunities than ever before, both online and off line. The internet above all has opened up a vast new world with numerous avenues to explore in virtually any niche market you can think of. Spotting a really good passive income opportunity can be a bit of a challenge as the sheer amount of choices can be overwhelming. There are basically two ways of earning passive income online (although it's not exclusively an online thing). The first is to create your own product or idea and to sell it to someone else who will do the marketing and 'selling' for you. You would then earn royalties for this. Earning royalties is very common in the music industry and can be highly lucrative. But, if you don't the next number one hit single in you head, then there is a very powerful alternative. You don't need to create your own product to earn passive income. You can earn passive income off other people's products through affiliate and associate programs. You can build a website, where you do the work once, but earn recurring income through affiliate commissions. This is only one of many ways you can earn passive income online. It seems like the biggest challenge is not in finding a passive income opportunity, but rather in deciding on one. Here are some basic guidelines to help you spot a good passive income opportunity. To know some extra about 500k project, visit here.
|
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
October 2015
Categories |