|Have this phrase broken through your life at least once? I think so, most of us want to be paid when we are sleeping, resting or on vacations. Is there a way to turn your dream into a reality? As a matter of fact, it is possible…
Here is the answer you are waiting for: Passive income. You get money for your previous efforts. "You earn money while you sleep".
Let me explain what I mean; in general we have two categories of income:
- Active income
- Passive income
Active income means: You get money from business participation (salary, dividends, interest, capital, bonuses…)
Passive income means: You get revenue that does not demand your direct involvement, at least after your first work.
Would you like to have more time to do the things you love? Passive income comes and rescues you, giving you the chance to begin a quality life. It offers you economic freedom, and much, much more. What are the benefits?
1.- Requires from you only a first effort
2.- After starting, it works in auto pilot
3.- Decide when, and where you work
4.- Multiple income streams
5.- Free time, used it as you want
6.- Secure your life...
Some sources of passive income include:
- Royalties (from patents…)
- Network Marketing
- Income from a standalone business
- Property rentals
- Creative Work
- Insurance renews
- CD (Audio, Video) Sales
- E-book Sales
- Software Products...
Whether you're just starting a business, or running it from time now, start shifting your model to create more passive income, and soon, you can achieve personal and financial freedom.
Passive income is more common in the off-line world; people says “around 80% of passive income scenarios stem from real estate investments”. Despite this fact, there are interesting alternatives if you are running an online business.
1.- Affiliate Programs – Look for companies that offer large commissions, and track clients for multiple sales over a long period of time, preferable lifetime commissions .
2.- Your own informational product - You can create an e-book and sell it on the Web. It is a fact; People needs and wants information.
3.- Software products – Are you a software developer, or have a developer team, or have a good idea and hire someone else to carry out it? This is your golden chance.
4.- Do You have a site that attract visitors? You have some advantages:
a.-Rent space for banners or links
b.-Include Google Campaigns (AdWords, AdSense): the number of visitors that click on the advertising says how much you earn.
5.- If you are an expert in your field, create a membership site, and charge for your services.
6.- Resell services: such as hosting, domains…
You have different choices to create passive income across a diversified amount of opportunities. It may be income coming from the same customers, or revenew from new customers. It may require no personal involvement whatsoever, such as an e-book, or software sold on a web site.
Building multiple passive income streams is the best way to secure yourself for the future. Protect yourself against eventualities, plan for the coming events.
About the author:
Webmaster and Project leader,
20+ experience in the information technology world.
He has developed financial systems for several years.
Background: Databases, Web , Finances
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