Passive Income

Passive Income

Now, Do you dream about achieving true financial freedom? Do you want more time

to spend with your family and friends, or to do the things you love?

Money does make certain aspects of life easy. It makes it possible to do things

we couldn’t do without it. We could all use more money than we have. For

many of us, it can seem like the only way to get it is to put in longer hours at

work than we already do. We feel limited in terms of what we can earn. Taking

a second (or third) job is exhausting to think about, yet many people do exactly

that in an effort to break free of debt and earn a good income.

There’s an old adage that says that nobody ever wishes, on their deathbed, that

they had spent more time working. Whatever you earn during your lifetime –

and however much time you spend earning it – you can’t take it with you when

your life is over.

Working longer hours, and taking time away from the people and things you

love, is not the answer. The real answer is to find ways to make money that are

reliable and steady, and that don’t require you to spend your life working so

hard that you don’t have time to smell the roses.

What if you could earn money while you sleep, or while you spend quality

time with your family and friends? The goal of this book is to help you do

exactly that. It might sound too good to be true – but I promise you, it’s not.

The secret to accomplishing that goal is learning about a type of income called

passive income.

In the first chapter, I will cover the basics of passive income. What is it, and

how does it differ from the income you earn working a 9-to-5 job? I’ll give

you basic definitions of active and passive income so that you understand the

difference – and why passive income is preferable to active income in the long

run. I’ll also explain why it is so important to set up multiple sources of

passive income if you want to attain true financial freedom.

The second chapter will go a little deeper into the benefits and risks of passive

income. Any income strategy, no matter how tempting or reliable it sounds,

carries some risk. That is inevitable, and it is important to understand those

risks before you move forward. In my opinion, the benefits of earning passive

income far outweigh the risks. However, you need to make that decision for

yourself, and the information in this chapter will help you do so. I’ll also give

you an overview of my favorite methods of earning passive income, which I

will explore in greater depth in the coming chapters.

In the third chapter, I will talk about one of my favorite passive income

methods: writing an eBook. It might seem like a daunting task to write a book,

but I’ll give you my best tips on how to get it accomplished. We’ll talk about

making the decision to write the book yourself, as well as the option of hiring

a professional ghostwriter to do it for you. I’ll include tips for hiring a

ghostwriter, and how to find a designer to create a compelling cover for your

book. I’ll also cover the process of formatting your book to sell on the Kindle

store, writing a book description that will help your book sell, and uploading

the book using Amazon KDP. Finally, I’ll tell you how to market your book

using specialty websites, social media, and more.

In the fourth chapter, I’ll talk in detail about marketing affiliate products.

Affiliate products are often the first thing that people new to the idea of earning

money online try, and yet they often fail. I’ll help you understand the process,

starting with choosing a niche and researching the competition, as well as

giving you tips on how to choose the best affiliate products to guarantee a

stream of passive income. After that, I’ll tell you how to set up a website using

WordPress and how to optimize your site so that it ranks high on Google.

Finally, I’ll give you some tips for obtaining quality backlinks to boost your

rank, and tell you how to market your products on social media.

The fifth chapter covers several other methods of earning passive income.

Writing eBooks and selling affiliate products are my favorite methods, and so

I have covered those in a lot of depth because they are my areas of expertise.

However, I do want you to be aware that there are many other methods you can

use to earn passive income. In this last chapter, I will cover numerous methods,

including:

■ How to conceptualize, create, and sell a mobile app. Mobile apps are more popular than ever. While coming up with an idea for a great app

isn’t easy, I’ll give you some pointers on how to do it.

■ How to set up and monetize a YouTube channel, including information

about creating and promoting your videos, and using YouTube to boost

your SEO.

■ How to create and sell an online course in your area of expertise. If

you feel that you have the knowledge and passion to teach others about

something, the time and effort involved with creating a course might be

worth the effort. I’ll also give you some information about where and

how to sell your course.

■ How to conceptualize and create your own product. Selling affiliate

products is easy, and selling your own product is a way of taking what

you learn from affiliate marketing to the next level. When you create a

great product, you can earn a significant profit from it. I’ll even explain

the benefits of setting up your own program to let affiliates do the

marketing for you.

■ Niche product review sites are very popular, and I’ll explain how to

take your affiliate marketing skills and use them in a different way by

reviewing and comparing products within a niche.

By the time you are done reading this book, you will have all of the

information you need to start building multiple passive income streams, and be

well on your way to true financial freedom.

Let’s get started.

1- Understanding Passive Income

The first step is to understand what passive income is and how it differs from

the kind of income you earn working an hourly or salaried job. The

differences are key because they point the way to financial freedom. If you

want to be your own boss and the master of your own destiny, passive income

is the way to do it.

The Differences between Active and Passive Income

Even if you use a different term to describe it, you already know what active

income is. Active income is the kind of income that requires you to actively

engage in work for a set period of time before you earn it. For example, if you

have a job that pays you by the hour, you receive money only for the hours you

work – right? That’s active income because your activity is required on a

consistent basis if you want to earn a living.

The same is true of a job where you earn a salary. You are expected to do

certain work in exchange for your salary. You must show up at work on time,

work a set number of hours, and complete the duties that are part of your job

description in order to earn your salary. You may even be required to work

additional hours without additional pay if you are an employee with exempt

status.

Finally, freelance work also qualifies as active income. Freelance workers get

paid only for the work they complete. If they get sick and are unable to

complete a task or job, they earn nothing.

Now let’s contrast that with passive income. Passive income is income that may

require some work to set up. However, once you have established a passive

income stream, it often requires only minimum maintenance to keep the money

flowing.

Let’s look at a simple example. If you write an eBook, you must spend time and

energy writing it. You have to hire an editor and someone to design the book’s

cover, and you’ll have to make sure that it’s in the proper format to sell on Amazon. However, once the book is completed and it’s for sale on Amazon’s

website, you will earn money every time someone buys the book. That’s what

makes the income passive. If someone buys a copy while you’re on vacation or

asleep, you still earn money.

I hope you are beginning to see why passive income is the answer to achieving

financial freedom. Instead of adding more hours to your workday, passive

income can make it possible for you to work fewer hours and still earn a

living.

Why Passive Income Matters

Now let’s talk about why having sources of passive income is so important.

The average person is not going to earn a huge salary. True, a select few

people do earn enormous salaries as CEOs or in other top executive positions.

Others may be in-demand consultants who can charge huge hourly rates. For

the majority of us, though, our income potential is not huge. We are limited by

our education, experience, and the number of hours that we can physically (and

mentally) spare for work.

Passive income opens up possibilities that might not otherwise exist. It allows

us to earn money in ways that do not require hours of additional effort on an

ongoing basis – and that’s huge. If you find that working long hours translates

to having only a limited amount of time with your family – or that you’re

passing up opportunities to do what you love – then passive income can make

the difference.

Passive income matters because it’s the kind of income that can easily

supplement your active income – and eventually, it may even replace your

active income. Your earnings with active income are limited based on the

number of hours you work, as well as by things like your education and work

history. There are no such limitations on passive income. You have complete

control over it, which means that nobody can cap it. The fact that you can earn

it while you are sleeping, playing with your kids, or on the golf course means

that you have the freedom to do what you please with your time.

As you can see, passive income does differ significantly from active income.

Money is money, but the money you earn from passive income streams is the

kind of money that can set you free from the daily grind and allow you to pursue the things that are most important to you.

In the next chapter, we will talk about the benefits and risks of passive income

in greater detail so that you know what to expect as you work toward setting up

passive income streams.

2: The Possibilities of Passive Income

Before I share the best ways to earn passive income with you, I want to take a

few pages to review the benefits and risks of passive income. The truth is that

no form of income is without risk. Even if you were fortunate enough to

inherit a large amount of money, there would be some risk involved with

investing it. That’s the way life works.

We have already touched on some of the benefits of passive income, but let’s

review them in a bit more depth:

1. Passive income can lead to financial freedom. When you earn passive

income, you can earn it any time of day or night, and from anywhere in

the world. You do not have to be tied to a particular job or schedule. Once

your passive income streams are set up, the money will flow into your

account.

2. There is no limit on passive income. There is nothing preventing you

from setting up a hundred different streams of passive income if you

choose to do so. You can dedicate as much time as you wish to

establishing passive income streams, and once they are set up you can sit

back and collect the money. You are not limited by the number of hours

you work.

3. Passive income can come from a variety of sources, which means that

you can choose the options that appeal to you the most. You aren’t limited

or required to do work that you genuinely dislike. You have the ability to

choose work that you love.

4. You can be your own boss. When you set up passive income streams,

you don’t have to answer to anybody other than yourself. You can decide

when to work and when not to work. You set your own hours, and you can

decide the best way to do things without interference from anybody else.

In my opinion, those are some very good benefits – and reason enough to take

the time and energy to set up passive income streams. However, there are some risks and concerns to address too.

1. Setting up passive income streams takes time and effort. It might be

tempting to look at passive income streams as easy and requiring little

labor. However, that is an overly simplistic view and one that can lead to

misunderstandings down the line. Make no mistake. You are going to have

to dedicate a significant amount of time – and probably invest some

money, too – if you want to get your passive income streams up and

flowing. All passive income is active at the beginning.

2. Passive income streams don’t grow overnight. Even if you put in a lot

of effort, it may take a while for passive income to become a stream. In

fact, it may start off feeling more like a series of inconsequential drips

than a true stream. You need to be prepared for the eventuality that it will

take some time to get things flowing. That’s one of the reasons that I

recommend starting to set up your passive streams before you quit your

day job.

3. You need to diversify to ensure that you have money flowing in at all

times. A single stream of passive income is not going to be enough to

help you achieve financial security and freedom. The danger is that your

stream could dry up, leaving you with no income at all. The best way to

overcome this particular risk is to set up multiple streams of income so

that even if one source slows down, you’ll have others in place that are

still bringing you money.

4. Passive income can be too passive for some people. It’s a very rare

person who will feel passionate and fulfilled about income streams that

require little or no work. No matter what you choose to do, it’s probably

best to combine some active work that fulfills and satisfies you – even if it

doesn’t pay much – with passive income streams to help you earn money.

In my opinion, the benefits of setting up passive income streams far outweigh

the risks. Passive income, as I said, starts out active. As long as you are

prepared to do the work to make those streams flow, then passive income

could be the best way for you to achieve financial freedom.

Proven Passive Income Strategies

As I mentioned in the introduction, the next three chapters will cover some of

my favorite passive income strategies in depth. There are many different ways

to earn passive income, and you certainly do not need to restrict yourself to the

methods I discuss here. However, these methods are, I believe, some of the

most reliable and easy to achieve.

Here is a quick overview so you know what to expect in the coming chapters.

■ Writing an eBook is the first method I will cover. A lot of people get

intimidated by the idea of writing an eBook because they don’t consider

themselves to be writers. I will cover the topic in great depth, and explain

how you can get a book written with relative ease, and market it

effectively. A well-written eBook can easily earn you income for the rest

of your life.

■ Marketing affiliate products is the second topic I will cover. Affiliate

products tend to get a bad rap because a lot of people try to market them

and don’t earn any money. The reason they fail to earn money is not

because affiliate marketing is bad – it’s because they don’t go about it the

right way. I’ll tell you how to choose the best products, and set up your

revenue streams so that they require little ongoing work from you.

■ Creating a mobile app is another popular way of creating passive

income. There are a lot of apps out there, but if you can come up with a

unique one, you can sell it for years without having to do any additional

work. You don’t even need to be a programmer to create an app.

■ YouTube is one of the world’s most-trafficked websites and a great

source of passive income if you know how to use it. I’ll explain how to set

up a YouTube channel, give you tips for creating videos, and tell you how

to monetize and publicize your videos.

■ Creating an online course is in some ways the most labor-intensive of

all the options here, but it is also a very good way to earn significant

passive income. I’ll give you tips for choosing a topic, creating a course,

setting a price, and marketing your course.

■ In case affiliate marketing isn’t enough for you, I’ll talk about the

benefits of creating your own product to sell, and how you can set up your

own affiliate programs.

■ Product review and comparison sites are very popular, and I’ll give

you some pointers about how to take affiliate marketing to a new level.

The next three chapters will go into great depth on these topics so that you have

all of the tools you need to do what you need to do. You do not need to use all

of these methods to attain financial freedom. What I recommend is that you

read everything, and start with the method that most appeals to you first. Once

you have done the work necessary to establish a stream of passive income, you

can choose another method – or repeat the first one. It is certainly possible to

earn money by writing multiple eBooks, or by setting up a string of affiliate

websites.

The most important thing to remember is that you do not want to put all of

your financial eggs into one basket. The point of having passive income is that

you want to be able to spend your time doing the things you love. If you have

multiple streams of income, it won’t have a significant impact on you if one

stream suddenly slows down or dries up. True financial freedom means that

you do not have to rely on a single source of income.

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