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What Is Passive Income About
I like to refer to passive income as pajama money. Where you wake up, hop on your computer, check out your e-mail and earnings so far for the day and from the previous night.
What I mean when I say pajama money, is revenue that you earn even when you are not physically at a job. Instead you may be at home, or anywhere with internet access, like sitting poolside at some fancy hotel. Wearing whatever you are most comfortable in, I never cared for ties myself.
This is how I see it since working online as of 2015 (mainly from home). With passive income, you can receive payments whether or not you do any significant work. In opposition, by having a job, when you don’t show up to work that day neither does your pay.
Working a 9-to-5 and being “stuck” seemed like the only option, and I know many of you feel this way as well. Author Robert Kiyosaki points out “financial freedom is for those who learn about it and work for it”. I always understood what quotes like this implied, I just didn’t know if it was for me or even possible to accomplish. Until I took action.
A Fair Way To Earn Passive Income
When searching on Google, I came across ‘earnings an individual derives from a rental property, limited partnership or other enterprise in which he or she is not materially involved’ as the definition for passive income according to investopedia.com.
I’m not going to say this is outdated, but there are less complex ways of earning passive income yourself.
For me it was affiliate marketing. For a couple of years I had been reading up on the subject and educating myself. One thing I have noticed for those who have been extremely successful in affiliate marketing, is there ability to help others. What I also found out for affiliate marketing is it has:
- Low start-up cost
- You do not need experience or a computer background
- It won’t happen overnight
- You get out what you put in
Do not let any of this discourage you, just realize it will take time and effort to achieve pajama money status, or passive income. You get out what you put in in this business. Do the work now, and watch your business develop and make money without you nurturing over it 24/7.
This Affiliate Marketing Sounds Like Work
Yes, which is also the good news.
Before we cover the good news, I would like to ask anyone with a get rich quick mindset, to get rid of it now. You are only setting yourself up for failure. There is no honest way to accomplish making millions or even thousands quickly or over night in any business. Unless you plan on wrongly mooching off of others, then this is not for you.
In affiliate marketing, you will need to create your own website(s), which is much less complicated then you think. You can create a website in less than a minute in fact thanks to today’s advanced software. From there you need to assist people in solving a problem, informing on a product, or service. It’s really simple stuff.
The good news is it will require work and effort to get the ball rolling. But once you get a knack for what it is your doing, you can set up multiple sites for this. Which means multiple streams of income.
So yes it may take work initially, but you will reach a point where the passive income stream will start to begin. Once you reach this point, you could leave this stream of income alone if you choose to, and money will continue to flow for you.
Even though you have this website generating income for you, it will still need a little maintenance to keep it advancing. I recommend making tweaks and seeing where you can improve and earn even more. Do more of what’s working kind of thing.
Success Is A Choice
I didn’t realize this until this year (2015) and at the age of 25. But success is a choice. You are never too young or old to try something new. As C.S. Lewis says “You are never too old to set another goal or to dream a new dream”.
Take the time to explore more options, forget complacency. To me, true wealth will be earning a nice amount of money without investing all of my time in working for it. Needless to say, no more working and making someone else’s dreams come true. Just my own. Take the time to do some real work now, and let passive income be a reality for you.
To gain a clear understanding, and to learn how to get started today, please read my recent article on Affiliate Marketing. I also give away a nice example on how to set up a website based on any passion or hobby you have, and how you can generate passive income by doing this.
To learn today how to create Passive Income, check out My #1 Recommendation. Drop a comment below, I will be sure to respond. Or spare a like if you found this article useful.
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