Passive Income 101 – Passive Income Streams Explained
I’m am sure that many of you who read this blog work extremely hard every day in order to earn a living. While some of us work harder than others, I believe that working smart is more important than working hard if you want to become successful. If you don’t know how to make the most of your labor you’re wasting your time in my opinion. I for many years was an example of this when i wasted hours working freelancing gigs such as writing articles, building backlinks, and forum commenting. I would spend hours of my time doing menial task and coming away with little money. It became a grind every day just to get up and work hard and see no end in sight. Eventually i realized that i was making money the wrong way because i wasn’t working smart. Many of us become guilty of this trend as we want to put our ax to the grindstone, but haven’t thought up a well planed strategy in order to achieve our goals.
This blog post is going to teach you the basics of passive income, and understanding how to achieve passive income. If your interested in learning more business strategies like this one, please check out my ebook on amazon kindle i have wrote on this subject.
Small Business Strategies Guide – Smart Strategies for Running a Successful Business http://www.amazon.com/dp/B007VMMOZY
Passive income is defined as ” income received on a regular basis, with little effort required to maintain it”. If you build something that brings you cash on a consistent bases without having to work then that is what is called passive income. The idea behind passive income is working to build money that flows into you constantly without have to work for it. The advantage of this method is that if you decide to take a break and stop working the money keeps flowing in. This is effective time management because we only have so much time and energy in the day. If you work for a paycheck you are always behind rather then ahead because you have to keep working in order to make more money. Over the years it becomes stressful having to work day in and day out to make money while nothing substantial is being achieved. Passive income gives people the state of mind to work hard, knowing that if they decide to quit or take a break they will continue to see money coming into their pocket.
Passive Income Ideas
Some passive income ideas that anybody can build in order to see money coming in are..
- Vending Machines, Arcade Machines
- Ebooks, CD’s, DVD’s
- Dividend Paying Stocks
- Referral Leads
Each one of these ideas can be set up and built and continue to pay you month after month. For example referral leads are when you have people sign up through your affiliate link for a company to make money with. Leadbolt as an example gives me 10% of whatever my referrals generate. Some referrals make more then other, but if your able to get a substantial amount of referrals you could see hundreds if not thousands of dollars a month in passive income.
Each person should diversify between each one of these ideas so that if one passive income stream shuts down, you have another to live off of. Remember passive income is extremely hard to get and maintain. So if your able to obtain passive income you should hold on to it and reinvest the earnings into more passive income. True entrepreneurs value their financial security, over job security because one works for them, and the other works for a company.
This video will even further explain passive income to anybody out there in a very informative video i found on YouTube.
If You Found This Article Informative, Please Share This Article On Twitter, Facebook, Google+ etc.
Also Follow Us On Are New Twitter Account https://twitter.com/ProbusinessGuy