Passive Income – How you can earn one.
When I was first introduced to the Idea of earning a Passive Income I had no idea what it was. The Wikipedia description “Passive income is an income received on a regular basis, with little effort required to maintain it” however a quote I found recently online defines it as “any money you earn while sitting on a beach sipping mojitos.”
Discover how to create your Passive Income
It’s a hot topic at the moment and a Passive Income can do much to quell retirement fears and achieve retirement goals. But in order to gain a Passive Income you have to work hard up front to set it up, and, in all honesty, I nearly gave up. I’ve been in Network marketing for over 18 months and the learning curve has been enormous – HUGE. Did I think I was capable? No, not at first but as you begin to see progress and results, the obstacles get smaller.
The top earners of Passive Incomes are Rental income, Affiliate Marketing, Peer to Peer lending and Dividend yielding stocks (according to Bankrate). I’m going to talk about Affiliate Marketing which many think it’s the easiest way to generate cash. Beware there is work involved.
Here’s how Affiliate Marketing works (a simplified version): Website owners or bloggers promote a third party’s product by including a link to that product on their website. When a visitor clicks on that link and makes a purchase from the third party the website owner earns a commission. The easy part (if you are IT literate) is adding the link to your website. The hard part, however, is attracting customers to your site to click the link and buy the product.
To begin with it is not a Passive Income because you have to generate content (good quality content) which drives traffic and customers to your website. Unless you can afford to pay for advertising then it is a slow process but one which will ultimately earn you that Passive Income.
Tip: It’s best to promote a product that you like and believe in – don’t try to sell things you have little or no experience with.
This is NOT Cold calling your friends and relatives to buy your Products. It’s about learning how to Market your own or other people’s products Online. The Affiliate Marketing system I joined is The Six Figure Mentors and I have to say training is Immense and the Support from the Community Immeasurable.
I can see the potential in this new digital age and the opportunities are open to anyone with a Laptop/Desktop and an Internet connection. Let me introduce Stuart Ross Co-founder of The Six Figure Mentors. This company offers 2 products:
- A comprehensive guide to setting yourself up online as an Affiliate marketer selling other peoples products.
- An in-depth training programme called Digital Experts Academy helping you to market your existing product online.
Stuart Ros – Since starting my online business I have been to places such as The Maldives, Dubai, Thailand, many City breaks across Europe and I now even live in Miami Florida 80% of the time. Travelling is one of the many “perks” of owning an online business, and having both the financial freedom and the time freedom to just get up a go when I want feels great. It’s even one of my long term aims to have ‘a friend in every city’ And with this type of business that may just be possible! Anyway, rather than keep rambling on… I’m sure you just want me to get on with it and tell you what was the golden nugget I learned that allowed me and so many that I have worked with be so successful!
Well very simply put it’s…
One of the most powerful concepts I learned from the top mentors I have worked with is to create financial freedom in my life I was going to require leverage.
But what is leverage, really?
Well, the Thesaurus says it’s: influence, power, force, control, pull, weight. But in my words, leverage is doing more and more with less and less. Less of what? Less time, less effort, less energy, less worry, less investment. More of what? More income, more results, more value, more free time.
If you’re currently trading your TIME for MONEY, you can only exchange about 14-15 hours a day and only earn so much (and you’re literally selling your life). But if you can LEVERAGE time and have “systems” set up that run on their own, there’s virtually no limit to how much you can earn. So… the true secret to living an abundant life is not to get a great job, but to learn how to leverage your life.
This has obviously been made more and more possible by having the Internet at our fingertips… Now there are certain forms of leverage that most people have absolutely no clue about. These are only used by a very small majority of every society who use it to live a life of abundance. The funny thing is, the ones that don’t know about this kind of leverage are taught to believe that these things are “too risky”! Ironically, that’s exactly why they never become wealthy themselves.
How Do You Leverage Time?
Well, one of the most popular and obvious ways is to become a traditional business owner – this is someone who leverages their time by having people work for them. The problem with this, however, is that for a lot of people it’s too risky (expensive) and time-consuming to start this kind of business.
Another way, however, which I guess is less known and talked about, is to become a ‘digital business owner’. In other words, someone who has a digital business that is Internet-based and can be started at a fraction of the cost of a traditional business and can even build part time around a job…
If you can master the art of marketing then it doesn’t really matter what business/product you have. Business opportunities will come and go, but the understanding of how to effectively market will last forever.