Passive Income


The concept of passive income can be explained in fairly simple terms: earn money while you sleep. While passive income doesn’t mean you won’t be working hard, it does mean that the amount of money, time, and energy put into a project is not paid back in a direct manner. Instead of being paid by the hour, you will be creating a valuable service or product and you earn your compensation down the road for hard work already completed. Hopefully, this continues to produce for an extended period of time even as work has winded down on the
projects.

The most obvious example of passive income is authoring a book. An au- thor spends weeks, months, maybe years putting together a great novel, a great resource guide, or some other publication that will have intrinsic value to a market. They work with a publisher or even self-publish the book, put marketing efforts into place, and after all this time of work- ing without any payment, they hope to reap the benefits in the form of royalties paid over an extended period of time based on sales. This is a clas- sic passive income stream that can be repeated as many times as the author and/or publishers are willing to go through the process. The reality of passive income is that it’s not as simple or luxurious as it sounds at first glance. However, most intelligent people should have no problem creating passive income streams. It requires the ability to self- motivate and be able to keep yourself afloat until your income streams allow you to leave your nine to five life, but in return, a successful pas- sive income will pay hand over fist compared to the time invested. There is no foolproof guarantee that the work will become financially viable down the road, but there are ways to help ensure that a product is at least marketable. Some risks are smaller than others, and that makes all the difference.
we’ll discuss several beginner-friendly methods of creating passive income streams that can be expanded upon and scaled quite easily.


What You’ll Need Hard Work:


The great thing about passive income in the 21st century is that it is no longer limited to those with a healthy bankroll at their disposal. Hard work is the main ingredient. If you’re will- ing to put in the time, you can start with almost no money whatsoever. Of course, it would be beneficial to have some funds available, as having money to spend can simplify the process and often improve your results.


Motivation

This may be one of the most difficult things for those just starting their passive income journey. It is a common fallacy that passive income will instantly change someone’s life. It is important to remember that pas- sive income is a long game; it is not a get-rich quick scheme. As such, a huge part of the struggle for begin- ners, especially those whose finances aren’t ideal, is motivating yourself to do the hard work without the guar- antee of pay or pay directly related to your hourly input. You must stay the course. Your continued hard work will eventually pay off as long as you’re able to keep yourself motivated.

Time to Work

Starting out, you may need more time than you’d ever have expected. Once you’ve created a system that works for you and have found methods to scale and repeat and begin earning for all your hard work, you should see your time begin to free up, either to work on more projects or to do the things that are really worthwhile to you. In the beginning, you’re likely going to be working your day job and forcing yourself to work even more hours. You will need to find the time to make this work.

Computer and Internet

It is imperative that you have the internet and a reliable computer. The methods we’ll lay out will all require the use of a computer, internet, and basic typing and competency with a computer. You don’t have to be a computer science major at all, though.

A Plan

This is often overlooked, and some- times that doesn’t mean you won’t earn a decent living. However, it is wise to begin drafting a plan of action before doing anything. Setting concrete goals, doing your research, and having a plan will help to keep you on track, motivated, and realistic about your progress. As you learn what works for you and what doesn’t, your plan of action can change.

Ideas

There are two types of ideas you need. First, you need ideas about the types of passive income that you wish to work on. Second, you need ideas within that realm to create a valuable and sought after product or service. This book will help you with the ideas of what income streams you can work on, and it will give you some basic re- search skills to find which ideas might be viable.

What You Stand to Gain

Freedom. Quite simply, the best thing about passive income is that your time is spent wisely. You work less hours and earn more money. You work on the projects you want to work on compared to working on what somebody else hands you. Deadlines are self-imposed only. Income comes in whether you work this week or spend it at the beach. Financial free- dom is what you stand to gain. There are risks, and not every project you put in motion is going to be wildly successful. But if you’re willing to work for it, you’ll be able to create the passive income streams required to free you from the 9 to 5 grind.

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