People say that money is not the most important thing in life, but we cannot deny the fact that we need money to continue living. After all, we need to spend money to buy food and clothing, as well as pay our bills. For most of us, the means of generating money is by working a 9-5 job whether at an office, a hospital, or a school.
Unfortunately, for many people, a day job is not enough. This is where the importance of having passive income comes in. In this post, we’ll discuss how to create passive income that will help support our lifestyle not just in the present, but most importantly in the future during the years of our retirement. We’ll particularly focus on how the internet is going to make this possible.
What Is Passive Income?
If you are interested in the subject of personal finance, then you’ve probably heard of passive income. In fact, a large portion of what personal finance is all about revolves around the idea of passive income. I am not surprised about this at all, considering the fact that nobody doesn’t love the idea of making money without doing anything. And yes, that’s what passive income is all about—making your money work for you. But there’s more to passive income than just you making money while sleeping.
I hate to break it to you, but passive income isn’t really that simple. For most of us, it’s not going to be easy to earn enough passive income to let go of our day job entirely. But the good news is that it’s possible to make enough money to increase your cash flow significantly, to a point that you can take a job that you are more passionate about and leave the job that you took only because you had no choice.
Important Ideas About Passive Income
That said, one thing you should know about passive income is that it doesn’t happen overnight. I can personally tell you that when I first ventured into a business that has now generated passive income for me, I had to go through a lot of difficulties. I’m just thankful that when I was starting, I had my Wealthy Affiliate family to support me.
By the way, Wealthy Affiliate is one of the reasons I have reached my dream of creating passive income. I can tell you more about it, but if you want to find out about Wealthy Affiliate yourself, you can go to this link now. Don’t worry. I won’t be mad if you don’t continue reading. In fact, I’d be more than happy if you signed up with Wealthy Affiliate as it’s actually one of the first steps to start creating passive income. I’ll tell you more about it later. Read Our Review Of Wealthy Affiliate Here.
Now, back to passive income. It’s not entirely true that passive income is income you make from doing nothing. It doesn’t work like magic where you simply cast a spell and money will be available in your bank account. Before you can get to the point of generating income even while you sleep, there will be some effort involved.
When you have passive income, you make money even when you’re sleeping, eating, working out, or sipping coconut juice at some tropical beach in the Pacific.
Why Do You Need Passive Income?
A big chunk of the hours you have in a week is spent sleeping, and another big chunk is spent working. The average employee spends around 38 hours per week working, which means if you’re the average employee, you spend 1,976 hours working in a year.
Aside from working, you also need to spend time preparing food, eating, commuting, chatting with friends and loved ones, and doing chores. Many of the things you do may be enjoyable for you, but many are not so enjoyable at the same time. Now, we only get to have enough hours in a day, and no matter how hardworking you are, you can spend all of those hours working.
But here’s the thing. We need money in this life. We need money to buy the things we need, and we need money to buy the things we want. And the only way for us to get money is by working. The problem is that our ability to make money is dependent on how much time we spend on making money. I’m talking about working.
Passive income is different because it is not dependent on the amount of time you spend working. Once you have started generating passive income and have found a way to keep it going, your money will keep working for you. That is basically why you need passive income.
And then there is always the possibility that you will lose your job. If you don’t have passive income, how are you able to sustain your family or maintain your lifestyle? You’re lucky if you have huge savings, but unless you can find another job, you’d still be in financial trouble once your savings have been depleted.
How To Generate Passive Income
Now that we’ve established what passive income is and why you need it, let’s discuss some of the many ways you can start generating passive income today.
Instead of working a day job, passive income requires you to build or acquire something with value that you can then easily transfer to others without you having to work. This means you have to create or purchase valuable assets, preferably those that can automatically deliver value. There are several ways for you to achieve this and will fall under either of these categories: selling, renting, and secondary value. Let’s take a look at some of the different assets that you can harness to make money.
This category encompasses everything from online courses, stock images, apps, and eBooks. The idea is for you to create a digital product that provides immediate value. Digital goods are a good choice because you can easily duplicate and resell them. They don’t need packing and shipping, too, which reduces labor time for you. You can also use online marketplaces that will allow automatic delivery of such goods.
Blogs and YouTube Channels
Unlike digital goods, these types of products offer secondary value. If you’re going to write a blog, for instance, and amass thousands of followers, then you can sell ads. In the same manner, if you can target a specific niche, such as vegan or vegetarian food, for instance, you can make use of affiliate links and get paid when people make a purchase via those links.
Speaking of affiliate links, Wealthy Affiliate offers training for those who wish to learn how to do affiliate marketing. You can sign up hereif you want and receive two free websites from Wealthy Affiliate that you can start using for your blog or business website.
One thing about blogging. If you’re the one maintaining your blog, writing the content, and doing other stuff to drive traffic, that is not passive income. It only becomes passive income if someone else is doing it for you. Now that’s another idea you can try!
Selling Physical Products
Nothing is passive about selling actual products, but if you can come with a system for selling products, then it becomes passive for you. For instance, if you know how to write, you make use of Amazon Fulfillment Services to print your book for you and ship it every single time someone buys from you.
Drop-shipping is another idea. With drop-shipping, you only need a website for where to promote the products you want to sell. When someone makes a purchase, the drop-shipping company takes care of the transaction on your behalf, and all you need to do is wait for the money to be deposited into your account.
I hope you learned something today on how to generate passive income. There are actually so many things you can do to start generating passive income today. One thing I’ve mentioned earlier, which is affiliate marketing, is one of the things I highly recommend for people who want to make money online.
I’ve been doing it for years now and I am really happy with the results. I have to remind you, though, that it’s not a get-rich-quick kind of thing. As I have mentioned, creating passive income requires a lot of work. That is the reason I tell people who want to try affiliate marketing to sign up with Wealthy Affiliate because by doing so, they can receive the training they need for such an endeavor. Not to mention that you’ll get two free awesome websites and be part of a large community of affiliate marketers!
I know you’re curious as to how it works, so why don’t you click this link right here and create a free account for Wealthy Affiliate? I’ll wait for you there!
Thank you for reading this post. If you have any questions about this post or passive affiliate marketing feel free to contact me and I’ll get back to you within 24 hour or sooner. Visit our website to see other money making opportunities that may be of interest to you at www.TheSeniorAffiliate.com