There are two ways to earn money in this world :
(not counting those lucky trust fund kids).
Most of us go down the road of earned income. We go to school - or not, find a job working for someone else and receive a regular paycheck. The other way to make a living is through passive income.
While creative type like artists, musicians and investors have benefited from passive royalties for centuries, the rise of the internet the idea of creating and working hard for something once, and profiting from it forever is within reach of the masses.
WHAT IS PASSIVE INCOME?
Sometimes referred to as residual income, passive income could be described as any way of making money in which you do the work once and reap the benefits of the profit stream as long as you leave the product out there. Throwing out the examples from the previous paragraph, which are not accesible to the average Joe or Joanne, let's take a look at how you may create passive income streams in your life.
So, is it possible for a regular working individual to get started towards passive income?
The obvious answer is yes, you can!
Just a few ideas to get you started. You can always find thousands of helpful information regarding these ideas online.
Anyone can create a short E-book on any topic in which they have expertise. What if you wrote one and put it up for sale online and it sold 10 copies a day? Once you have your marketing and sales marketing in place, and automated (which is realtively easy to do even without great tech skills), that book can sell 24/7 and 365 days a year, year after YEAR, without you having to take additional action to help it along. All you have to do is count the money which gets deposited into your account after each sale.
Writing and publishing a book
People have their own specialties, expertise, talents, hobbies that other people would like to hear about. You could have a special skill (do-it-yourself projects, knitting, cooking, drawing) or you can be a doctor, a psychologist, a personal trainer, a yoga teacher, a zumba instructor or even a mom or a dad who have experience with parenting. Doing research and putting your thoughts into words may seem a daunting task but nowadays, it is easy to find low cost freelancers for editors or proof readers who can help you with your formatting and publishing to make your book "marketable".
A very conventional way of growing your hard earned or inherited dollars. Although it comes with the stigma of being only for those people with deep pockets to make it worthwhile, stock investing is still a very popular way of reaping huge profits with the right portfolio. It has kept Wall Street alive. There are a lot of individuals who have invested wisely and today are enjoying passive income, living off of the dividends from their stocks and annuities investments. You can always consult with a financial advisor about this.
Earning Royalties from your Stock Photos and Music Licensing Online
With the rising number of online digital entrepreneurs, there is great demand for marketing tools for video production, graphics and arts for adverts and sound track for these mediums. Independent artists, musicians have found a way to monetize their talent through this method.
Personal Product Branding
This has become very popular now with the advent of the booming E-commerce industry. You can revise a product design or create your own product and order it from China, India and other countries in bulk. This is manufactured according to your specifications. Trader sites like Alibaba, Aliexpress and others have lists of worldwide suppliers who manufacture specific products. Although most suppliers accept only bulk orders, there are some whom you can order as low as only 10 - 50 pieces of your item. You can expect to pay higher prices with less quantities you order. These suppliers also provide a completed product sample for you to confrim your order. A lot of the products you see on Amazon and Ebay are from these suppliers. With this system, you buy low and sell high.
Amazon as we all know has become the titan of E-commerce. What you can't find anywhere, you will most likely find it on Amazon. I even found a power supply cord for one of my older digital cameras that I could not find anywhere else!
FBA, or "Fulfillment By Amazon" is a program where you send your products to Amazon, then you do your own listing and product set up on the Amazon website. When people see and buy your product, Amazon will ship your product to your customer, for a fee. All you do is wait for Amazon to send you your sales check. The beauty of this system is that Amazon uses their superb customer service and logistics to move your product. They take care of returns and they even have Prime membership to customers where they can ship products within one day, being partnered with UPS.
There are more processes entailed with FBA but resources are available online, even on YouTube how to get into this program.
It is so much easier to order products online these days. Almost everything is already sold online and because of the competition, companies offer the added benefit of free shipping. With our very hectic schedule, it is so much easier to order our favorite protein shake, even groceries and having it delivered to our door or mailbox. I have even subscribed on Amazon to have my coconut water supply delivered to me monthly. :) It is just super convenient.
Ordinary people wanting to make money online can set up either an Ebay account or an Amazon Account and drop ship items to their customers. They list the items on their account and only buy the item from the retailer when they have a sale and the retailer ships it directly to their customer. With this sytem, these entrepreneurs do not even see the physical product in their warehouses or garage as they are basically just the middleman for this transaction.
Many individuals have become so successful with this system and are even making a killing. I have known of entrepreneurs who have earned more than six-figure incomes doing this. There are a lot of very helpful resources about this also in webinars, courses, memberships and tutorials online.
Nowadays, you can hire a VA (Virtual Assistant) usually from another country who can run your Ecommerce business for you. You pay a very reasonable fee monthly and it is better than hiring a full time employee here in the US. Recently I have been informed that you can hire one for as little as $250.00 to $400.00 a month depending on the size of your E-commerce enterprise. You can also hire these virtual assistants for any other tasks that you need to outsource to free up your time for other things. Although you can hire VA's from many other countries, the two most common countries who have a healthy supply of very skilled virtual assistants is the Philippines and India.
Although network marketing is often identified and misunderstood to be MLM (multi-level marketing, pyramid marketing), there are respectable networking companies who have survived for decades and have members earning enormous passive income from having developed a team.
Again, it starts out as very hard work, but once their line-up grows, they never have to do any work at all again. I have actually experienced this program and has opened my eyes to the possibilities of residual, passive income. It is very possible. Having received income checks from my previous efforts was well worth the money and time I had invested in it. Unfortunately, most of these companies get in hot water with the FTC (Federal Trade Commission) from rules violations and they had to cease operations immediately with their assets frozen.
Nevertheless, networking is still so alive and profitable with the right company and will always be a very respectable way of earning passive income. With the endless selections of network marketing companies out there, choose what feels right for you. Especially so, seek which company aligns with your own passions.
Now we come to my favorite part:
These days, it's not even necessary to have your own digital product. People who already have products in place and selling will pay you a commission to sell for them.
This called AFFILIATE MARKETING. It's not unheard of for someone like you to make tens of thousands of dollars each month selling someone else's product online.
A good source to find products to sell is Clickbank. It's been around for years and it's legit. It's as simple as browsing a hundered of listings and deciding which one you want to promote. Thanks to the internet, the methods of promotion are varied and though some can be expensive, can be started with budget on a string. One way to promote this is to build a blog type website and review the product, buy Facebook Ads or Adwords advertising or make quick Youtube videos to get the ball rolling.
Almost every big retailer or manufacturer have an Affiliate program.
All you have to do is sign up as an affiliate, provide your information and tax ID, either a SSN or an EIN, and how you want to get paid (mostly through a Paypal account). Then you do your own promotional strategies on how to promote that product. You can either use Facebook Ads, Adsense, blogs, Email marketing, etc. to promote the product.
When a customer clicks on your affiliate link to check out the product and make a purchase, this sale is credited to you and you get paid a commission. You can have as many affiliate accounts with many different companies as you can handle.
SFM: The Six-Figure Mentors High Ticket Commisions Affiliate Program
The potential of earning anywhere from $20, $200, $1K and even over $10K per product sale depending on the type of product sold.
There are not many companies out there who offer the potential of High Ticket Commissions paid to affiliates. SFM offers this program and they made it so easy to get started.You can get started with a Free membership and learn the basics of how online digital marketing works.
You can also use these tools to promote your own product if you are already an experienced online entrepreneur. Knowledge is power. Knowing these skills that you can use for whatever venture or endeavor you might pursue is very valuable.
Very helpful digital tools and training are also provided in very simplified steps that even for someone like me with no experience and digital skills, will be able to learn how to get started.
Please check out this link below:
THE BOTTOM LINE
Internet marketers have made an absolute killing using passive income streams. Look up names like Set Godin, Yaro Starak, Pat Flynn and more if you want to read some success stories. Remember, each one of them started with no experience and no product. The reality is, passive income can change your life.
Just imagine how you would spend your days if you didn't have a JOB stealing all your time? With passive income, you literally could run your business in a few minutes a day from your laptop on the beach, a dream resort, or simply the privacy of your own private retreat where there is no time punching, and no running off to someone else's beck and call.
There are more information and valuable resources readily available on possible ways to make passive income. The above are only examples and some of them, and some of what I have dabbled with. I just wanted to be what might be the first nudge of awareness for what and how you can be, if you take that first step.
America is the land of opportunity. Any country is a land of opportunity if you take time to look around and look for the possibilities.
The best always.
Would love to hear and thoughts and experiences for future reference on my blogs.