Would you like to learn how to earn a passive income? More particularly doing it online from the very comfort of your home? Maybe you are in a catch 22 situation and wonder if this is the right avenue to take.
Well I can help you with that. Taking a step into the unknown is especially uneasy and difficult at first. If however, you have spoken to someone who has already taken that path and can teach you the ropes, would it make it any easier?
Most defintely, it would be comforting and reassuring. So allow me to take to you through the process of what it involves to earn a passive income online.
What is Passive Income?
Before we go any further, let us first take a quick look at the two major types of income.
1.EARNED INCOME.
2.RESIDUAL OR PASSIVE INCOME
An example of an earned income, is A Job
Basically, this type of income comes from offering a service or activity and involves you to be directly involved in this activity in exchange for an agreed amount of revenue.
e.g. I am a pharmacist. Unfortunately, I do not own my own pharmacy. I work for a big retail chain. I offer my services in exchange for a salary. This is earned income.
Even, if I did own my pharmacy and was working everyday physically in the store from 9-5(well later, because pharmacy hours are sooooo long!!!), it would still be earned income.
The thing is that with this type of income, is that Money stops coming in once I stop working.So stop working, then you will stop earning.
AS SIMPLE AS THAT!!!
The other thing with this type of income is that you negotiate a set wage or salary for an 8-hour a day shift for a week, or month, depending on the contract.
The point here is that irrespective of how hard you work, or how successful the company you work for gets, you still only earn that same amount every month!!!!
There is only so many hours in a day, so there is only so much you can earn. Unless…….
You find a way of converting that earned income into passive income.
Ahhhh!!!!! Have I got your attention. Great ,read on….
Passive Income
Unlike earned income, where you work for your money, passive income is a different ball game.
This type of income is generated by having your money to work for you. The money keeps on rolling in irrespective of how hard you work or how many hours you put in once the groundwork is built.
Lets look at my profession to illustrate this point.
I decide to own a pharmacy, and instead of having to work directly with the customers I get other pharmacists to run the store, which I will pay them handsomely for.
In this way, I can oversee the operation of my business from a different viewpoint and if successful, can go on to operate more stores with the same model in place. I am effectively leveraging the efforts of others without me to be directly involved in the day to day operations.
So I am earning passively, without much effort and can earn more compared to having to work a regular day job.
So can you see the difference? Am I starting to make sense? Here is a quick summary
So, which way would prefer to earn your income? By working hard or by earning it passively?
So, how do I Earn Passive Income Online
More than an internet connection and a laptop, I think you need a “drive” or an “ambition”
Something within you that ticks and make you want to do this.
Why?
….because it is HARD WORK.
To get yourself to earn a decent passive income online will test you and your patience. I will tell you upfront that the road will be filled with challenges and it is not an overnight success, But once you built this, it will be yours and your families legacy.
The benefits of earning a online passive income are as follows
- You will earn residual income as long as you look after your investment,
- Start up at your own pace, do it in your own time,
- Cheap to start-up( this is a model I am using and will introduce it to you)
- No overheads
- No enormous capital
- Fun and Exciting!!
- Allows for Personal Growth
- Unlimited Earning potential,
- Lots and lots of Training, SUPPORT AND HELP all the way from start to finish and beyond!!!!
What this requires of you
- Your TIME!!!
- Your PATIENCE!!
- Don’t Give up!!
- Make mistakes and learn from them.
- Have a passion for what you doing!
Pathways to Earning a Passive Income Online
Okay, so now you made up your mind and you know that you got what it takes to earn passive income online. The next big question is, “Where do I Start?”
There are so many vehicles you can take to earn passive income and here are just some of these options,
- Selling an e-BOOK OR E-COURSES
- Creating an e-commerce site. Something like Amazon or ebay.
- Setting up of your own You Tube Channel and getting a portion from the AdSense profits.
- Look to purchase an existing online website or business that is profiting.
- Buying and selling of products on eBay and Amazon Marketplace.
- Start trading Forex or share trading
- Affiliate Marketing.
Sheww!!!Now that’s a lot of options. Which one is right for you? This would depend entirely on you and what makes you feel the most comfortable to do.
I have highlighted the last option for two reasons
- It’s the avenue that I take to primarily earn passive income online.
- It’s based on trusted and tried model and is working for millions of people online and an honest opportunity that I would like to share with you.
What is Affiliate Marketing all about?
Very simply put. It works like this.
Step 1: You create a blog or website around a niche subject that you are passionate or knowledgeable about. Then you talk about products or services that is related to your topic and promote them.
Step 2: When people visit your site, they get interested in buying the product or service. You direct them to an affiliate program such as Amazon that stocks the product.
Step 3: The customer buys the product, you get a commission from Amazon.
And Cha-Chingg!!! money is in your pocket.
Then rinse and repeat….the cycle continues……
So have I got you interested now in following a pathway on how to earn passive income online?
Still not sure? No problem.
In the next section, I have discussed more in detail, what affiliate marketing is and what the actual process entails and how to get started.
So lets head over there Right Now!
⇒What is Affiliate Marketing , lets learn more…⇐
Thank you so much for reading my article on learning about passive income. If there is something on your mind or you would like to share something please use the comments box below.
I would love to hear from you.
Thanks and Take Care
Roopesh
Hi Roopesh
I like the concept of passive income even though I know from experience that it is hard work. I think what makes it easier though is having someone guide you through the process. The steps you describe do sound very easy, but it is still reassuring to have a point of reference like this site where you can come back and check things out.
I have heard people ask why someone would buy from an affiliate marketing site rather than go directly to Amazon for example, and wondered what answer if any you give people? Personally I think affiliate sites have a lot more to offer than just displaying a product but wondered what you thought?
Hi Marie
Thank you so much for your comment.I agree with you that if someone who has already been there and can teach you the ropes, things would be slightly easier.It would certainly save a tremendous amount of time and allow one to focus on the task at hand.
I think it’s a personal choice when it comes to choosing to buy from Amazon directly or from an affiliate marketing site. I personally love to do through research on a product and if I find that affiliate sites are true, fair and sincere in their review, I do not hesitate at all to buy from them.
Recently, I have noticed that affiliate sites also offer other choices and as you mentioned more information. The quality and content from these sites are amazing to say the least.
Thanks and Take Care
Roopesh
Excellent post about ways to earn income. I feel like I have been learning so much about how to earn online. I had started to think the only ways to earn were taking surveys for 20 cents each and I just don’t have the time or patience for that. Building a website and a business is a lot of fun!
Hello Ilyssa
Yes, building a website is a lot of fun.It certainly does have its challenges, but then again anything new will be Intially.
What I think makes it more fun, it is to have a training platform that easily guides you.hrough the process, so in the end you learning, building a business and doing everything correctly.
See you around.
Roopesh
Roopesh,
I enjoyed reading this. I do think that term “passive income” can be a bit deceiving though. You did say in the article that it is hard work and I think we can all agree with that.
What do you think is the most important aspect to get past a lazy approach to getting to where you have a steady income coming in? Is it about how much time to put in, having the right tools, or just staying consistent? How can I best work toward such success?
Thanks
Hey Paul
Hope you doing okay?
I think what you mentioned, the consistency, the tools, the time are all essential ingredients, but I think there is something else that I feel is more important.
And that is the ‘drive’ or ‘passion’ from within that commits one to going forward in this direction.The reason I say, that this is important, is then one will understand the purpose or reason for which he is doing all this for.
Furthermore, it will allow him or her to wither any storm, that may come in the way of their progress and push through it and emerge a victor.
It is important to have a ‘desire’ or ‘dream’ and make it the central goal, despite all odds or challenges.
Hope this makes sense.
Thanks
Roopesh
Yes, as you said many people are now interested in working from home that could get rid of their 9 to 5 job. In order to earn a passive income it is a must that you must own a website and work hard in driving traffic to our site. Your article will definitely help a lot of people who want to earn a living by working online.
Absolutely, more than the action, it is a change of mind set to make the transition from regular job to building an online passive income.
The most affordable and effective “vehicle” to take would be by building a website, as you mentioned.
All people need then is a great training platform with lots of help and tools to get them there.
It good to hear from you.
All the best
Roopesh.
Hi Roopesh,
A great article and I was hoping at the end that you were going to divulge some secret when you said ” lets head over there Right Now!
⇒What is Affiliate Marketing , lets learn more…⇔
I was a little disappointed but I’m looking forward to the next article where hopefully you will divulge your secret.
Hi There
Sorry to disappoint you, but I must tell you something there is no secret. Affiliate Marketing is truly an awesome way to make a really good living in the internet world.
As you have read, there are so many benefits to this business. The only real secret is that you have to work a little hard and persevere. Then the rewards will be there for taking like you have never imagined.
Thanks and hope to see you around again
Cheers
Roopesh
Thanks for your site. I appreciate that you clarified that “passive income” does not mean “no effort” or easy work. And I also appreciate that you said that it takes plenty of patience. Some teachers, eager to sell their courses, make people think that you just set up one day, and then the next day and for the rest of their lives watch gobs of money fall in. I would recommend, though, that you mention any income that you have made on your business. People will believe that it will work for them if you can tell them how it has worked for you.
Hi Mark
Thanks for that recommendation, I will make a note and mention it in an upcoming post.
As for “fly by nights” they are everywhere, trying to lure people in their schemes. An honest online business will certainly take a longer time and require considerable effort but it is worth it at the end of the day.
Wish you everything of the best.
Take Care
Roopesh
Hi Roopesh
This excellent breakdown on how to earn a passive online income. I know from experience that getting a steady flow of passive income can be hard work in the beginning, but what work you do today will pay off big in the future.
I like the fact that you mentioned several different paths a person can take in making money online. It is nice to know that there are many options available. I no longer feel like I have to be stuck in a crummy job that is not satisfying.
Thanks for sharing!
~ Adam
HI Adam
That is exactly! my point. With these options, one can spread their wings and escape their normal 9-5.
As you said, its just a matter of putting in some hard work and time. At the end of it, it will be worth all the efforts and the rewards will start to show.
Thanks for stopping by
Roopesh
Hi Roopesh,
Great site and very clear to read and understand, its is also exciting to read as you eagerly want to know more and more.
I am also a fellow wealthy affiliate member and find it truly amazing, Your site represents WA very well and is a amazing find to those looking to work from home.
keep up the good work
-x-
Hello Emma
I am glad that you are pleased with the site. Its awesome to know that you too are a Wealthy Affiliate member. You are right it is truly an amazing community and training platform.
Hope to bump into you in the near future.
Regards
Roopesh
Creating residual and passive income streams is what I live for and what my goals always are. The reason many people won’t pursue a passive income is because you have to put in a lot of work (usually for nothing) in the beginning. Plus, people like to “play it safe” with a job knowing they will get paid their wage each week. It takes some courage to go after passive income streams, but the payoff is worth it.
Hi Darren
I wish you lots of success on your path towards the achievement of passive income. As you said, it does take a little bit of different thinking and requires more hard work, but at the end of the day, its rewards are amazing!
Thanks for stopping by and take care
Roopesh