Before we go any further, let’s talk about the difference between active income and passive income. This distinction will be paramount to your ability to produce serious capital on the web.
So what is passive income?
Passive income, if you don’t already know, is income that’s earned automatically. It doesn’t require much maintenance once that income stream has been created. However, it does require an enormous amount of effort at the outset to establish that stream of income.
Active income requires your time and you can only produce as much money as your time allows. For example, a doctor or a lawyer who charge high per-hour or per-consultation fees and make exorbitant amounts of cash are stifled by the amount of time they have in a day.
We all have the same 24 hours. Not one person on this earth gets more time than the next. It’s the greatest equalizer in life. When the time you work directly correlates to your income, it’s called active income.
Still, much of the world is engaged in active-income work. They work so that they can earn. When they don’t work, they don’t earn. Yet, there’s almost zero chance that you’ll get rich or make any significant amount of money when you’re solely reliant on active income.
Now, don’t get me wrong. It’s possible.
People do it by slowly saving and investing over the course of 30 or 40 years, but we’re not talking about that here.
If you seriously want to make money online, you need passive income. You need your income to come automatically so that you can use the precious little time you have to produce more streams of income that will pay you on autopilot. That’s the holy grail of income-producing activities.
Over time, however, nothing beats passive income. No matter what sacrifices you have to make, if you focus on passive income, your future money-making self will thank you for it.
So, what are some examples of passive income?
- selling digital products (such as online courses)
- affiliate marketing
- developing apps
- starting membership sites, etc
Anyone interested in making money online should be pursuing passive income, while also working on active income. There are loads of ways to generate an income passively on the internet, many of which start at the foundation of having a blog, generating substantial traffic and building an audience and a list. Is it easy? Nope. Is it worth it? It sure is. But that doesn't mean you need to start a blog to make money online today.
You could opt for a non-blog-starting route. Sure. But if you're looking for longevity in your income-producing abilities on the internet, then a blog and/or a website should be your primary aim.
And that's what my complete free training will teach you when you sign up.
No matter what method you choose to make money online, understand that you might be able to make some money fast, but for the sizable returns, you'll need significant sweat equity.
However, a year from now, you'll be happy you started today. Remember, time is far more valuable than money.
Now, you have learned what passive income is.
Focus on creating passive income streams that will free up your time so that you can quit the rat race and focus on the things that matter. That's the important thing here.
Most people write this part in the third person but I won't. You're at the right place if you want to start or grow your online business. When I'm not busy scaling up my own or other people' businesses, you'll find me trying out new things and discovering new places. Connect with me on Facebook, just let me know how I can help.
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