Passive income is exactly that. It's passive . It requires very little effort or attention but produces revenue on an ongoing basis.
Being in the internet marketing business, I have seen a lot of people pass off direct sales and affiliate marketing as a “passive” and while it could be to a certain degree, it is not really passive.
Think about it, in a traditional network marketing or direct sales company, you have the capability of building a team, leveraging the efforts of the team and your customers to create an ongoing residual income … but is that really Passive. It's an amazing model but requires a lot of time and effort initially to build and consistent effort to keep that residual income going. For the most part, it can continue for a while but if you ignore your team and don't pay attention to what's going on in the company or the industry, it could slowly slip away.
Why is Passive Income So Important?
True passive income is the path of the wealthy and a vital part of true financial freedom.
Passive income is not linked to the amount of hours you work. It is independent of time and location. – Now, that doesn't simply mean that it allows you to sip margarita's on the beach while the cash rolls in (although there's nothing wrong with that!). What it does is free up your time, while producing revenue so that you can invest in other passive income endeavors. Now, that's true leverage.
Passive income may involve an initial monetary investment, or some effort on your part but results in a long term ongoing income based on those initial actions.
Passive income has saved many from financial catastrophe when they are no longer able to trade hours for dollars. It has helped many tide over difficult times.
Some examples of passive include:
Buying real estate that results in cash flow
Investing in stocks that yield dividends
Creating something that pays royalties
Creating a business or product where others sell for you and produce ongoing income for you.
…And the newest, and a personal favorite of mine, here that truly had me baffled for a while.
Having personally been in the Financial industry for years, this caught my eye and I just couldn't ignore it.
Not all of us have the money required to invest in real estate to create cash flow, nor have many created books, products, or become rock-stars to receive royalties from our creations.
But in today's changing economy, what if there were something that existed that involves a relatively small monetary investment, a few minutes of your time per week, to see an income stream coming back to you fairly quickly.
It does actually exist, and doesn’t require any huge risks or involve any special skills or knowledge.
Bottom line is, true financial freedom and peace of mind can be created in the form of Passive Income and is easier than you think.
To learn more about this, go here.
To your success and outrageous goals,