You might have heard the term “passive income streams” bouncing around the Internet lately as many people are starting to look for alternative ways to make money. With the economy virtually stalled as it continues its slow climb back from the recession a few years back and job security never quite as secure as we’d like it to be, many people are turning to passive income streams to supplement their income.
Earning Money with Passive Income Streams
Passive income streams are essentially avenues of revenue that are continuous after only doing work one time. Unlike active income, where you actively work for your money (i.e. earn a paycheck for each hour you work), passive income streams only require you to set them up initially, and then possibly maintain and update them as needed. The revenue that passive income streams generate don’t require active watching or activity on your part.
This means that you are free to do other things while you earn money from your passive income streams. For some, this simply means that you’ll be earning a little extra money while you work your day job. Passive income streams are a great way to supplement your income, especially with the costs of living going up, gas on the rise and the constant worry of medical bills and health insurance on the horizon. If you’re looking for a little spending money or a way to save up for your nest egg, passive income can provide you a great way to earn.
For others, passive income streams are a way of life, being their primary or even sole form of income generator. For these types of people, multiple streams are necessary and they often wind up doing extra work in the beginning and even more upkeep than those only doing it part time. Of course, this is to be expected since this is their main source of income, but no matter how much time you put into the project, the bottom line is that you can make a living off of passive income streams if you know what you’re doing.
In fact, many passive incomers have made it rich and have now set up networks to help other people follow in their footsteps. And while this isn’t the norm, you certainly can follow right in their footsteps and have a fortune of your own, without even working for it. Such is the beauty of the Internet—the only hard part is learning how to set your streams up in the best way possible so that they earn you a fortune. And that part is very hard.
What Kind of Passive Income Streams Make the Most Money?
Then again, most people are grounded enough to know that you have to learn to crawl before you learn to run. And that’s where learning the ground rules and ropes of passive income comes into play. Before you can satisfy your pipe dream urges, try dabbling in some of the smaller passive income streams to get a feel for how the industry works. Then, when you start making money, expand out and reinvest in better streams to keep your mini-passive empire growing.
Eventually, you’ll have a full-time business where you’re only working part-time. Actually, you might only put in a few hours a week or every two weeks. When you really get your passive income generators running smoothly, you might only have to check in on them monthly when you transfer funds to your bank account. Either way, here are some of the historically strongest performing passive income streams. Try starting off with one or two of the following:
- Writing or Selling an eBook. You can either write your own eBook based on a subject that you have a lot of knowledge about or you can outsource it and then sell it as your own. Either way, the goal is to set up a website that promotes you eBook, allowing potential leads to find it (affiliate networks will also come in handy here, read below). Then, the content on the site should be enough to pull the lead into the sales funnel until they eventually purchase and download the eBook. You can also use this website to gather email lists to sell to marketers if you’d like, another passive income stream.
- Investing in Stocks or Dividends. Picking stocks which have a high potential to produce capital gains is the key here because dividends pay you a cut of the company earnings every quarter. This means that you can have income coming in at a steady pace thanks to the dividend payment, and will get your initial investment back at the end of the dividend period. Think of it as a loan that accrues interest which pays out quarterly.
- Becoming an Affiliate Partner. Like we mentioned above with the eBook, affiliate networking is a great way for sellers and marketers to connect and all make money together. In the case of the eBook site, if you were selling the eBook, you’d want affiliate partners to help you promote your site. For every lead they sent over to your site that results in a conversion, you’d pay them a commission for the sale. On the other hand, if you’re simply interested in getting traffic to other people’s websites, you can become an affiliate partner for multiple sites, setting up websites, articles, blogs, landing pages, etc. Whatever you want to do to promote that product, you can do. You’ll be given your own identifying link to place in the content, which is how the seller will know to whom the commission goes for your traffic.
Finding More Passive Income Ideas that are Guaranteed to Earn Money
Of course there are many, many other passive income streams that you can make money off of; this isn’t even scratching the surface. For more ideas on how you can earn easy money with passive income streams, click here right now.