How To Earn A Passive Income. Bradley Sugars in his book Billionaire in training said a passive income is a money working hard for you while you are playing golf.
The conventional way to earn a passive income is when one becomes a pensioner. Waiting for more than 30 years( if you start working in your 20’s) before earning a passive income is really not a good strategy, especially when the world economy is becoming uncertain.
The good news is the fact that unlike conventional wisdom, it is realistic for you to generate passive income in less than 18 months if you simply apply whatever I will be teaching you in this article.
Invest in yourself
Before showing you the fastest ways to generate passive income, I would like to first introduce you to someone who is undoubtedly one of the most powerful living human beings, and the person is You.
You are surely wondering what makes you such a powerful person while you are loaded with debts, probably broke, and unhappy. You are such a powerful person because you can change your conditions in life, you can become whatever you want to.
Your current reality stems from your attitude. Being unhappy, or broke simply means to be ignorant about the potential lying within you. The reason why I am talking about attitude while you are interested in learning how to earn a passive income is that there are two ways to earn money, you either chase it or attract it, and most people chase money, that is why they don’t always have enough. Those who invest in themselves are the ones who attract it in abundance.
What I mean is that those who earn a lot of money work hard on themselves more than they do on their job. They spend much of their time working on their attitude more than they do on their aptitude.
Warren Buffet who is the greatest investor who ever lived, and one of the richest people in the world, for instance, spend 6 hours a day reading, Bill Gates the founder of Microsoft reads one book every week.
Nowadays it doesn’t take a decade to become outdated but a few months. You’ve got to learn new ways of doing things, you’ve got to change your attitude about life, about people, especially about money before becoming a passive income earner, and I have written a nice article on how to change your attitude.
The fastest way to become a passive income earner
As I have already said waiting for a pension before becoming a passive income earner is not the right strategy at all. Due to my own experience and what business tycoons such as Robert Kiyosaki, Bradley Sugars, and others recommend, starting a business is the fastest way to earn a passive income.
Depending on the kind of business you want to start, earning a passive income can be done in less than 10 years.
Types of business you can start in order to earn a passive income
We live in a world full of unprecedented opportunities that can turn an ordinary person into a millionaire in a blink of an eye. Businesses come in different forms and sizes, but in this article, I have personally selected the ones I believe to be highly scalable ( able to greatly increase in capacity, with relative ease ).
- Start one from scratch
- Start a blogging business
Start a business from scratch
Starting a business from scratch is probably the most difficult way to earn a passive income, especially if your initial investment doesn’t allow you to comply with the requirements.
What I mean is, building a business from scratch takes time and money. Having a good idea is not enough, it is simply the tip of the iceberg. Robert Kiyosaki in his book Cashflow quadrants said it well in what he calls the B-I triangle
The B-I Triangle is a detailed plan showing what makes a company successful, as you can see the idea or the product comes last on the ladder.
Bringing all the sections together as I have already said, takes time, and money. I personally don’t recommend starting a business from scratch to anyone lacking business experience, and money.
The ultimate goal is to obviously earn a passive income as soon as possible. If you lack business experience and money I personally recommend the following as a way to earn a passive income.
Start a blogging business
I personally believe that we are all potential successful bloggers. We all do blogging on a constant basis, we share opinions, and discuss various topics, but most of us simply ignore the potential behind this form of interaction.
My question to you is the following: do you know that it is realistic to earn more than $10k every month telling people what you know?
The internet came along with opportunities that I believe to be unprecedented, and one of the journals the blogging business.
What is a blog
A blog is a website that allows users to reflect, share opinions, and discuss various topics in the form of an online journal, sometimes letting readers comment on their posts.
As I have already said, we are all potential successful bloggers, because we all have something to say, opinions to share, and so on.
How long does it take to earn a passive income as a blogger?
Frankly speaking, there is not a specific time frame when one can start earning a passive income as a blogger, but most bloggers make it between 6-12 months.
And the amount depends on many factors such as a niche market, the competition, and so on, but it is realistic to start earning $500 on a monthly basis right after 6 months and $1000 after 12 months, in 3 years it is realistic to earn more than $8000 as a passive income.
How to earn money as a blogger
There are many ways to earn a passive income as a blogger, but most bloggers use the following methods to monetize their websites:
- Email marketing
- Affiliate marketing
Earn a passive income through advertisement
As a blogger, you have the opportunity to monetize your website by displaying ads on it. The more visitors you get to your website, the more money you will make as a result, and one of the secrets to getting more visitors to your site is to have a lot of content on it. The equation goes like this.
More contents > more visitors > more money.
By simply sharing your opinion via a website will eventually earn you a passive income within a few months.
Earning a passive income through email marketing
As your business matures, as your audience grows as well, you will eventually expand your sources of income, instead of earning money through ads alone, you will consider expanding your income through Email marketing.
Email marketing, this is where the pot of gold can be found. What I mean is, earning more than $10k can be done within a day depending on your email list. Bloggers with more than 100,000 email lists can really make a fortune with email marketing, and most of them do.
For newbie bloggers, however, earning a passive income through email marketing will likely take a while, but as soon as one has thousands of email subscribers, it is easy to monetize that audience.
Earn a passive income through affiliate marketing
According to statistics, the number of people buying products, and paying for services online is constantly increasing. In the United States Of America for instance, it has been reported that more than half of the population regularly buy products and pay for services online.
As a blogger, this could also be an opportunity to take advantage of in order to expand your sources of passive income.
Affiliate marketing is a marketing arrangement by which an online retailer pays a commission to an external website or blogger for traffic or sales generated from its referrals.
There are thousands of online retailers searching for bloggers to partner with in order to get more prospects for their products and services, and one of them is Clickbank.
As a blogger, you can sign up with different online retailers and promote products or services related to your niche market, and needless to say, it works so perfectly, let me prove it to you.
As I have already said the number of people buying online is increasing constantly, but it has been reported that most people buy online after being convinced to do so.
What I mean is when someone wants to buy a product online, that person will surely not go to a blog site, that person will eventually go to Amazon.com and other known online retailers.
The reason why people go to various blog sites is for INFORMATION, nothing else but information. People search for information related to their finances, cars, dogs, and so on.
Blogs are the best places where they will surely come across a solution to their problems, and when they are satisfied with the information provided by the blogger they are likely to buy any products promoted on the site in order to satisfy their curiosity.
This is how bloggers make money through affiliate marketing.
Starting a blogging business is, in my opinion, the way to start earning a passive income in a short time, and the potential to become a 6 figure earner is obviously huge, and it can be done in less than 7 years if you diversify your blogging business across many niches market.