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Building A Passive Income Portfolio

By Edited Nov 13, 2013 1 2

Huge volume

Passive income is one of the most searched for topics on Google and search engines in general all over the world. Everyone wants to know how they can make some extra money on the side without putting in any effort. The misconception of this idea usually is that there is no free lunch; you can't just make money for doing nothing. Thankfully if you put in a lot of hard work you will see the fruits of your labor pay off in the long run. Again people get the idea that if they put in a lot of hard work they'll be making the big bucks in no time. This is an unfortunate way of thinking because passive income is like investing in stocks, where you have to give it time to give you significant gains.

Do your research first

The first key in making it online with passive income is finding legitimate sources. Scams abound greatly to prey upon unsuspecting victims that stumble upon their sites of how to get rich quick and how moms make $8000 a month working part time. These sites should be dead giveaways to pyramid schemes and scams, yet the FBI reports these theft crimes are so frequent that laws are being developed to protect people from these schemes. How they plan on doing that is beyond me, but you can take an active approach into your passive income future by doing your research. I personally love to write so places like Infobarrel and Bubblews are a no brainer for me, but other people have different interests and personalities that they thrive in. Do your research first and find legitimate sources of passive income.

Hit the ground running

When you have found one or two sources of passive income then the next step is to "hit the ground running" in a sense. Get involved quickly and start doing what you need to do to make money. Again going back to the stock market example, when you inves

Income
t in stocks you need to wait and be patient so the yields and returns on your investments pay off. You are going to have to put in the leg work early so your income rises steadily. Many websites are legitimate but pay hardly anything because content or work is king to making it. Don't expect to come to a writing website and writing two pieces of content and making passive income each month, because it simply won't happen. Put in a lot of hard work early on and then you will see your initial hard work pay off in passive income for months and years to come.

Build your portfolio

Once you get established with a source of passive income, play upon that success and branch out. Once again jumping back to the stock market example, it would be utter foolishness to put all of your money into one stock even if it looks great. The reason is because if the company goes out of business or the stock crashes you've just lost all of your money. Take this approach now to making passive income online; don't put all your eggs in one basket. Branch out into other areas and find other sources that are similar in na

More money
ture to where you are making your passive income and this will do two great things. The first will be you will find another source of passive income, taking the approach of compound interest in the bank where the more you expand the greater the return. The other benefit is if your first source crashes or disappears for some reason you aren't out of luck because you have multiple sources in your portfolio for making money online.

Enjoy what you do

Playing upon this earlier touched on topic, enjoy what you do. If you are out to make passive income online and only want to do it for the money you will quickly experience burnout because the passion isn't there. You can't possibly put in the initial leg work and effort if you feel like you are making no money and lose your motivation. My best advice is have the attitude that you could do this even if you weren't being paid and that is the key first step in realizing your online passive income goals. Answer questions because you love to help others, write articles because writing is your passion, create a blog because you love to tell the world your stories. This will cause you to reach your goals in making a passive online income stream that you desire without ever feeling like you are working. I've been enjoying my time writing here and at other places because I love to write, not because I need to make money. I write in my spare time, now I've just found a way to translate that love for writing into a form of income I can bring home.

It's all in what you make of it

Having the right mindset and branching out so you diversify is the two key points that will lead you in your money making goals. Love what you do and find a way to turn that into money, and branch out so all of your eggs aren't in one basket and you will success in no time. The up front costs in the form of time, energy, and effort will pay off if you stick with it and not look at the results. Of course when you first start something in life it doesn't seem to pay off immediately. Going to the gym doesn't immediately make you ripped, just like starting to make money online doesn't immediately yield results. I would recommend that for the first month or two you completely disregard any earnings statements and just focus on building content, connections, skills, and authority in your streams and trust in your ability to succeed to what you put your hand to. Nobody is destined to fail, everyone can succeed with enough effort and time, so building your passive income online will happen if you work diligently at it.

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Comments

Apr 26, 2013 7:27pm
Zuke258
This article is almost like you interviewed me and the thoughts that run through my head. If I write an article about this topic, Admin, would deny it because it would sound too similar to this. Thank you for writing it.
Apr 26, 2013 8:19pm
aronnax
Thanks Zuke! Appreciate the comment
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