So, what is passive income? If you have looked for ways to make money online, you have probably heard the term bandied about the internet. But what is it? And why it is the Holy Grail for internet workers?
If you are looking for ways to make money online, it could be for several reasons.
- You are not earning enough at your current job.
- You have lost your job and you need to replace the income.
- You do not like your current job and want something else.
- You want to be independent. You like what you do, but you want to do it for yourself.
The internet provides most people with a way to turn their interests into an income. You can look for some way to turn your interests into a money making proposition.
Passive income refers to income that comes whether you are working or not. The concept is not new. But in the past, most of the ways of generating passive income required you to have money in the first place.
If you have a savings account, you are earning passive income. You have put the money in the account, and they are going to pay you interest without you doing anything. If you have a retirement account, that is passive income at work. Once you are retired, you will not need to work to keep the income coming in. However, we do not want to wait for retirement to be able to take advantage of the power of passive income.
Passive income on the internet refers to the same concept. You do some kind of work that continues to generate you income after you stop working. Most internet passive income still needs some work after. The benefit though, is that you do not need to work 40 hours a week, every week. You can work on your own schedule, when you are in the mood.
For instance, if you were to start a blog, you would probably work hard to start it up, and generate posts and publicity. But, after it is going, you can easily take a week off, and do nothing, and it will still earn while you are doing nothing.
Ways to generate passive income include:
- Writing a blog – You could generate income from your blog in several ways
- Writing an e-book, or some kind of information product
- Write software to sell
- Write a phone app
- Contribute to article sites – you can generate income from your articles in several ways also
So, what do I mean that you will not be able to earn forever? It is probably obvious, but let me explain. You write the perfect phone app and sell it. It will earn for you. But the income will probably peak at some point. Someone will copy it and add better features, or the phones will out develop the app and the app will not work anymore. You will not need to work every day on your app, but it will need more work at some point to continue to keep it relevant.
This article on Infobarrel is one of my my ways of generating my passive income. By posting these articles on Infobarrel, I can earn up 75-90 percent of the income generated from Google Adsense, Chitika Ads, Amazon, and any other affiliate links that I can work into my articles. This is not as good as the 100 percent I would earn by having my own blog, but by writing here, I can take advantage of the authority that Infobarrel has with Google.
Most internet passive income workers try several different ways to generate income. As stated above, each income stream may decrease over time, even with work, so it is best to have several different projects going. It is also unknown how much each project will earn, so by using different income streams, you hope that at least one will be a massive earner.
Hopefully, I have explained and answered the question, “What is Passive income?” and you are ready to get started on your internet passive income. Start by signing up with Infobarrel. There are lots of articles on this site, and a great forum where you can go for help.
After a few months of working here, you will be having your friends asking you the question, “What is Passive Income?”