There are many more ways than the average person can think of when it comes to income ideas.
For starters, one of the easiest ways out there to develop an automated income is a network marketing business. Even though many people look down on the MLM business model (because it’s not easy), there’s no denying the fact that it’s a viable and sustainable way to earn a residual income.
What Is Passive Income?
The American Internal Revenue Service categorizes income into three broad types, active (earned) income, passive income, and portfolio income. It defines passive income as only coming from two sources: rental activity or “trade or business activities in which you do not materially participate.” Other financial and government institutions also recognize it as an income obtained as a result of capital growth or in relation to negative gearing. Passive income is usually taxable.
– Credit: Wikipedia
As you can see from the explanation above, a recurring income comes from somewhere that you do not necessarily even have to “materially participate”.
What’s that mean?
That means you earn an income stream while you could very likely be out partying on the beach, having fun with your spouse all day, or having fun with your kids – all while making money on autopilot?
Doesn’t that sound like an awesome lifestyle? These are just several ways to make passive revenue online.
Passive Income Streams – Gimme Some Ideas Man!
We already stated that a good stable network marketing company is an awesome source of passive income.
Now here’s a few more sources below:
Real Estate – Owning and renting out rental property is a good form of passive revenue source. It also falls in the category of being able to earn income without being materially involved.
Online Store – If you own some form of internet business, you could easily earn money on autopilot by simply driving traffic to your online store. Even selling on Ebay could provide you with multiple passive income opportunities
Stocks – In this instance what you’re looking for are not simply just any old stocks, but stocks that pay dividends. You’ll have to talk with a broker to determine what is the best stock option for you personally.
Free Reports – Now this isn’t just any old free report. This is going to be something that you put your time into. You want to give away tons of value in free report. Here’s what you’ll do. You’re going to write an eBook teaching someone how to do something.
The possibilities as to what you can write about are endless. But what you want to focus on is providing value. On the inside of the eBook you want to link back to different affiliate programs that you are a part of. Whenever people click and join from your link you’ll get paid.
Not only that, but if this free report is good, you should allow all users the right to share your eBook for free as a gift or incentive to build their email lists. Not only do they benefit, but so do you, because now your free report might go viral – awesome way to earn passive income for sure.
Starting an Income Generating Blog
This very article that you’re reading right now is a good example of a passive income article. What provides the opportunity to earn an automated income is the fact that the content on this article only needs to be written once.
In fact, I’m not sure what today is. But this actual article was written on 3/5/2013. I think it’s fair to say that you are probably not reading this on 3/5/2013, but this article is still hard at work.
While I’m probably driving around town, sleeping, on vacation, or with my family – this article is being found on the search engines like Google, Yahoo, and Bing – and people just like you are buying stuff.
Cool Stuff huh?
Final thoughts on Passive Income Ideas
This article has featured some pretty cool tips and tricks on how to develop an automated income source.
Because lets be honest… who wants to get paid minimum wage for activity labor when you could do something once and get paid for it over and over again?
Sort of like writing this article on passive income!