Let’s discuss the overarching process of making passive income and how you can basically do this with any income + what is the catch!? Passive income means sitting on a beach doing tequila shots and still getting paid, if you so choose, so why isn’t everyone doing it?
SUGGESTED READING:
4 hour work week:
usa link: https://amzn.to/36lhrmB
uk link: https://amzn.to/2ANcnvj
There are 4 main reasons why most don’t pursue passive income:
1) They haven’t heard about it
2) They don’t understand the process behind making it
3) They don’t want to do the upfront hard work
4) Fear of failure or making mistakes
But, overcome all of these and there is no reason why you CAN’T sit on a beach all day and do tequila shots if you so choose.
There are 3 main ways to get passive income:
– Affiliate marketing (sending traffic to a product and getting a commission when it’s purchased)
– Investing (through interest/ dividends/ cut of the profits- unless you have a lot of money upfront to put in to the stock market to make decent passive income that way I suggest finding private small businesses to invest in during start up for maximum profit and income)
– Selling a product or service
To sell a product or service to produce passive income not basically goes like this:
1) Find a demand for a product or service through market research
2) Find a way to produce the product or service or have access to selling one that already exists
3) Link the consumer with the product or service (typically through advertising)
4) Create an automated system to distribute the product or service to the consumer
In future videos we’ll going to go way more in depth in actual examples and business models so we can all start creating these passive income streams!
Source