In this article, I will be sharing the secret formula of making money while you are sleeping, wondered how?
Yes it is possible and complete step by step guide is sharing here for achieving success in a reasonable amount of time!
What is Passive Income?
It is mainly income that requires little time , efforts and minimal labor to earn and maintain, It increases your personal finance and confidence, and can reduce stress and anxiety.
Let’s break that down a bit more:
Passive — requiring little or none of your most precious resource, your time!
Income — generating cash inflow to you that either represents income you use in tf daily life or that you re-invest.
Building multiple streams of passive income has an additional benefit in the short term: it can make you more resilient, and better able to weather economic shocks.
Several passive income-generating ideas need a lot of work, to begin with, like developing a blog or leasing property. Still, eventually, they earn money even when the owner is asleep. Many passive income ideas are mutual funds, selling product online, affiliate marketing. providing online courses, rental income etc.
How to start building passive income?
To find the best ways to earn passive income, you need to know your clear goals and plans, and you need to prepare your short term sacrifices to earn long term aims,
1-Assess your skills
Assessing your skills is not what you are not good at, But it is about the things you are good at,
Analyze what do you want to do in life , means what’s your interest , make a list , think thoroughly about your interests and choose wisely for earning money, It can make you lively because your interest will create more enthusiasm towards your work.
2- Be realistic about your time, money, effort, and other commitments
Making passive income requires time and a lot of efforts in beginning, If you have other commitments, Job, responsibilities , family and kids, and you cannot spend time in establishing other profitable business, So you need to hire someone to do this work for you.
3-Consider your dreams
Steve Jobs once said, “Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.” It’s essential to consider his message when picking any job, side hustle, or passive income idea.
Look for an idea which inspires you and you enjoy working with it, because if you enjoy your work, chances are higher of your success.
Most passive income ideas require an initial investment of time, money or other resources. They also require a degree of monitoring or regular maintenance to keep things on track, but they won’t require you to commit tens of hours a week or make small talk at the water cooler.
How to get Passive Income?
Introducing the formula on how to make passive income: EGC+MON+SEO=99%PI. Don’t be afraid, I’m not going to take you in a math class. The preceding terms are really super simple and are the key on how to make passive income. Keep reading to find out what does mean each term, as I explain them step by step!
Ever Green Content (EGC)!
Ever Green Content is content which is always useful, in the past, in present and will be useful in the future forever , Example of EGC is , “Guide about how to loose weight”, “What to eat to keep your heart healthy”,
Evergreen content is thought to be long-lasting and sustainable. Lowers website bounce rate. Informative, relevant, and eternal content keeps users on your website longer.
MON to win!
MON is the second element of secret formula, stands for Monetization which created money of your content. You can write articles , blogs, making website, informative content on social accounts can lead to monetize your content and a useful tip, you can create a tool website for fast monetization.
Final Chapter SEO!
SEO is the final step in completing the formula on how to get passive income. It stands for Search Engine Optimization. SEO business isn’t a fast path to online riches, but it can be an incredible way to make money online. You can get help of my article “What Is SEO and Why It Is Important?”.
What is Passive Income?
It is mainly income that requires little time , efforts and minimal labor to earn and maintain, It increases your personal finance and confidence, and can reduce stress and anxiety.
Let’s break that down a bit more:
Passive — requiring little or none of your most precious resource, your time!
Income — generating cash inflow to you that either represents income you use in tf daily life or that you re-invest.
Building multiple streams of passive income has an additional benefit in the short term: it can make you more resilient, and better able to weather economic shocks.
Several passive income-generating ideas need a lot of work, to begin with, like developing a blog or leasing property. Still, eventually, they earn money even when the owner is asleep. Many passive income ideas are mutual funds, selling product online, affiliate marketing. providing online courses, rental income etc.
Passive income might not..
- Your job. Generally, passive income is not income that comes from something you’ve been materially involved in such as the wages you earn from a job.
- A second job. Getting a second job isn’t going to qualify as a passive income stream because you’ll still need to show up and do the work to get paid. Passive income is about creating a consistent stream of income without you having to do a lot of work to get it.
- Non-income producing assets. Investing can be a great way to generate passive income, but only if the assets you own pay dividends or interest. Non-dividend paying stocks or assets like cryptocurrencies may be exciting, but they won’t earn you passive income.
Ideas for generating passive income:
- Start a drop shipping store
- Create a print-on-demand store
- Sell digital products
- Teach online courses
- Become a blogger
- Sell handmade goods
- Run an affiliate marketing business
- Sell stock photos online
- Become an Instagram influencer
- Buy a rental property
- Invest in the stock market
- Rent out your spare room
- Rent out your car
- Lend money to peers
- Earn while shopping online
- Buy and sell websites
- Start a YouTube channel
- Invest in REITs
- Stake cryptocurrencies
- Sell designs online
- Invest in businesses
- Rent out unused space
- Write a digital guide
- Earn royalties through inventions
- Record audiobooks
- Invest in vending machines
- Build and sell spreadsheets
Most passive income ideas require an initial investment of time, money or other resources. They also require a degree of monitoring or regular maintenance to keep things on track, but they won’t require you to commit tens of hours a week or make small talk at the water cooler.
What you have chosen to make income while you sleep,
Hope this content help you in your side business to get financial freedom,
Comment below your choice!
