You can uses tools such as Wordpress for your website platform. MailChimp to collect email addresses. Clickfunnels to create funnels and landing pages that are completely automated. Stripe to process payments. These are just a few tools I use but there are many more options for each part of your business. Find the ones that work for you and help you create systems. (Disclaimer: I was not paid to mention any of these companies).
I just wanted to say how nice it is to see such a positive exchange between strangers on the Internet. Seriously, not only was this article (list) motivating and well-drafted, the tiny little community of readers truly were a pleasant crescendo I found to be the cause of an inward smile. Thank you, everyone, and good luck to you all with your passive income efforts!! 🙂
A perfect example of the Active Problem Solving + Automation concept is in my online courses I’ve created over the years, or my free webinars I’ve created more recently Each of my online courses and webinars are targeted to help people with specific problems, whether that’s in the area of affiliate marketing, podcasting, building a brand, and so forth. I am always improving upon the courses, but they are also evergreen for my audience.
Now I’ve been using Swagbucks for a while and have found the money works out to just under $2 an hour so this isn’t something that’s going to make you rich. You’d have to work 2,500 hours to make $5,000 so that’s about three and a half months, non-stop. The thing with Swagbucks though is you can do it when you’re doing something else so I flip through surveys and other stuff while I’m cooking dinner or flipping channels.
In March 1953, the Indian Parliament passed the Air Corporations Act to streamline and nationalise the then existing privately owned eight domestic airlines into Indian Airlines for domestic services and the Tata group-owned Air India for international services. The International Airports Authority of India (IAAI) was constituted in 1972 while the National Airports Authority was constituted in 1986. The Bureau of Civil Aviation Security was established in 1987 following the crash of Air India Flight 182.
Some scholars have come to the conclusion that material progress and prosperity, as manifested in continuous income growth at both the individual and the national level, provide the indispensable foundation for sustaining any kind of morality. This argument was explicitly given by Adam Smith in his Theory of Moral Sentiments, and has more recently been developed by Harvard economist Benjamin Friedman in his book The Moral Consequences of Economic Growth.
Don't mistake passive income with zero work. It's still work, it's just that your income is not directly tied to the hours worked. Anyone who owns rental properties knows that it's considered passive income but there is quite a bit of work involved. The work is front heavy but if you are lucky, you can collect rental checks without incident for many months before having to do work.
I have only dabbled in drop-shipping before when I had an eCommerce platform 6 years ago or so. I think it is something that you could do on the side, but you would want to do in depth research on the industry you want to get into before setting up shop. It may be a little less passive up front, but over time you could take your hands off the wheel.
The key here is not worry about getting picked. Just do it for your enjoyment and satisfaction. Rewards will come to you. You only have to stick to the topic of the blog. Once you've achieved some decent number of followers, you can combine your posts into an ebook and sell it on amazon.com or smashwords.com. Advertise about the book on your blog and social media platforms, give out some special discounts to those who order from your blog and plan to gift a freebie to the first 100 buyers or so. Be creative with it. My first ebook got me 7,000 rupees and I had made it in just 1 day. Imagine if you put more effort into it, you could write a bestseller, dude!
The goal of creating multiple income streams should be to maximize your potential in each category available to you. If you are just starting out, it really isn’t reasonable to expect you to generate tons of rental income. However, if you start maximizing your income generating potential through your primary salary, you will find yourself having excess income that you can reinvest to generate additional income streams and earn more money.
Investing in rental properties is an effective way to earn passive income. But it often requires more work than people expect. If you don’t take the time to learn how to make it a profitable venture, you could lose your investment and then some, says John H. Graves, an Accredited Investment Fiduciary (AIF) in the Los Angeles area and author of “The 7% Solution: You Can Afford a Comfortable Retirement.”
This can be a little easier said than done, but if you have a large social media following, you can definitely earn money promoting a product or advertising for a company. You can even combine this with different marketing campaigns if you are an influencer and have your own blog (advertisement + affiliate income). This is how many bloggers make money! Again, it is not 100% passive but once set up correctly and then scaled, can be surprisingly lucrative.
In focusing on your wealth management goals, investment income is obviously critical but you might fund your goals from wider sources of income. A typical long-term portfolio might produce about half its return as income and the other half as capital growth, though in times of duress the capital growth component wanes. In this low-interest rate climate, some sources of income have become quite expensive and may prove disappointing against your spending needs. But by tax efficiently and sustainably drawing income from wider sources, you might meet your goals while more prudently balancing risk against reward.