So, does passive income exist?
The truth… No, at least not in the way you might think.
I’m going to now:
- Better define passive income
- Explain why passive income is not real
- How to build leveraged income by automating your online business
Are you ready? Let’s get started.
Does Passive Income Exist? [Is It Real?]
If you’re looking for passive income that requires absolutely zero effort to maintain, then you will 100% never find it. The truth is that passive income is not real when taken from that perspective. Instead, you need to focus on leveraged income that produces passive income with only a little effort to upkeep.
What Is Passive Income?
Passive income is money that can be generated with minimal effort to maintain.
Earning passive income requires an initial investment that many times is much greater than a regular job.
The reward on the other side when the work is done is a passive income stream that brings you in money while you’re sleeping.
Difference Between Passive Income And Leveraged Income That Becomes Passive
Leveraged income is the type of income that’s very achievable when building an online business.
Leveraged income can be thought of as money that is earned through hard work upfront with a small amount of daily to weekly upkeep over time. The amount of money gained is proportional to the work you put in upfront.
In a regular job, you essentially have very little leverage with your income to be able to grow it further.
With a business, it’s up to you to solve problems and leverage your time and money to generate income.
Over time, you can start to automate certain aspects of your business and invest in dividends or run ads on your website.
In many ways, this is the type of income that can be thought of as passive income.
Dividends are just one example of something that hardly requires any effort to maintain and can be thought of as passive income.
Just remember, the more effort you do put into building an online business, the more you’ll benefit from it and earn more money to invest.
Now, let’s take a look at how to further automate your online business to start generating passive income.
How To Automate Your Online Business
One of the best ways to automate your business is by utilizing software.
In particular, Zapier is an amazing software that allows you to automate tasks on autopilot that you would otherwise have to do manually on a consistent basis.
Another thing you can do is hire a VA to do certain tasks in your business that aren’t income producing tasks. These tasks could be things such as creating Youtube thumbnails or outsourcing content creation.
By automating your business, you’ll essentially be reducing the upkeep required to maintain it on a regular basis and be that much closer to generating passive income.
Frequently Asked Questions About Passive Income
In order to make $1,000 per month in passive income or more, you’ll need to work extremely hard to start generating cash flow. I recommend setting up a website, creating helpful content, and then monetizing that website with display ads and affiliate marketing. From there, you can start to invest in dividend stocks to earn money passively.
Passive income that requires no effort to maintain is not real. You can’t expect to build a business and earn passive income on autopilot after not working on your business for 10 years straight. Every business requires some level of maintenance over time to either maintain or hopefully grow the level of income.
With no money, you need to first trade your time for money with a job. Once you’ve got around $100, use that to register a domain and get hosting to start blogging. You can then create content and slowly over time attract visitors, clicks, and sales.
People live off passive income typically using the dividends they’re earning from stocks. If you have a large enough portfolio, this can be several thousand dollars per month.
Final Thoughts On Earning Passive Income
Earning passive income might seem like a complete faraway dream if you’re just getting started building an online business or with investing in the stock market.
Like anything in life, you need to work for it. Even when you’re starting to generate money in your sleep with an online business you built, it still will require at least a small level of maintenance every week.
Just keep putting in the extra effort and soon you will have built a thriving online business that you can not only be proud of but also generate a little bit of passive income goodness. 😉😀
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I hope you enjoyed this post. This post may contain affiliate links, meaning I get a commission if you decide to purchase through my links at no additional cost to you.