Tuesday, February 17, 2009

How to Start Making Passive Income

Make Money While You Sleep
Start to make passive income the right way and quickly. Passive income can put extra money into your pocket and bank account while you sleep with little or no work from you.

What is Passive Income?
Many people are confused about what passive income is. Passive income is making money with little or no effort other than your initial effort and watching as your income grows while you sleep.

Passive Income vs. Traditional Employment Income
The main difference between passive income and traditional employment income is this: If you stop working, does your income stop? If it does, it’s not passive. On the other hand, if you have some income source that continues to make you money while you sleep, when you’re on vacation, or after you stop working, then that is passive income, and in my mind, it is the best kind of income.

More Passive Income = More Free Time
Passive income frees up your time so that you can spend it on the people and things that are the most meaningful in your life. The fastest way to reach your financial and life goals of establishing wealth is to focus on ways to increase your passive income and passive savings every month. The great thing about passive income and passive savings is that once you set up the initial system, it will continue to earn and save you money for as long as the system is in place. It becomes a long-term way to earn and save money and requires little or no more effort from you other than the initial work to set up the system. If done correctly, these ideas and savings can help provide financial stability for you and your family to live off of for the rest of your life.

Do You Have the Desire?
You must have the desire to begin earning passive income. If you have the desire to stop working for a boss or someone who tells you when you're coming and going. If you don't like to be told to work on Saturdays or nights while you miss your child's game or recital. If you just want to stop wasting your time in a cubicle and would like to spend your time doing things that really have purpose in your life, then making passive income could be a great solution for you. What's your purpose?

Double Your Chances of Success
You must do some initial research work upfront to find ways to make money passively. You should also look for ways to automatically save money at the same time. By looking for ways to save and make money, you will be doubling your chances of building wealth and financial security.

Forget Ready, Set... Ready, Set....Just Go For It!
Once you find an opportunity that seems promising, you need to jump at it and give it a shot. Use the "Fire, aim, ready" method instead of the "Ready, aim, fire" method. What I mean is try it first, don't worry about finding the perfect opportunity or wasting too much time on figuring out the system. If you do that, you will spend too much time researching ideas and very little time finding and actually making money from systems. If you find an opportunity to save or make money and it seems honest and like it has a good potential, give it a shot. If you try and it produces nothing, you move onto the next idea. If it produces any income or savings at all, then it is worth exploring further. Even if it only makes you 1 cent. It is still passive income. It might make you 1 cent every day for the rest of your life with no more work that the initial set up. Would 1 cent every day be worth it to you? If a person lives 60 years making one cent a day, that would be $219. Not much, but if you only spent one hour setting up the system, that would be 219 dollars an hour! It's a pretty good wage, don't you say? Imagine if you could set up 10 of the same kind of passive income streams? you would make 10 cents every day. Or 100 of the same passive income streams for $1.00 every day. Anyways, you get the picture. If you can make 1 cent from an idea, then you can make $1 from the same idea or $10, etc.

Multiple Streams of Income are Better and Safer than One
Focus on the best ideas that you find that produce the most passive savings and earnings. However, do not focus all of your income or savings from one source. That wouldn't be very profitable if all of your eggs were in one basket and and your basket got dropped. You would loose all of your passive income streams all at once. So it is wise to diversify after you begin making passive income and savings from one source. Find multiple streams of income.

Live Your Dream, Not Your Boss's!

Get Motivated and begin searching for honest and real ways to being making passive income and savings. Soon you may find yourself as your own boss. Giving yourself the day off of work to spend time with your family. Go on that adventure you always dreamed of, or do something great and meaningful for someone else.

What is Your Dream? What is Your Goal?
Write it down and post it here for others to see. "Written goals have a way of transforming wishes into wants; cant's into cans; dreams into plans; and plans into reality. Don't just think it - ink it!" - Author Unknown

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