I want you to imagine for a moment what your life would be like if you had $1,000, $5,000, $10,000, or even $15,000 of passive income deposited into your bank account automatically every single month.
How would this change your life?
Would you pay off your debts?
Would you go on exotic vacations with those closest to you?
Would you drive the car of your dreams?
Would you build your dream home?
Of course, you would. Who wouldn't? This is, in fact, the difference between the haves and the have-nots. In school, we were taught to get a good education and then get a good job, in which we trade our time for money.
"In short, you become financially free when your passive income exceeds your expenses." ~ T. Harv Eker
While I still believe that we should always keep our education a top priority, one thing we never learned in school was how to generate a residual income. But this is the stuff of dreams, right?
No, it's not. Generating as much residual income as possible, directly deposited into your bank account each month, is possible. How do I know? Because I'm doing it each day-after-day, month-after-month, and year-after-year.
Now don't get me wrong, creating this kind of income each month doesn't just happen magically. It will take some dedication and hard word at the beginning before you get the proverbial ball rolling.
What is Passive Income?
Passive income is like having your own money tree in your backyard. Hey, that would definitely be the life wouldn't it? But just like a real tree, your money tree needs to be watered and nourished.
According to WiseGeek.com, a website dedicated to common answers to common questions, passive income is...
"... a type of income that once setup, requires no further input from the recipient. Music, movie, television, book and screenplay royalties, patent royalties, rental income, click-through income, and online advertising revenue are just some examples of different types of passive income."
That's cool, right? What would your life be like if all you needed to do was plant your money tree, water it a little each day, and let the sun shine on it? The fruit it would bear (money, of course) would be tremendous and taste great.
But let's face reality for a second. Most of us probably aren't going to become the next James Patterson (best selling author). Sure, I've published two books, with two more scheduled for release later this year. These books have generated a nice part-time income for myself, but they haven't made me rich... Yet.
Okay, so if we aren't going to become best selling authors (I am still holding out on this one), what can we do to generate a lucrative passive income each month.
There are three ways you can create a generous residual income each month. They are...
Affiliate Marketing - Selling another person's product as an affiliate, earning a percentage of the commission.
Network Marketing - This is essentially MLM (Multi-Level Marketing) where you sponsor individuals into your team as distributors or affiliates.
Internet Marketing - Leveraging the internet to sell your own products or another person's products.
The Best Way to Earn Passive Income
If you are serious about creating a residual income working from the comfort of your own home with no boss looking over your shoulder, the best way is to combine all three of the above marketing models. This will improve your chances of success dramatically.
For most affiliate marketing programs, you will earn at best 25% commissions on each product you sell. As a result, you will need to sell thousands of dollars of product in order to reach the passive income you desire each month. But there are companies on the internet that offer 75%, even 100% commissions, on the sales of their products. The important thing to remember is do your research to find the compnay that is right for you.
Until Next Time - Invest in Yourself, Increase Your Abundance, and Help Others!
Shaun Messick
Helping Others Achieve Their Dreams!
www.3Steps-ToSuccess.com
