When I heard about this concept known as “passive income,” I was enthralled. After all, what could be better than money rolling into my bank accounts without me doing any work! It was the dream job that I was looking for. Forget being a millionaire, I was determined to become an “infinityiar!”
So I did what every future entrepreneur does, I ran to the internet to see how to bring this dream to reality. Because we all know that whatever is on the internet is true. I discovered people like Robert Kiyosaki and his book “Rich Dad, Poor Dad, Anik Singal of “The Lurn Nation,” and so many others.
They all share similar stories in that originally they were all workers like us and trying to make a buck. But they realized that they were just spinning their wheels and wanted to make it into the big times. All of their schooling only prepared them to be drones in the workplace, but not to own businesses.
As you listen to most of the gurus, you’ll find that they don’t have business degrees, rather that they were just “simple Joes” that finally figured out the system. The point being, “If they could do it, so can you!” And the clincher is that they are willing to share their secrets with you for a small price. Sadly, once they give the price, most people say, “Too expensive for me.” “How much more will I have to put in? Bottom line, dreams dashed.
The major takeaway from all the videos and books was that passive income takes years to create and even then, take maintenance. It’s not a get rich scheme. As they all say, “If you want to get rich quick, buy a lottery ticket!”
Truth is that I was undeterred. I tried other businesses when younger, may it be with Special Merchandising Company (SMC), BASCO, etc. I learned early on, that anything takes hustle, but I was also not interested in getting sucked into an endless funnel of my money. So I continued my research. I watched many videos of how to make money online. Some use YouTube as their method of selling, others use websites, and still others use blogs, like this one. The bottom line is that once someone finds your “sales page” and they like what your doing, you potentially make a sale. The best thing about all the mediums that I mentioned is, once it is done, it will remain on the internet and potentially bring money into your pocket, thus passive income is created.
By the way, there are other ways to create passive income. One that many used to do was to open an interest bearing account. In the days that it paid 5% and up to 14% in CDs, it wasn’t so bad. Today we have mutual funds that conservatively will net you around 7% over the long hall. Others invested in real estate, hired a management company and had the renter paying for the property and bringing in a side income. The real question is do you need income now or is it just for the future?
If it’s for now, that’s where affiliate marketing, dropshipping, e books, etc come in. One could also video classes and put them on websites that charge for the course. That money starts as soon as you make a sale and can potentially pay off in the future.
Affiliate marketing seems to be the most lucrative because you are not warehousing, owning, or creating any product. You are just recommending and sending people to websites that have the product. Depending on the referral fee, you can make a nice income.
So to all of you future entrepreneurs, my main advice would be to do your research and have fun. The worst thing that could happen is that you make a few bucks. :)
Enjoy the journey!
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