Passive Income Ideas
Make money while you sleep with Passive Income!
4- Hour Work week!
You've probably heard all hype about building it once and watch the money flow into your bank account while you're laying on the beach. While all that sounds great, there's the old adage of 'if it's too good to be true, it probably is' .
'Passive income' is defined as any earnings someone brings in “…from a rental property, limited partnership or other enterprise in which he or she is not actively involved.” Passive income is money you make while not doing anything.
If you step back and think about it, there is nothing 'passive' about 'passive income'. You need to do a lot of upfront work (read as "hard work") and hope you eventually get paid. This different than 'working for the man' where you exchange your time for money and get paid for the project or hours worked. “Passive Income” is just a different business model where you do the same amount of work to build a product/service but trade off the security of getting paid upfront for the possibility to get paid over and over and over. If you hit a home run, the passive income model has the potential of being more profitable but you took on more risk... the higher the risk the higher the reward... you should make more. In theory the profitability of the passive income model has the potential of being greater because of the scalability and the amount of work doesn’t necessarily increase as you get more sales, but again the risks are greater too.
The opposite could happen and you may invest months or years only to find out your idea struck out and you never make money. WHEN this happens, you lost two fold; you didn't make any money, possibly lost money AND you lost out on the profit potential of the other opportunities you could have been involved in..... Want to get rich? Make good choices and invest your time and efforts in activities that maximize profitability.
Bottom line, Passive Income is not a get rich scheme, it requires a lot effort and has the potential of being very profitable IF the sales come in. You're trading your secure paycheck for the potential of getting paid multiple times at some point in the future.
If you're still interested in the 'Passive Income' Business Model below are some great ideas with links to pages that will help you find resources, get started and start building an income stream.
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Best of Luck!