Building a Passive Income Stream Online
Written by ady on October 21, 2008 – 4:18 pm -Want me to personally coach you to an online passive income stream? Read on for more info…..
What is the ultimate goal you hope to reach from building an online business? Mine is to buy a catamaran and do a couple of laps around the world before I’m too old to enjoy it.
I realized a while a go that I needed a passive income stream to reach this goal but later (with hindsight) I started asking why others didn’t aim for a passive income instead of doing what the rest of the masses do and sell their time (commonly known as having a job)?
Obviously the smart ones had realized already where as I was just lucky enough to stumble on how great an idea passive income really is.
When I read how “anyone can make money online” I always think “crap” because it’s simply not true. If it were, why do only 5% of new internet marketers make it into a second year?
To go from making a few extra bucks online to making your living online with several passive income streams coming in every month is a big jump and you need a modicum of intelligence, a stubborn streak and a strong belief that the masses who exchange their time for money have got it wrong and you, the minority have got it right.
* Intelligence so that sooner rather than later you realize there is an entire online industry built to feed crap products and info to people like you. You need to quickly be able to separate the wheat from the chaffe.
* A stubborn streak because you need to keep going even after you have fallen for some of the above sales letters.
* A strong belief that your plan is right for you so that you don’t cave and fall back into line with the masses.
The Benefits of a Passive Income Stream
Being based on a little island in the middle of the Irish Sea means I’m 5 hours ahead of America’s east coast so I make most of my money while I sleep. When I get up in the morning I check my Adsense earnings, I log into CJ and Clickbank to check sales and then finally I check my emails for any other sales notifications. Having more than one passive income stream is a great way to start the day!
You could argue I suppose that I am merely selling my time just as others do. I spend my days building new blogs and re-writing articles to promote those blogs. The difference is I only spend my time building a blog or rewriting an article once but it has the potential to earn me money for years to come where as the masses who sell their time in exchange for money can only sell it once. They can’t sell yesterday again!
As inspiration I follow several sailing blogs run by folks who are doing what I want to do such as this blog about a Mahe 36 catamaran currently sailing around the world. Many of these blogs have a familiar start. They have a dream, they act on it and hand in their notices to the “man”, say farewell to mum’s and Dad’s and sail off into the sunset.
To be able to live their dream most of them realize savings aren’t enough. Besides, if you had to save the money to go with as well as to buy the boat, no one would ever leave the dock. What they do is set up a passive income stream so that they have a check going into their bank account every month and this gives them their spending money and living expenses.
The most popular passive income streams for these brave souls seems to be property rentals. Some of them rent out their home so that they have somewhere to come back to once they’ve scratched the itch. Others sell their home to release funds to purchase the boat and what’s left over, buy an apartment or perhaps two to rent out.
Although not without risk, it seems a good way of gaining a passive income stream. Other methods include stocks and shares (ouch) or even just putting enough money into a high interest account and use the interest paid monthly as a passive income.
Great if you can afford it but what if you can’t? Nowadays anyone can set up a passive income stream thanks to the internet. Going online to earn your income has a couple of major advantages over other passive incomes with the main one of course being the set up costs.
You don’t need a bank roll like you do when you buy property to rent out. You can have a blog up and running for about $4 a month including domain name. That’s just 13c a day and I defy anyone to find a business with or without the potential for a passive income stream with such a low start up cost!
How much could you make with this $4 a month outlay? That would depend on several things (see bullet points above) but I know several bloggers earning well over $1000 a day from just 1 blog although this takes a few years rather than a few months.
A much more realistic target would be $100 a month, that’s just $3 a day and is easily and quickly achieved.
Once you reach that goal, you target $500 a month and so on until you reach your required passive income. Reaching your required level may mean setting up further blogs or it may mean continuing to build your first. These are the decisions that come later, for now you just need to get started because you cannot make money blogging if you don’t blog.
When I am reading these blogs set up by folk sailing the seven seas I often feel tempted to email them explaining how with a little optimization they could easily monetize their blog and quite easily add another passive income stream to the one they already have. They have the traffic so the rest would be easy.
In fact one I have been following has just realized the potential of his traffic and he is in the process of setting up a merchandise page.
He’s already got a Google pagerank of 2 as people have been linking to the site as they follow the hilarious antics of a none sailor trying to get around the world with his seasick suffering girl friend. A radio station from his homeland has stumbled onto his site and is keeping folk updated which adds even more to the traffic numbers.
It’s the perfect example of how all you have to do is start blogging and you are on your way to traffic and as we know in this game, traffic equals money! For those interested, check out Slapdash.
Here’s what I’m going to do. If you have an idea for a blog but you haven’t yet taken the plunge, sign up for your blog hosting through the link below and I will personally coach you via email to get you up to a passive income stream of $100 a month.
After that you can either rinse and repeat what I’ve taught you or take the blog to the next level by investing a little of that $100 back. Either way I’ll set you off on the right track and point you in the right direction to take your earnings as far as you need to go to achieve your goal.
Choose any of the hosting options you like at the link below, even the cheapest is ample to get started with. A free domain is included so make sure you have your domain name picked out.
Once you have signed up email me at coaching <at> plr-articles.net and we’ll get started straight away.
Tags: passive income stream
Posted in Money Making Blog |
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