How to build a passive income stream depends on factors. As a part of life, you must achieve financial freedom at some point. Sadly, it is very hard to achieve that working a 9 to 5 job with rent and bills to pay.
Passive income is the money you make as a side hustle that has the chance to out make your monthly income. It is the best way to build wealth. In fact, many people who succussed at generating passive income say, ‘It feels like free money.
How to build a passive income stream. choose an idea and follow the 5 keys to building a passive income. you must know that nothing is easy and there is no such thing as overnight success. It requires one of the three, money, time, or hustle, if not all.
I had to learn those skills in order to make money online:
- Learning how to register a domain name and linking it to blog/business.
- Learning how to use BlogSpot with high coding lessons.
- Learn how to generate traffic and build a brand.
- Learn how to generate traffic using SEO.
- How to use google analytics and webmaster tools.
- Create a sitemap for your website.
- Submitting a site map through webmaster tools.
- Time management and dedicating time every day to build a brand and learn something new.
You must find passion and time to learn those skills.
5 keys to generating passive income anytime set
Setting goals are necessary and the start of the journey. Setting realistic goals like getting 10,000 visitors to your website in the first 3 months.
Personally, I like to start with non-financial goals like the ones I listed above.
Everything starts with the mind, if you do not invest energy into these thoughts, then nothing will manifest. When starting you will be overwhelmed by the information and the things you must learn.
That doesn’t mean you shouldn’t start, take the first step and start a passive income journey right now.
Write a list of the things that need to be done at the start of the day daily.
Success is not necessarily measured by the amount of money you make. You need to be more specific.
For example, learning how to build a blog from nothing was a great accomplishment for me and many others. Measure goals in small units and work your way up this way the growth will steadily improve.
Remember do not take quitting as an option, people who stick to it always win.
This might sit you off back a bit but accept failure and deal with it. Getting little to no traffic on your website or blog at the start is no biggie. The millionaire Robert Kiyosaki said, “fail harder, You cannot be successful without failure.”
Find a source of support
Finding a mentor or someone that has succussed and discuss with them what it takes. Take notes.