The ultimate guide to making passive income
In today’s post we are going to talk about one of the most in demand, asked for question, biggest topic in the history of the internet and YouTube. And that is Making Passive Income, especially as a Beginner.
Before we proceed any further, this needs to be addressed. Everyone wants Passive Income, but very few achieve it. Nothing is easy, and I mean it. If you want to make money anyway shape or form, you need to Work Hard. Passive Income will take away from you one of those, money, time or effort. If not all three.
The good news for you is that once you have acknowledged that Passive Income requires Hard Work and Patience, you are ready to take the Passive Income journey. And It is going to be worth it! I promise you.
Now let’s Jump to the important notes:
Passive Income is broken down into two categories, the first category is earned by the Money you invest. The second category is by the Time you invest. It is important to realise that passive income is never free, unless you win the lottery in which case, I’m not sure why you here 😊. You are either going to need to spend your money-making passive income or your time.
The First Step into making Passive Income is to go and look into your bank account. That will determine which root you want to take. Can you invest that money to buy passive income? Or instead will you simply have to spend your time creating it.
If you are going to buy your way into passive income these are the steps that you are going to take.
The First Step Here is to decide how much risk are you going to take? Are you ok that some years will make you more money than others? The more risk you take generally the higher the return you will see but, conversely you can also see months or even years that make you even less money than what you anticipated.
Now The Second Thing to consider is how much time you want to spend managing your passive income. Do you have the time to buy real estate and manage it?
Then At Number Three, once you have determined how much risk you are ok taking. How much time you want to spend managing this passive income, you can then make the great decision to decide where you want to invest your money.
Now let’s discuss the Time aspect of making Passive Income, because chances are if you don’t have the money to invest and buy your way to Passive Income, you my friend have your Time and time is money. That’s right.
Generally speaking, investing your time creating passive income is often the most lucrative form of passive income that you can make! The reason for that is because usually the types of passive income that you can set up with your time, get it up and running, are also businesses that are easily scalable. Which means that you can scale up your business to insane numbers regardless of the amount of hours that you put in upfront.
Creating passive income using your valuable time can often take you weeks, months or even almost a year to start seeing a return on your time.
Once you do start to see a return on your time it could last a very, very long time.
Some examples of spending your time creating passive income could be blogging, writing eBooks or creating a program teaching someone how to do something, making YouTube videos or affiliate marketing.
Now I have to say one of the hardest parts about making a passive income using your time is making the first few dollars. Until you have started to make any sort of money whatsoever.
It becomes extremely easy to get discouraged when you have spent weeks months or maybe even close to a year without earning anything in return. But always remember every small step you take, you are getting closer and closer to achieve your goals. Never and I mean never give up.
Once you start to see something, It doesn’t matter if it is 50 cents a day or a dollar a week, when you start to see something coming in for your time you start to realise that all of a sudden you have created this money which seems like almost out of thin air by using your Time to set something up.
From that point it is all about replicating what is working and scaling up
If you know you can make a dollar, you know you can make ten dollars, when you know you can make ten dollars, you know you can make a hundred dollars. See how that works. Remember that the beginning is always the hardest.
Hopefully this ultimate beginners guide to making passive income step-by step has given you a clear path on what it takes and how it works.
Good luck on your journey 😊