How Everyone Can Make Money by Creating Passive Income
How You Should Earn Passive Income
Well these days you can earn online by writing on your blogs and hubs, and actually earns enough for a cup of Starbucks a day or buy a house. Yes It's true. Its looks like blogging can even earn you six figures a year, but lately I have been thinking about generating some passive income.
Any money I earn from blogging is active income. There is nothing wrong with active income, but if you want to make six figures of income per year you have to give six figures of effort.
Passive income, on the other hand, is defined as follows:
An income stream falling into this category, is one where money is received usually on a regular basis, where no additional effort has taken place. This doesn’t mean no effort at all. Most passive income streams require great effort to start with.
So, how do we get passive income? Well, one option is through property ownership. As a former resident manager of an apartment building, I know that such income can be less passive than you would think: I was constantly dealing with irate tenants, stoners, bounced rent cheques, noise problems, trashed apartments (more than the damage deposit covered), and tenant laws that often protect the bad tenants more than the landlords. The initial outlay can be pretty high as well.
Buying and leasing out the right piece of land may be a step up from this, but once something is built on the land you better hope the next tenant needs the same kind of building, or you may have a vacant lot to deal with (vacancies are a big issue for conventional landlords as well).
Too Bad I missed...
Too bad I missed the .com boom, where a bright idea and the right .com domain could make you millions. Of course, it may be enough to have a bright idea and the right domain name today and make thousands.
Too bad I missed to buy bitcoin when It was launched. Nowadays Crypto Currency boom leading the passive income.
To that end I have invested into some domains names as well as in Crypto currency, and I make a few dollars here and there. The challenge going into it is finding the time for that great effort needed at to setup mining of some coins.
If you can make it work there is good income to be made, but still a fair amount of work involved. It may not be as passive as renting out land, but at least it beats most jobs.
Active Income or Passive Income
The income I get from AdSense is minimal at the moment, it’s quite a nice feeling seeing it gradually build up, although if I properly analysed the time & effort I’ve put in so far then I might find that I could have spent my time better doing something else, as Adsense income for most of us is “active” income.
I too have registered a few domain names with the intention of building them into something big, but so far have lacked the motivation to really develop them.
Finally I will suggest, you can easily earn passive income through Crypto currency. Invest into that, or start mining a best coin. Keep your eyes on Crypto market and coin value.