“You know what I want to do? Wake up one weekend and not have to go anywhere and do nothing.”– Derek Jeter
WHAT YOU CAN EXPECT FROM NINE-FIVE
If you are completely new to passive income, I would recommend taking a look through this post. If you’re already familiar with this concept, I’ll be diving into all kinds of strategies such as, building your website from scratch, affiliate marketing, and AdSense, to name a few.
This is a new realm for me. Throughout all of this, I hope that my successes can become your successes and my failures can be avoided.
Now let’s get into it…
SO WHAT IS PASSIVE INCOME?
Let me first start off by saying, passive income isn’t like winning the lottery. You can’t just buy a ticket and hope to hit it right. There is no such thing as overnight success, and no one wakes up in the morning with unlimited amounts of money in their bank accounts. Success takes time and hard work. Therefore, to successfully achieve passive income, it is going to take Time and Hard Work. My plan is to help you get there.
The Investopedia definition of Passive Income:
Passive Income is earnings derived from a rental property, limited partnership or other enterprise in which a person is not actively involved.
Read more: Passive Income Definition | Investopedia https://www.investopedia.com/terms/p/passiveincome.asp#ixzz5XPvQGTYo
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The key words to keep in mind in this definition: “Not Actively Involved.” This is our goal. Depending on your own personal and business goals, the level of “not actively involved” can vary from person to person and business to business.
Take this blog for example. If I were to make only this single post (my first ever blog post by the way!) and expect to make any money with my business, I would be severely disappointed with the outcome. Running a blog requires maintenance, new content, taking care of my viewers, ect. I need to be constantly coming up with new content and provide real value to my readers and potential customers. This may sound like a ton of work, but that doesn’t mean that this blog won’t become a passive way for me to earn some cash. If I start putting products on my site, taking advantage of affiliate marketing, Google Adsense, or the various other ways to monetize my site, I can be making money any time of the day or night.
And that is what I plan to do!
WAYS TO EARN PASSIVE INCOME
There are plenty of different ways to earn passive income other than starting your own online business. If online business isn’t for you, here are a couple of other options might be more appealing:
- Invest in Stocks – To be honest, I know very little about investments and won’t even begin to explain how to turn a profit here. Although, this is something I am very interested in learning in the future – stay tuned for that!
- Write a Book or eBook – Amazon has made it very easy for anyone to self-publish and sell their own books. It can be as simple as setting up an account and listing your book!
- Create a Product (And Sell it Online) – This starts getting into the online business realm (I’ll talk more on this later in this post). A viable option and arguably one of the best ways to maximize profits and income.
- Rent Out Your House on AirBnb – The peer-to-peer economy has grown like crazy over the last couple years, making it super easy to make extra bucks renting out your house (AirBnb), car (Turo), kayak (Expeerent), or anything really.
If you need help deciding what type of business to start, I break down choosing what business to start here.
And finally, the reason we are all here…
PASSIVE INCOME STRATEGIES THROUGH ONLINE BUSINESS
Ways to make money online are virtually endless. Websites like WordPress make it incredibly easy to start your own website. Coupled with hosting sites such as Bluehost (affiliate link), you can get your website up and running in minutes. Don’t worry if you aren’t too familiar with the terminology. I will dive deeper into these in a later post. I’ll even show you how to get your own website up and running!
I’ve already mentioned creating a product and selling it online as a viable option for setting up passive income, but what other ways can you passively monetize your own website? The options laid out below are all ways that I plan to earn income passively. As I continue building my business and my brand, I will be testing and trying to master each.
I will be hitting on all of these strategies in a lot more detail in later posts.
Don’t forget to subscribe to this blog, so you can see these strategies for generating passive income in action. Don’t miss out on everything that I am working on!
- Affiliate Marketing – This is one strategy that I am most interested in pursuing in the very near future. If you don’t have a product or don’t have the capital to create your own product, why not sell someone else’s products? When you sign up for an affiliate marketing program with a company, you get paid EVERY TIME someone uses your link to buy that product. For example, I am an affiliate for Bluehost. If you click on any of my Bluehost links and buy hosting and/or a domain, I get a portion of the profits. The best part of it all, it comes at NO additional cost to the buyer! This is just one that fits well with my business model. There are so many affiliate programs out there to help boost your income online and the best way to get the word out is through your online business.
- Google Adsense – Have a website generating a lot of traffic? Google AdSense might be a beneficial way to earn some more money. AdSense is totally free to set up and fairly simple to use. You can choose where you want the ads to run and Google puts them on your site for you. Google will pay you for clicks and impressions on the ads displayed on your site. You simply put in the ads and get paid!
- Create a Product – And sell it online. This might not sound very passive, and at first, it will take work, but the payoff is well worth it. There are ways to help automate the processes to improve/build your design, manufacturing, and procurement through virtual assistants and overseas manufacturing. By learning to work smarter, you can start making an income without being actively involved.
- Start a Podcast – Podcasts have become extremely popular over just the last 10 years. It is becoming easier and easier for anyone to start their own podcast and people are having success with their own podcasts! If you aren’t familiar with podcasts, you can find a podcast based around almost any topic; business, true-crime, comedy, and the list goes on. If there is something that you are interested in, there are probably countless others that are interested in that as well. Maybe there is room for a podcast about that topic.
- Build an App – Whether you have the technical expertise and experience, or you hire a developer to build an app for you, the wave of smartphone over the last several years has made apps a viable product option. Depending on how complex the app is and your level of programming experience, hiring a developer may not be too expensive of an option either.
- Start a Blog – This has been around a while, and has also become increasingly popular with the use of sites like WordPress, Wix, and Squarespace. I have built this one you are on now with WordPress, with very little experience in building websites, and have never used WordPress before in my life. it really does not take long to get a site up that is functional. I will have a post coming out later that talks about getting your very own WordPress site up and running in less that 15 minutes, so be on the look out for that!
I plan to get involved with most, if not all, of these items highlighted above. I will show you what I have done to achieve success and turn a profit. Most importantly, I will be showing YOU how to achieve the same success!
MY PASSIVE INCOME GOALS
With every great venture, we need to have goals. To start, I plan on being very involved in my businesses. I know. This doesn’t sound very passive, but Nine-Five to Freedom is meant to be a resource for people, like you. People who want to learn more about passive income, and maybe even replace their current Nine-to-Five job. For that reason, I will constantly be trying new techniques and strategies to help maximize the flow of income, and do so in a way that does not consume every minute of every day.
If there are any strategies that you would like to know more about, or have questions in any of my posts, feel free to Contact Me or leave a comment down below.
QUESTION(s) OF THE DAY:
Why are you interested in Passive Income?
What has prevented you from getting started already?