Creating Passive Income — Finances

Personal growth is like everything else, it takes time and dedication. This time can be hard to come by working 12 hours a day. So I wanted to take this opportunity to talk to you about what you are doing versus what you could be doing. Right now you are probably working your tail off trying to support yourself and your family. Going to that 8-7 job can be a huge grind on you and your loved ones. Have you ever stopped to ask yourself why you put yourself through that? I bet when you do ask yourself that the next question your inner self asks is “what else can I do?”
Well, you could keep grinding yourself down year after year, you keep going to the same job day after day, doing the same thing hour after hour and then start the process over again. Or, you could go a different route and that route is creating passive or strings of income. Supporting yourself doing the things you love isn’t as hard as you might think.

Let me first explain a passive income. Imagine if you will a thread and the thread is over a bottle. We can fill up the bottle by letting water drip down that thread into the bottle one drip at a time. It is a very slow process but looking at the positive side, we are indeed making some progress. But, what if we added another thread and did the same thing? Now we have two strings and we are adding twice as much water as we were before. So to get the bottle filled up we just need to keep adding more and more strings until we have a nice flow. That is strings of passive income and great financial opperatunity.

Don’t get me wrong, we have to have little worker bees out there and we always will. There will always be people who just go along the same path as everyone else. I will never frown or look down on these people because they are the reason I can do what I do. They will never venture off and they will always stay the course they were raised to head. . But people like you and I think differently. Some people may say we are lazy, I disagree. I simply say we are better than that.

When you talk to friends and family about strings of income most will say doing that is pretty risky. Hmmm, let me share a scenario with you. So you decide you are going to take the safe route of life. You are going to get that 9-5 job and collect that steady $1,000 a week paycheck. You have a nice house, nice cars and everything is great. One day you go to your 9-5 job to find out you have been down sized. You just lost every source of income you had just like that. Now, being logical…how logical does that sound to you? Does that sound like a safe plan to you? You have put all your eggs in one basket and the basket broke.

Tomorrow you will go to work for 8 hours and bring home say, $100. The next day you have to get up and do it all over again to bring home the same $100 and this happens every time you want to make $100. What if you want to take a day off? How much money will you then bring home. If you are like most people you don’t make anything on your day off. But what if you do it the smart way? Say you have the ability to sit down for 8 hours and create an Ebook and sell it for $10 a copy. Now your Ebook sells one copy a week. You might think that is not a good investment for your time but I did say one a week. After a year your 8 hours of work turns into $520. That is more than 5 times what you were making at your 9-5 job. Guess what, you can sell that book for years and it could easily turn into thousands of dollars from just 8 hours of work.
I know it is tough getting started, after all you are working 50 hours a week. Lets look at a productive vacation and a motivated year. On your vacation you could spend 8 hours a day creating little projects that could more than likely make you $10 a week. So you create 7 projects and for the rest of the year you spend 8 hours a week creating a new stream of income or finish another project. At the end of the year you will have made over $16,000 for 408 hours of work and that is the equivalent to $40 an hour. The best part about the whole thing is if you took the entire year off next year you will still make over $16,000.

So now you have quit your job because you now see you can do it on your own. Now you can take that time and keep generating more passive income. This truly has limitless potential for earnings. After a while you would take your strings of income and twist them into rope to manage them easier but then start working on making more money again.
The safety in this process is that if something went wrong with a flow of income how much will you be out? The most you would be out is 10% of your income but then all you have to do is replace that stream. Seems to me that that is a lot safer than getting fired from your job.
Now that I have given you the scenario let me tell you about all the benefits of passive or strings of income.

1. Invest some time in the beginning and then let the project generate income on it’s own.
2. You pick the projects, you pick the time and days you want to do them.
3. Your passive residual income will work for you 24 hours a day 7 days a week.
4. If you want to make more money then all you have to do is create another string.
5. The sky is the limit for your earning potential.
6. Have more free time to spend time with your family,friends or go on vacation.
7. You can create passive income that is not dependant on another company or the economy.

I know you are thinking “Wow, that sounds great but I need some examples of this passive income you are talking about.” Well, simply those incomes are anything that can generate themselves after they are set up. Here are some things to think about…

1. Information Products – the Internet is great place to createan Ebook that explains ‘How to” information ie. How to Startan Online Business, How to Buy a Car Without Getting RippedOff..anything that makes life easier for people. People arestarved for knowledge, therefore if there is a need all you have todo is fill it, you can create an ebook and sell it on the Net.

2. Creating software products – If you have the ability andif you have a good idea for a software product that will help people do something faster, easier or teach them something, then you may have a gold mine. A friend of mine created a game that educates kids about math. He then sells the game on a CD to parents and schools all over the world.He makes a nice passive income each month fromhis initial investment of time, effort and money. The bestexample is Bill Gates who created the Microsoft Corporationselling the Windows Operating System.

3. Advertising commissions – if you have a web site thatattracts 1000s of visitors a day from the search engines,you can offer to place a banner or link on your site for afee that you collect each month. You set it up once, thencollect the passive residual income.
Newsletters,or ezines – offer advertising space in yourezine. The greater number of subscribers you have the moreyou can charge every time you publish.
eBooks – offer advertising space in your ebook. Give theebook away for free or even place links in it fromaffiliate programs.
Google AdSense – place Google Ads on your web site. Whensomeone clicks on the ad, you get a commission for everyclick. If you have 100s or 1000s of pages on your site, youcan earn a substantial monthly income.

4. Create a membership site – if you are an expert in yourfield and can provide the resources, knowledge and support, you can charge a monthly fee to gain access to your membership site. The more members you gain, the more moneyyou make. Because you are an expert in your field, you canalso recommend other products and services to your members,from which you earn commissions.

To summarize everything you just read please understand that there are a lot of things one can do to generate more time and money in your life. You just have to evolve your way of thinking from the normal person. Once you do that the sky truly is the limit.

Article Source: http://www.articlesbase.com/wealth-building-articles/creating-passive-income-finances-467846.html

About the Author:
Visit Scotts self help website “The Evolution of a Man” to get his take on what it is to evolve.

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