Passive income is such a misinterpreted phrase that it’s losing it’s meaning. Not for everyone, mind you, but for people who think they know what it means, but they really don’t. Some people think passive income is money that just sits there and continues to grow as you look at it in the bank.
Kinda, but no.
Still others think passive income is a “genie in a bottle”. You shine it up real nice, put it down and a genie will pop out and grant all your wildest dreams, from cars to mansions.
In my opinion, passive income means neither of these things. I believe passive income is indeed smart income. By smart, I mean, yes, it will work for you.
But, it’s not gonna work for you on its own. There is a lot of work that has to go on behind the scenes in order for the income to be passive. For instance, many of us want our blogs to be the vehicle to passive income.
We churn and crank out blog posts everyday and place Adsense and other affiliate links on our blogs. Then we check our Alexa rankings and Google Analytics in an effort to try and find the best way we can start generating income.
Is it in vain? If you’re new to trying to generate income online where you don’t mind doing ALOT of work, here’s a few tips for you:
Stop Buying and Do Something- After a certain point of you reading every eBook and bought every new product to help you make money online, you have to DO something. I’ve been extremely guilty of this. Hell, I’m STILL guilty of this, at times.
Great sales copy is a powerful thing and yes; those great products can help you, in most cases. But, if you have to decide between paying a bill that month or getting the latest product that you feel will put you over the top to making money, pay the damn bill! The products and guides and advice will only take you so far until you actually have to DO something with them. Unless you’re truly committed to the hard work it’s going to take to create passive income, don’t bother.
Create Your Own Damn Products- If you really want to create steady income for yourself, create a product. Now, don’t create any old product that turns out to be a piece of crap and give you a bad name. No. Create something that fills a void or solves a problem for you or others.
Visit forums of your favorite niches and read the problems people are having with things. Digital products are the best things to create and sell to build your empire. Create a WordPress plugin. Create an iPhone app. The ability to collaborate with others or outsource work that you can’t do or work you don’t like doing to others. Take advantage of technology and all that it has to offer. Understand the days of making good money with Adsense are over.
Network, network, network- Ok. So what you didn’t get a chance to go to Blog World Expo (BWE) and meet other bloggers in person. I would bet most of the bloggers were meeting other bloggers they engaged with online for the first time there at BWE.
But it all started because they developed relationships online. Social networking is the best way to meet people you normally would never meet. 20 years ago, I would never guess I would have a buddy who lives across the pond and I would communicate with him several times a week.
Stop being a wallflower and get out there and socialize. For the introverted, socializing online is one of the best ways to meet new people. Read other’s blogs and comment on them. ” Retweet”, “stumble” and “like” their posts. You are the only one holding yourself back from creating something that could potentially be helpful to others. Thing is, you can’t do it alone.