Passive income is when you make money from an enterprise and you’re not materially involved. This means a way in which you’re making money, but you’re not quite wholly active in that project.
Passive income differs from active and portfolio income. However, despite its name, passive income doesn’t always mean you can sit back idly while you earn money. In fact, the IRS also includes in its definition of passive income as “net rental income” and sometimes self-charged interest. This means to begin earning passive income, you’ll need to invest some time and/or money at least at the start. Because the IRS still views it as income that means passive income is subject to taxation.
Best Passive Income Ideas
Create an information product funnel
Sales funnels are powerful. They provide the highest potential for income on the online. When it arrange properly, they can also easily be scaled. You will need to understand a things about conversion optimizations. Possibly Facebook ads. However, you can source out whatever confuses you. Find out something that you can sell and will entice enough people. In short it must be pick in hot market.
Start a blog
One of the best ways you can make a passive income is by blogging. Yes, in the beginning there will be no income. Expect that. Although, over time you will start to generate an income from making a blog. You could earn six or seven figures per year and even more.
Do affiliate marketing
Another best way to generate a passive income is through affiliate marketing. This is depend on the size of your list. Size matters when it comes to your list, especially if you’re looking to make some serious money and do it on autopilot. However, list-building takes time and it doesn’t happen overnight. Also, you need to add value to your list or you become obsolete.
If you love photography why not monetize it and turn it into a passive income source? You may post it on sites such as Shutter-stock and iStockphoto and so on. Build up some of your best photos and create your own portfolio, then you may upload them to one or more platforms, after that the activity becomes completely passive.
Launch an automated webinar.
Webinars are absolutely popular these days. If you’re looking to make a serious amount of passive income, then launch an automated webinar. Before you do that, make sure you do that webinar live every single week for a year. Once you’ve got that webinar converting, automate it.
Write an eBook.
If you want to take it a step further, you could easily create that eBook into an audiobook using the Audible platform. You can either produce the audiobook with yourself or hire out a producer to do it for you. You can either pay them a flat fee or a royalty from the proceeds of the audiobook.