|What Is Passive Income?
What is Passive Income?
Passive income is a revenue source that is generated with minimal work as the result of a prior investment. Traditionally, a passive income was the result of a considerable financial investment in rental properties, or savings accounts/moneymarket funds that return interest on your balance.
However, the internet opened up a brand new opportunity for the private investor. One that allows the average person to trade the cost of a trip to the movies for a passive income generator that may surpass even your greatest expectations.
Benefits of a Passive Income
A strong initial effort will be rewarded by years of working less and earning more.
- The freedom to be your own boss
- The freedom to make your own hours
- The freedom to give yourself a raise by enhancing your website
- The opportunity to spend time with your family
- The opportunity to build a residual income for your retirement
- The opportunity to care for others like never before
Types of Passive Income Websites
StorehouseBuilder lays the groundwork for 3 types of passive income websites: 1) advertiser supported websites; 2) affiliate websites; and 3) membership-based websites.
1) AdSense Website
This type of website is an advertiser supported website. It is the simplest to create and manage of the three types of passive income websites. Your role will be one of a content producer. Your content may include information about a topic that you are knowledgeable about, or digital products that visitors may download for free.
2) Affiliate Website
This type of website requires you to take on the role of a sales person for your own products, or products of retail businesses with affiliate programs. For your effort, businesses will reward you with a percentage of product sales, or residual income for the recommendation of their products.
3) Membership Website
This type of website is supported by membership fees. Content is largely created for members only. Your role will be one of a content producer and sales person, encouraging visitors that your membership-only area contains solutions worth paying for. The more members your site attracts, the more you profit.
All three business models for passive income represent a plan for success - the kind of success you may never have dreamed possible. All you have to do is decide what business model suits your skills best, and roll your sleeves for some hard work!
I launched my first passive income website, MakingMusicFun.net in 2007. As a private music lessons instructor, I was often scrambling to replace students that dropped out. Sometimes a whole family would move, or be suddenly struck by financial crisis, and the loss of these students would dramatically effect my monthly income. An AdSense supported website seemed like a solution. I wasn't sure what to expect, but it seemed promising.
On the third anniversary of the launch of MakingMusicFun.net, I saw the fruit of my labors - a full-time passive income. It took a strong effort to achieve the success that I have, often working in the middle of the night, but it has been worth it.
If you'd like your story to play out in a similar way to mine, picture it, and then make it happen.
Interested? Check out my Passive Income Report for a report on what I'm earning, and how I'm getting there.
I wish you the best.
Ready to get going? Download Take Control: Passive Income Start-Up Guide | Free eBook, and start building your success story.
by Andrew Fling