There are many more ways than the average person can imagine with income ideas.
For starters, one of the easiest ways to develop an automatic income is through network marketing. While many people despise the MLM business model (because it’s difficult), there’s no denying that it’s a viable and sustainable way to earn residual income.
What is passive income?
The U.S. Internal Revenue Service classifies income into three broad categories: active (earned) income, passive income, and portfolio income. It defines passive income as coming only from two sources: rental activity or “business activities in which you are not materially engaged.” [1] [2] Other financial and governmental institutions also recognize it as income earned through capital growth or in connection with negative gearing. Passive income is taxable.
- Credit: Wikipedia
As you can see from the explanation above, recurring income comes from a place that you don’t even have to “materially take part” in.
What does this mean?
It means that you are earning an income stream while you could most likely be partying on the beach, having fun with your spouse all day, or having fun with your kids - all while earning money on autopilot?
Isn’t that a grand lifestyle? These are just a few ways to generate passive income online.
Passive income streams - give me some ideas!
We’ve already said that a good network marketing company is an outstanding source of passive income.
Now, here are some other sources below:
Real Estate - Owning and renting real estate is a suitable form of passive income stream. This also falls into the category of income without material involvement.
Online Store - If you have any form of internet business, you can easily make money on autopilot by simply driving traffic to your online store. Even selling on eBay can provide you with multiple passive income opportunities.
Stocks - In this case, what you are looking for is not just any stocks, but stocks that pay dividends. You will need to speak with a broker to determine what the best stock option is for you personally.
Free Reports - This is not just any free report. This is a report that you put time into. You want to give tons of value in the free report. Here’s what you’re going to do. You are going to write an eBook to teach someone how to do something.
The possibilities you can write about are endless. But what you want to focus on is providing value. Inside the eBook, you want to create links to different affiliate programs you are a part of. Every time people click and join from your link, you will get paid.
Not only that, but if this free report is good, allow all users the right to share your eBook for free as a gift or incentive to build their email lists. Not only do they benefit, but so do you, because your free report could go viral - a great way to earn passive income.
Start an income-generating blog
This article you are reading is a good example of a passive income generating article. What makes it possible to earn automatic income is the fact that the content of this article only needs to be written once.
Actually, I’m not sure what today is. But I wrote this article on 18/09/2021. I think you are probably not reading this on 18/09/2021, but this article is still hard at work.
While I’m probably driving around town, sleeping, on vacation or with my family, this article is being found on search engines like Google, Yahoo and Bing, and people like you are buying products.
How cool is that?
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Final thoughts on passive income ideas
This article featured some pretty cool tips and tricks on how to develop an automated income stream.
Because let’s be honest... who wants to get paid minimum wage for an activity job when you can do something once and get paid for it again and again?
It’s kind of like writing this article about passive income!
