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Is It Possible to Make Passive Income Online? – Discover the Simple and Basic Tips

By The 1-Hour Workweek 4 years ago2 Comments

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The rapid advancement of technology has not only changed the way that businesses are done in today's world but Businesses  themselves become technology. Emerging online progression enabled many people to earn money online, to work online, to invest online, to promote and build their businesses online and to make multiple Streams of Passive Income Online. But many people are questioning if it is really possible to make passive income online even if we are not a Tech-savvy person, professional web designer, business owner or even if we don’t have enough funds to start building an online business?

The answer to the question “Is it possible to make Passive Income Online?” would vary from person to person. The answer can be “Yes”, “No” or “Maybe”, it depends on the perception of the person answering.

If the person believes it is possible to make Passive Income Online, then IT REALLY IS POSSIBLE. But if the person has a strong disbelief in the possibility of Online Passive Money making, then definitely it would be impossible for that person to make multiple streams of passive income online.  It can also be a “Maybe” for someone who doubts its possibility. Now, if you are reading this article, you must be also wondering if it is really possible for you to make Passive Income Online and being said that it is a self-answerable question, hence, only you can give an exact answer for yourself to that question. If you are doubtful of its possibility or if you firmly believe it is not possible to make passive income online, don’t worry, we can always change our beliefs. Sometimes our beliefs work against us and oftentimes our beliefs are misinterpretation of past events or based on other people’s experiences that we have witnessed.  We need to stop our limiting beliefs, always put it mind that there is always a way if we are committed.  Changing our beliefs can change our lives but you and only you can change a belief that might be keeping you from achieving the quality of life you are seeking.

Now that you have acquired the answer to the question “Is it possible to make Passive Income Online?” you must be fascinated to learn basic tips to make the possibility become a reality.

Success in Generating Passive Income Online is not as easy as counting 1, 2, 3, or a “Get rich Quick” Scheme, it is not instantly acquired or just given for free. It is just like planting a tree, you need to water it regularly and make it grow fully before it gives you fruits on its own.

 Tips On How To Successfully Generate Passive Income Online

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1.    One of the most imperative tips in earning passive income online is having the right mindset.

As mentioned earlier while answering the above question, we should first believe that there is money online and that we can really earn passive income online. How can we work or give effort and pursue on something we hardly believe to be true or possible? For us to be excellent in what we are doing, we should have strong will to continue no matter what, desire to reach our full potential and a strong belief for our own success. If we have this strong belief that we can earn online and great desire to build multiple streams of income online, we will surely be determined all the time and we will move forward even if there will be hard times and difficulties along our way in reaching our goal.

 2.    Choosing the Right Vehicle/Vehicles in building multiple Income streams.

After possessing the proper mindset and holding a strong belief about your goal, you should be able to choose the best ways or vehicles to be used in reaching your Online Passive Income Dream. I would like to emphasize the importance also of choosing more than one vehicle or building multiple streams of passive income sources. Why multiple sources of income? Simply because we can’t predict the future of our businesses/income sources, that’s why we need to diversify. Having multiple source of income will assure you that even if one source is gone, there will be other sources left to provide you income on a regular basis.

There are several ways to earn passive income online, some of those are listed below:

  • Blogging
  • Affiliate Marketing
  • Kindle Book Marketing / Publishing
  • Advertising (Ex. Google Adsense, Adhitz, Chitika)
  • Online Investments (Ex. Stock Dividends, Forex-Related Investments, Revenue Sharing Sites—but most of Online Investment Programs are High Risk Programs. Invest only what you can afford to lose.)
  • Article Writing (Become an approved writer of about.com and you will get paid by writing articles for around 2 years, then after that you can start earning passive income in the years to come from page views of all the articles you have written.)
  • Online Multilevel Marketing Companies- Choose those companies with sustainable compensation plan and with high quality products.
  • Forex Trading (On Autopilot)
  • Bitcoin (BTC) Mining (I chose to include this as one source of passive income online since Bitcoin’s popularity and rate is remarkably increasing and many BTC Miners are earning substantial passive income already.)
  • Creating a Smart Phone Application- You can earn Money when someone downloads and uses it.

In choosing your vehicle, you must consider your passion and abilities. Think of the things you are most capable of, things you enjoy the most, and things you are extremely passionate about.

3.    Focus on one area at a time, Start building your system or business and work for it diligently.

Though I have mentioned to diversify and make multiple streams of online income, I strongly suggest that we focus first on one vehicle.

  • Be Prepared. Study everything about your selected vehicle. Do a comprehensive research. (Ex. Your Market, Strategies to be used, Generating Leads, Traffic Sources, Social Media Uses)
  • Master the processes and apply what you have learned from your comprehensive research.
  • Put in your time, your energy, your effort and loads of your commitment.
  • Select your market devotedly and utilize the best tools (Ex. Member Subscription tools, Auto Responders for Email Marketing, Social Media Marketing and many more). Take full advantage of the new tools our online world offers.

4.    Continue Building your system, make it a lucrative source of passive income and then build another system.

It may take time before one vehicle starts generating passive income but always remember that every big thing started out small, so be patient. Always learn new things to improve your system/business and make it grow progressively. While waiting for it to provide you passive income, you may start diversifying and build another income source or system. Without diversification in your income source you are like putting all eggs in one basket and it is literally risky.

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  How to Generate Passive Income
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About

 The 1-Hour Workweek

  (60 articles)

I’m Tarence Wade, M.D. Even though I’m trained as a medical doctor, I’m also known as “the wealth doctor”. I teach network and online marketers how to save time, save energy, build health & happiness and create multiple streams of residual income…with my 3 step success formula. I have taken over 50 internet marketing courses. I have read and listen to many books and audiobooks…and I have attended at least a dozen seminars in the internet marketing space. I have spent the last 8 years, over 6,000 hours and more than 1.6 million dollars of my personal income as an online marketer figuring out a success formula that generates me multiple streams of passive income that works for me and that will work for you as well. And I’m here to show you how.

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