When it comes to smart passive income streams, there seems to be a lot of confusion in the industry. On the one hand, you have people telling you that passive income requires upkeep and constant work, even going so far as to say there is no such thing as true passive income. On the other hand you have tons of people swearing up and down that there absolutely is a such thing as true passive income—it's just called smart passive income.
What's the Difference Between Passive Revenue and Smart Passive Income?
So what's the difference? Well, if the first group is right then there's really no hope for making easy money from home on the Internet. It means that you still have to work for it and by definition, that's not real passive income. That's because income that is passive is supposed to be a steady and continuous revenue stream that occurs indefinitely from work done one time.
To some extent, this group can be considered correct. A lot of passive income stream generators that are out there today still require a lot of work, a lot of contacting and a lot of selling. That's hands-on effort that is more active than passive, so in this sense, there is no such thing as truly passive income.
The problem with that is that they are wrong! There are passive income streams that are one-time projects, only others aren't finding them or seeing them for one reason or another. These are the smart passive income streams that you want to go for. Smart passive income will allow you to truly earn passively—by doing a job once and then getting paid for it indefinitely.
What are the Problems with Smart Passive Income?
Now, before we go any further, let's take a look at what “indefinitely” means here. For our purposes—that is, making money online by setting up the best passive income streams you can—indefinitely doesn't always mean forever. It could mean until your product or good sells out, it could mean you get paid until your market dries up, it could mean you generate residual income until someone builds a better passive income stream than you and takes your clients—whatever it winds up meaning, just know that sooner or later, even the smartest of the smart passive incomes streams will dry up or at least slow down to a trickle.
This is why so many passive income pros have multiple streams of passive income coming in at all times. These multiple smart passive income streams allow for the maximum profit with minimum effort. By monitoring the cash flowing in, you'll quickly be able to see when one stream needs adjusting or updating without jeopardizing your overall income (since you still have other streams flowing in). Now that is truly smart passive income!
So There is Work Down the Road?
So wait, does that mean you don't have to do any work on your smart passive income streams? Nope, no work at all. You are free to let them dry up and run their course as you see fit. There is nothing saying that your online businesses and passive income streams have to come to a typical conclusion or be officially terminated or go on forever, etc. It's up to you if you don't want to keep earning.
But if you do, you can simply retool the stream if you feel that there is more money to be milked out of it—or you can turn your efforts to new streams and tap into untouched resources. The choice is yours. It's one of the greatest things about internet marketing and making money online—you truly are your own boss, running your own business model, with no one but yourself to answer to! Do whatever you like.
But as you can see, this does bring us right back to the question of whether any passive income is truly passive if sooner or later you're going to have to put a little maintenance work in to keep the taps flowing...or put the work in on another stream altogether. In this sense, a smart passive income stream can wind up looking like the Scotsman Fallacy.
The Scotsman Fallacy simply works on the premise of someone saying something like, “No true Scotsman would ever drink American scotch.” The other party would point out that a Scotsman they once met enjoyed American scotch, to which the original speaker would reply, “Yes, like I said: no true Scotsman!” The onus to prove the “trueness” of the Scotsman is then left up for debate—who is to say if he's true or not? This makes it a fallacy, much like the true passive income stream. Who decides what true really means?
Smart Passive Income Means Smart Internet Marketing
Hopefully you're starting to see the issue here and why it doesn't matter whether you put in work or not—what matters is that you are nailing these things:
- Making equal or more money from your passive income stream than from your active job
- You are happy working from home and being your own boss
- The quality of your life increases, rather than decreases
- You are doing less work than you did at your active job
Really, that's all it boils down to so if you're happy doing what you're doing, fine. If not, try building up a smart passive income stream—you have nothing to lose and the time investment is extremely minimal.
For most beginning entrepreneurs, this means taking their first steps into the vast ocean that is Internet marketing. Internet marketing is just a fancy way of saying making money online, though you'll find people who will argue semantics with you for days. There are a number of ways that you can set up your passive incomes streams through internet marketing, but the point is to take out as much of the manual setup and follow-up as possible.
Automation is the Key to Smart Passive Income
Instead, you should aim to automate as much of the process as you can. For instance, if you are building up an email list, eventually you're going to have to reach out to your leads and start building your relationship and spreading information about your squeeze pages. But rather than manually sending out email and sales marketing material, the smart passive income stream owner has automated email responders sending out blasts on timed intervals that are proven to draw the customer into the sales funnel on their own.
Another smart passive income stream that relies heavily on automation is the eBook. By simply writing your own eBook (or outsourcing it or buying reseller rights), you can slap it up on a website, optimize the landing page and then let it sit up there and collect money. Because SEO automates your lead generation (or you can add a squeeze page and automated responders for even more traffic) and the eBook is delivered digitally, the entire process is automated, making it truly smart passive income. All you have to do is get it up and out there and then collect the revenue even if you're not around your computer!
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