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What Passive Income Ideas Should You Consider?

By The 1-Hour Workweek 4 years ago1 Comment

passive_income_moneybagsOne of the main questions people are always asking about passive income is which passive income ideas are the best? Unfortunately, if you ask twenty internet entrepreneurs who have set up passive income businesses, you’ll get twenty different answers. That’s because everyone thinks their passive income ideas are the best, especially if it’s a system or network where you joining means more money in their pocket!

Of course, there’s absolutely nothing wrong with these systems since that means when you get people to join, you’ll make money as well (which means you’ll likely be telling others that yours is the best passive income generator!), but it is worth noting there is bias out there. So what are the best passive income ideas? All of them.

Old Passive Income Ideas Work Now

For starters, there are the old canonical passive income ideas that everyone knows about. These are tried and true methods and with a little knowledge, you can make them work for you. Depending on where your skill and expertise lies in addition to the amount of finances and time you want to put into your passive income ideas, the “standard money makers” in passive income streams include:

  • Real Estate. Whether you are buying and flipping property for a profit or renting property out, this is one of the oldest passive income streams in the book, mostly because there will always be a market for it and real estate property has historically gained in value without fail
  • Stocks and Bonds. Investment passive income streams in general, but more specifically stocks and bonds. These rely on you having some initial investment, but it makes sense to have your money making money while it’s sitting there. High interest savings and checking accounts also play into this passive income niche
  • Selling Intellectual Property. Another tried and true passive income generator is intellectual properties like music, photos and books. This has long-been a money maker for many, but the rise of the Internet has made it easier for people to self-publish their material and deliver it in digital format or license it out. Nowhere has this been more prominent and lucrative than with eBooks.

While these are just a few of the passive income ideas that have been around for years, it’s clear to see that earning passive income isn’t a new concept. In fact, it’s much, much older than the Internet is—it’s just that now, most passive income ideas that are free and easy to implement are online. Online passive income has a low entry barrier, meaning that anybody with a computer and a little time can generate passive income (of course, having solid passive income ideas and a business plan in place will help you be successful at it).

New Passive Income Ideas Work in the Future

With that being said, it’s important to note that some of the newer passive income ideas that have come about because of the Internet have now become older, tried and true methods. There are many great examples of this, including:

  • Affiliate Marketing. One of the most popular forms of passive income streams because of it’s no-cost entry and ease of use, affiliate marketing is basically sending traffic and sales to an established product or service and receiving a commission for the sales that generate directly from you.       You are given an ID link so the websites know that you generated the sales and it is then your job to promote your link, typically through article marketing, landing pages and social media marketing
  • Blogging. Blogging is another newer form of passive income that has become wildly popular because it’s either free or low cost and just about anybody can do it (and if they can’t, they can outsource it for free). There are a few ways to earn passive income with your blogs, but all of them revolve around getting traffic to your site. Once you have traffic, you can promote affiliate links, sell ad space, redirect traffic, sell the domain at a profit, etc.

Of course, there are some newer passive income ideas that are starting to really take off, earning early adopters money left and right. The key to these newer ideas is to get in on the ground floor, likely with a smaller investment that won’t break your bank if the idea doesn’t pan out. This investment can be time or money and we’ll discuss the benefits of having multiple passive income streams below. Here are a few of the newer passive income ideas making waves:

  • Dropshipping. Dropshipping is when you promote a brand or line of products, take the orders for sales, send the orders to the company and then the manufacturer will ship the products out. You do this by creating online stores and partnering up with the manufacturers or middlemen. You earn commissions for the sales you take. Basically, it’s one step of involvement above affiliate marketing because instead of redirecting the traffic to the point of sale (POS), you yourself become the POS.
  • Social Media Sharing. While this is still relatively new, it’s made so much headway and generated so much passive income, it’s starting to really gain traction. There are a number of different programs and methods to follow here, but the essential idea is driving traffic through social sharing, something that is easy to do (as long as you have the right material to share).

Combining Old and New Passive Income Ideas

Now while none of that answered the question “what are the best passive income ideas” with any certainty, you definitely see the pattern that is emerging: older passive income ideas are being transformed into online passive income streams and then modified into newer passive income ideas. The best advice then, is to combine your new and old passive income ideas and generate multiple streams of passive income for your passive income businesses. This will allow you to take risks while still generating enough steady income to support yourself and your family.

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 The 1-Hour Workweek

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I’m Tarence Wade, M.D., the creator of The 1-Hour Workweek. For 24 years, I worked as an ER physician, experiencing the financial pains & frustrations as well as the disparity in access to adequate healthcare for many of the people I served. Many were faced with long-term unemployment and couldn’t afford a primary physician. Some became disabled from injuries where they could no longer work. Others had chronic and debilitating health conditions and couldn’t afford even a $5 prescription to treat their conditions. I saw 3 major social crisis that existed in the people I vowed to serve. 1) They were unhappy, depressed and filled with anxiety from dealing with long-term unemployment and the lack of opportunity. 2) They had poor and declining health issues from the lack of access to affordable healthcare and proper health education. 3) They didn’t have the financial infrastructure to take care of the basic needs (e.g. adequate nutrition, clothing, shelter, healthy living conditions, etc.) for themselves and their families. Out of sheer frustration and concern, I made a commitment I would spend the rest of my life helping as many people possible to achieve the 4 Pillars of Success. Our 4 Pillars of Success  More Happiness o To become happier and to live a more stress-free life o To have more control and improved self-esteem over your life  More Healthy ¬Living o To make healthy living a central part of your life o To consume necessary vitamins and other nutrients in order to live a longer, stronger and a more vibrant life  More Time Freedom o To enjoy total time freedom in order to do the things you love to do o To spend lots of quality time with family, friend and loved ones  More Financial Freedom o To earn enough income quickly and easily without hassle to supplement or replace your monthly income o To build long-term financial freedom in the form passive income for a lifetime So for the past 8 years or more than 7,000 hours later, I have created an online community that helps network and online marketers set-up, manage, grow and market their business by “simplifying the marketing process” in order to gain Health, Happiness, Time-Freedom and Financial-Freedom. It’s called The 1-Hour Workweek. 1) You perform no more traditional network & online marketing 2) It’s FREE for you to join. 3) The 1-Hour Workweek performs 99.7% of the work of building, managing and growing your business. 4) You earn personal commissions & overrides to replace your monthly income [Timefreedomfirst]. 5) We pay you to purchase affordable high-quality products and services. As a loyal customer…we build you a team up to 19,530 affiliate partners (e.g. US, Canada, Australia, UK, and Philippines) for long term financial freedom [FinancialFreedomQuickly].

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