It’s good to have a well-set goal in your life. Having an income that does not require you to actually work is a great idea. In the past, everyone dreamt of being an aristocrat, whose only job was to get out of bed, and don’t lose the estate and family fortune, but just live from the rent.
There are no aristocrats anymore, but thanks to the global internet everyone can become a rentier. There are several ways of achieving this:
- Collecting enough funds on your savings accounts
- Starting a business offering products or services
- Real estate investments
- Building an affiliate network.
Let me analyze all of these passive income ideas for you.
The Grandparents’ Way
The first way can be difficult. You still need to find a job, and what’s more, you need to work very hard to earn enough to be able to live from the interest rate your fortune generates. This is a traditional pension model of our grandparents.
It has two major flaws. First, you lose the best time of your life working. It’s not bad if you find a job you are passionate about. But that is not easy. Interesting jobs by definition pay less. There are too many people willing to travel, party, work on movie sets, in TV, which drives the salaries down.
Second, it’s not that safe anymore. In the old days, our grandparents could deposit their money in a bank, buy some bonds or long-term stock, today it’s not a safe solution anymore. The interest rates are low since we live in a credit-dominated society. Bonds may crash, as we see even stable states such as Italy or Spain being on a verge of bankruptcy due to their debt. Finally, stock are a roller-coaster. In twenty or thirty years today’s corporate stars, such as Google, Apple or Amazon may not exist anymore…
The Entrepreneur Way
Founding a successful business? Well, that’s the great way to become rich. Why not find a fantastic idea for a startup and just make it happen? There are several reasons. First of all over 90% of startups fail. They don’t fail just several weeks after you tried to make your fortune. They fail after years of struggle. When you work 24/7, you get your family involved. Actually running a business that fails is like fighting an addiction. Your credit card is overdrawn, and you start having problems with your cash flow. You work much harder than all of your friends at their fulltime jobs. And finally you get broke, and all you have is the experience of what not to do.
Of course, you’ll hear the stories of billionaires, who were lucky enough to succeed. They will tell you that learning from their own mistakes was a great opportunity. But its just BS! It’s a typical survivor bias when the voice of the majority that failed is much less heard than the voice of the few that made it.
One more thing. Prosperous entrepreneurs usually have one thing in common: they are unbelievably hard working. Just think about the most hardworking person you know, and multiply it by 10x. If you are reading the article, probably you typed “passive income” in the search engine. They would never do it. Chances are it’s not for you.
The Property Owner Way
Here’s the third method. Earn some money, just enough to buy some not expensive rental property in your area. Then earn some more and buy another property. And go on until earning passive income that’s enough for your needs.
This may be the best way discussed so far. First of all, you may earn the money any way you want – invest, work hard, go to the casino, make a business. The important part of this strategy is buying some property at every stage of your getting rich. When you win $100,000 in the casino today the biggest challenge is not to lose it tomorrow. Once you lock it in a property, it’s safe.
There’s always some risk with buying property, but if you do it carefully, and spend time on analyzing the offer, choose a location in the area you know very well, and if you don’t go for some suspiciously cheap deal, you will make a good purchase.
The biggest problem in this strategy is that you need to make enough money to buy a property. It’s not so efficient if you take a mortgage. That is why you’ll need to inherit money, work hard or be very lucky to get it started.
Which brings us to the last strategy…
Build an Affiliate Network
Successful affiliate marketing network has it all. First, it doesn’t need any capital for a start. All you have to do is to set up any of these to get going:
- Lots of friends/followers on social media
- A popular blog
- A YouTube or Twitch channel
- An idea for a successful text link or email campaign
- Be a fan of an online product with an affiliate marketing program
- Have any interesting things to say that can be used in content marketing
There are much more things you can leverage your affiliate links. This is how it works.
You convince people to use an online product, and the company that owns it pays you a commision. It works best with services that generate lifetime income. For example, if you convince a person to sign up for a Software-as-a-Service product, you will be earning your commission each time they pay for the plan. This may go on forever.
We are only getting started here. In a decent affiliate marketing program, you generate multilevel passive income streams. If the person that you attracted to a service with your link refers to another person, you will get your commision too.
The best programs in Unilink.io offer you up to 40 percent of the income generated by the user you recommend. That is if you attract a client that will pay $50 a month for the service, you will get $20 every month. Just for this single user!
We recommend you to start with a product that brings the highest profits. SimpleFX is a Unilink.io client that is gold for their affiliates. It’s a trading platform, and you can promote it using a demo account. Just sign in, and go to “Refer friends” section to start the first campaign.
Good luck with your Passive Income Mission!