Many small business owners and freelancers dream of setting up viable passive income streams. It’s a system where you don’t have to get paid by the hour or project to earn. You just need to put in some work in setting it up and let it run to start earning.
For example, you’re a content writer and you get paid by the word. This means that if you write a certain number of words, you get a paid a certain amount for the work you produced. While the rate you receive might be excellent, there’s a ceiling that you’ll never break through because even at a good rate, you only have so much time and there’s only so much work you can do in a day.
But say you’re planning to write an eBook. You do your research, write the eBook, publish, and advertise it. You also build a landing page where people can purchase and download your eBook, and do some marketing efforts to drive traffic to this page. The checkout process on the page is fully automated so there’s minimal intervention.
While this sounds like a lot of effort up front, the good thing is down the line, the cash continually rolls in even with minimal effort.
What Is Passive Income?
What Passive Income Is Not
Unfortunately, there are some widely believed myths regarding passive income. So before we get into what they are, let’s first talk about what they aren’t.
A passive income isn’t a lazy way to make money. You’re not going to be sitting on a beach and sipping on a cocktail while the money rolls in. There’s…