I recently got my hands on Mark Riddix’s e-book, “How to Make $2,000 A Month Online” and was blown away (plus, there’s a money-back guarantee; available on the left of this page)! This book gave me so many resources to make money online, plus it provided a realistic roadmap for developing a passive income. Also, Mark made me realize that passive income doesn’t happen overnight, no matter who you are or what you’re doing. Sometimes hourly income is necessary in order to gain that residual income in the future.
I wrote an article last week regarding the 3 common ways to receive passive income, and after reading Mark’s book, it was obvious that any form of passive income will first come with hard work, sometimes for zero or very little money.
The first form of passive income was with dividends. This often takes a lifetime of investments to acquire enough money in dividends to live off from. What is gained (presently) while you continually put money into your 401(k) or 403(b)? Really, not much. You may receive your dividends, but you’ll most likely roll them back into your investments. Now, don’t get me wrong, it is greatly beneficial and is in your best interest to invest in these funds. My wife and I both contribute to our company investment programs. But, we know we are doing it for our future, not the present.
The second form of passive income was real estate investments; mainly, to rent out property to individuals that need housing. It takes quite a long time to save up for a home purchase (by working at your job most likely), and if you decide to take a loan from the bank, your cash flow might be pretty slim. Once the bank loan is paid for, then the income is significant, but again, this takes time.
The final form of passive income is starting your own business (keep in mind that not all businesses result in passive income though; many have quite the opposite results). There are many different avenues that can produce the income, but think about the time and effort that’s needed in order to achieve the desired results. In my case, I have started a website and plan to monetize it as soon as I am able. So far, I have been putting at least an hour a day into this venture and it has produced very little income. However, as Mark points out in his book, there are many other avenues that can be taken to produce immediate income on the way to creating a passive income; and, they’ll even help you get to your passive income goals more quickly! I could tell you the pages of resources that are offered in his book, but honestly, it’s better if you read it for yourself. That extra $2,000 a month might be worth the investment.
Passive income takes persistence and patience! That’s why so few people reap the results. If you begin down this road, it’s probably best if you map out a plan for the first year or two. This way, when you do not see much income in the first 2 or 3 months, you will not be discouraged, because this result is most likely according to your realistic plan that you have already committed to paper! It might take you at least 6 months before you start making $100 a month in passive income.
Have you ever been discouraged in your attempts for passive income? What was it that discouraged you? How did you get through it?
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.