Creating True Passive Income
The investment of one’s own time and effort results in monetary gain. Working for someone else is how the vast majority of individuals make their living. First, before I explain what passive income is, let me clarify what it is not. Passive money does not come from working for someone else.
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The term passive income should not be confused with the term residual income. After putting in some initial effort, it’s possible to build up what’s known as a residual income, which is money that comes in on a consistent basis. The best illustration of this would be comedies on television. Some performers get residuals. Actors receive compensation for their work on the show. After that, certain actors will receive payment each time the episode is rerun. The item is only sold once by salespeople that sell services, subscriptions, or renewable products, but they earn commissions off of each renewal of the customer’s purchase if the buyer keeps their subscription or product. Residual income also includes royalties earned from the selling of books and music.
The creation of leveraged revenue occurs when one activity makes more money by capturing broader audiences than it originally did. A speaker at a conference, for example, may put in nearly the same amount of time to plan and give a speech to twenty people as they would to make the same speech to one thousand people, but they can earn a significantly higher amount of money with the larger group. The interest, dividends, and capital gains that are accrued as a result of the ownership of stocks, bonds, and mutual funds are referred to as portfolio income. To be honest with you, I can’t see how running your own website could ever be considered passive income.
Marketing your website is something you need to do regardless of whether you are offering a product or a service, for example. It does not matter if you are selling your own items or if you have the rights to sell the products of others; this step is required of you in any case. Work is required to market your website, it’s as easy as that. However, this is not a job. Once your marketing efforts begin to bear fruit, you will find that you may generate a significant amount of money with relatively little further effort. However, in my opinion, that constitutes residual rather than passive activity.
