Can you folks agree with me that one of the keys to success and setting up residual income streams is time? I don’t know if that is accurate to say because for some people depending on what kind of investments they make or online opportunities they get involved in they can make some good money pretty quickly. What I think it really comes down to though, more precisely, is patience and setting a long term goal that you stick to.
As I’ve mentioned many times before I truly believe that in order to learn how to earn passive income one of the shortcuts is through coaching. Well today I finished a session with a new internet business coach that I’m working with and I must say I felt a bit discouraged. It’s usually the opposite but after speaking with him I could see clearly in front of me that goals I’m trying to achieve in terms of business opportunities, income, and success are most likely going to take time and patience.
One of the reasons I clearly realized this is just because the content he was teaching me was not exactly what I want to do to make money. It is a web model of generating passive income that definitely works but to tell you the truth I don’t see it as a long term income generator. After I hung up the phone I started contemplating about why I felt down but couldn’t figure it out exactly yet.
Later today I was reading a book by Robert Kiyosaki and he was speaking about how successful people are the ones that usually set and then follow long term success and wealth goals and don’t rush to achieve them. They know it will all come with a matter of time. Unsuccessful people chase faster results. I think that happened to me a bit today. I spoke to my coach hoping to hear some magic words but didn’t. Instead I heard about making money in a way that I wasn’t comfortable with so in some ways I was placed back at square one.
Anyway the wealth and success lesson for me out of this is that this whole process is going to take time and that I don’t need to rush it. I’m making at least $10 a day in passive income off the Internet and I’m going to keep working steadily towards my goal of $200 a day off the Internet. I have a long way to go to hit that passive income level but I’ll make it happen because I know success and good opportunities take time to develop.
You want to start to earn residual income and set up some opportunities but first you need to even understand the definition of this word. Most of us hear that term or we also hear the term passive income floating around in the money conversation circles. Well before you start to make anything or talk about it you need to have an understanding of what the word means so you know how to go about making it!
There is one big mix up that many people have when they think of the terms residual and passive income. Let’s get one thing straight right off the bat. Working from the Internet or from your home does not automatically mean that you are making passive cash streams. It means you are working at home and while you do have more freedom you still need to work all the time for your money to keep coming in correct?
If you want to understand the true definition of residual or passive then think about assets that produce money daily, monthly, yearly etc without you doing something specific for at that moment to get it.
Let me give you a few examples. The interest you get on your money in a bank or bond is passive. Once you put the money in any of the interest you receive from that cash you actually have done nothing for except the initial action. Another great example would be a website that you set up Adsense on. Once you put in lots of initial work and the site starts ranking well you will most likely be getting money coming in daily with no or very little maintenance.
So when you’re evaluating whether a residual income opportunity is really that then think about this one question. Will I earn money even when I’m not working. Remember many opportunities require initial work before they will turn into something truly passive. That is the true definition of this word.
Today I want to speak a bit about a little hidden (not so hidden to some) online residual income builder. Well, let me backtrack for a second this method won’t directly build you a passive income online but it definitely can help you get ahead.
As I’ve mentioned before in some of my SEO tips and tricks articles if you want to make money you need targeted web traffic, and in order to get that traffic you’ll need your site ranked high in search engines. If you want to rank high then you need to build up a solid foundation of anchored links. Well, with article marketing you can do just that.
For those of you who don’t know article marketing is I’ll explain it to you a bit now. It’s great for those of you looking to build up links for your passive income websites. What you do is you write an article related to the website you want to promote and then you submit this article to hundreds of free article directories around the Internet.
You see the beauty of this is, at the bottom of your article is what we call a resource box. In this little box you write some information about the website you are promoting and you can also usually put in 1 or 2 anchored links in the description. If you read any of my SEO articles you’ll know exactly why anchored links are important and how to do them. There are also article submission services like ArticleMarketer.com which will submit your articles for you which saves you literally hours and hours of work.
So if you are seriously about setting up a residual income business online then you really need to learn about and get in a good habit of regularly doing article marketing in order to promote you money making websites. You will not see instant results but it will definitely help your SEO efforts and you’ll rank better in the search engines.
These days because of the amount of business going on over the Internet, developing a quality residual income business is not as hard as it used to once be. Building residual income is something that is worth striving for and some people are able to achieve it faster then others but if you constantly work at it, it will come.
There are a few qualities that I’d like to speak about that you will need if you are serious and would really like to earn residual income for life. First things first let’s get this straight right from the beginning. You cannot be lazy and you’ll often need to put in some solid work and learning from the beginning.
Unfortunately there are more and more people online these days trying to convince you and me that they can help us some money while sitting on a beach in Thailand and checking a few emails. See there is a catch with most of these so called passive income gurus – the only money they make is from selling products to people like you that may be really desperately in need of making extra money.
Let’s get one thing clear from the start. To develop a residual income business that actually has a solid foundation and will work for you into the future you need to take time, have patience, and learn a lot about the different opportunities and programs out there.
I can say for me it took about 6 months of almost daily study of books, courses, websites, reading of magazines and more to make my first few dollars and start earning my residual income. To this day I’ll be honest. I’m still not raking in the money but I can say that every morning when I wake up after sleeping I have a few more dollars in my account – that feeling is honestly amazing!