What Is Passive/Residual Income?

Did you know that each and every one of us has the ability to create something called passive income?

By initiating a process that generates income from the comfort of our home or any location of our choice.

I know that may sound crazy to those who are not familiar, but when was the last time you visited a website looking for some type of product and saw what we call a CTA (call to action).

When you clicked the CTA link within the content, it took you straight to Amazon or Ebay?

I can almost guarantee you that the brain behind that website wasn’t sitting there waiting until you clicked that magical link. He or she is actually actively involved in a form of online marketing called Affiliate Marketing.

Which is a commission based type of marketing, where the webmaster (website owner) provides awesome product knowledge and entices you, the buyer to purchase the product by clicking on his/her affiliate link.

Then you receive a commission based upon the percentage offered to the affiliate and the price of the product.

Affiliate Marketing Is The Business Of The 21st Century

My aim when starting this blog is to utilize these methods of online marketing, to create passive income, then share with you guys what works and what doesn’t.

Though I must say that affiliate marketing is merely one form of generating passive income.

What Really Is Passive Income?

Firstly I want to share with you the best explanation I’ve heard to summarize what passive income is really all about.

On his blog, Smart Passive Income, Pat Flynn describes passive income as,” Building online businesses that take advantage of systems of automation that allow transactions, cash flow, and growth to happen without requiring a real-time presence.”

In other words, we don’t trade time for money.”  He also went on to say,” Instead we entrepreneurs invest our time upfront creating valuable products and experiences. We work hard now to continually reap the benefits.”

I applaud Pat for that explanation because I couldn’t have said it any better, or have I heard it said any better. He, meaning Pat, is a real inspiration to me and many others, but it is his personality that really puts him a shoulders length in front of the competition.

His blog along with his other sources of passive income generates upwards of a whopping $100,000 per month and can easily be seen in his income report on his blog.

So Why Passive Income?

Trading time for money has become somewhat of a normality to a large percentage of us humans, but a small percent has and will continue to choose otherwise.

Did you know that the average millionaire usually has multiple streams of income including passive and non-passive? Think about it, what would you be able to do if you were able to create multiple streams of passive income.

How would that affect your personal life? How about your family life? Would you be able to impress that guy or girl that you think about ever so often? How about the ability to pay in full for your parents and other loved ones to be able to take the vacation of a lifetime?

My dreams were alway to be able to provide for my parents. Even though they are no longer together I still believe in being able to provide for them many times over what they have done for me.

Where Do I Study Passive Income & Affiliate Marketing?

So I am a currently a paid member of an awesome online community called Wealthy Affiliate, and studying in the Wealthy Affiliate University has proven to be a major turning point on my journey.

Since then I haven’t made any passive income from my affiliate website but I have been able to use the skills learned to begin my own freelance writing business. Having this education gives me a much greater foundation to stand on because many digital marketing freelancers have never even built a proper website in their lives.

Now I can offer you affiliate links to the website in hopes that you will sign up and I receive a commission but I am yet to find out for myself how well the system works in that capacity but if you wish to use the education to build other businesses such as:

  • Freelance writing
  • Local marketing
  • Website building
  • SEO services
  • Social media services
  • Etc…

These are all skills I have utilized in some capacity or the other, even if it is simply helping out a friend or giving advice to other entrepreneurs at meetings and networking sessions.

So in that capacity, if you do wish to check out the free 7-day trial, where you have access to a healthy portion of free knowledge & tools to begin with, I say kudos to you because it can be life changing.

Lastly, it is not all about making money here but rather about the aspirations, challenges, and growth that can be had as an entrepreneur. Gaining the flexibility to take care of your loved ones and still enjoy life to the fullest by having location freedom.

To me, this is priceless and is something I strive for every day, so if you wish to keep up with my journey and build your own business besides mine, please share and follow me FB @theonlineincomeentrepreneur & Twitter @parrismatthew06.

 

 

Author Bio
Matthew Parris is a Digital Marketer & freelance writer for hire. He offers content writing and ghostwriting services. His unique style and voice are crafted from his experience in the digital marketing industry. He continually works closely with B2B and B2C businesses, crafting engaging content that is highly attractive to search engines. To find out more about his freelance writing services, visit ParrisContent.com. Or if you wish to contact him directly, please email Matthew@parriscontent.com.

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