The definition of passive income is that by working minimum and investing into dividends, inter toe real estate rentals one can get passive income. To build up online passive income one needs to invest some time as well as money. These are required initially and then later minimum work and effort is required. The various benefits of earning passive income are:
• A strong initial effort is required at the beginning to get the flow of income get started. Thereafter, one can get lot of earnings by giving minimum efforts.
• It gives you freedom to choose when you will work and where you will work.
• The passive income you earn is not dependent on your 9 to 5 hours job. Here you can generate money every day a week for 24 hours.
• You give yourself a raise whenever you desire by multiplying your ways of income.
• One can generate an unlimited amount of earnings. Hence, it is based on your imagination.
• This gives you more time to spend with your family and loved ones.
The various kinds of passive income are:
a) Affiliated Programs – Passive income can be generated from setting up your own website. You can sell any other company’s services and products through your website. The parent company monitors the sales, profits and losses.
b) Information Selling –One can develop an ebook on “How To” topics and sale it on the web. Today the web is the best medium to generate global sales. People love to read and grab information and hence this is an excellent way to generate passive income.
c) Software Products – If a person has good product knowledge then one can use a software product and help people learn something fast on the web.