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| Business & Financial Career, work, money, income generation, personal finance, investing, debt, wealth, abundance, entrepreneurship, sales, marketing, SEO, commerce, economics, blogging, podcasting |
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| | #2 (permalink) | |
| Senior Member Join Date: Nov 2006
Posts: 944
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Step 1: Come up with an idea such as a product you'd like to sell Step 2: Come up with an easy way to get started such as ebay to sell the product. Step 3: Start selling and focus on learning rather and analyzing the behaviors of your competitors and your customers. Step 4: Adapt your offering, your pricing, your terms, etc for the market Step 5: Set it on autopilot Sept 6: Repeat I am not saying that this is the only way or even the best way. What I am saying is that for passive income you should: 1. Start small 2. Start now 3. Focus 4. Perfect your position 5. Set it on auto pilot If you want to go for the BIG Idea then by definition you are doing something better or different. This means that you may often find it simply does not work but when it does its big. When trying to create passive income IMHO, you should set your expectations lower. Why lower? When you try to make a little you can cherry pick products that are the cream. You can focus more on a few transactions and manage those with ease. You can operate with lower overhead. My perspective on this subject is really jaded because its really catered around what I do now. I am sure that other readers could offer ideas that may be even better. | |
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| | #3 (permalink) |
| Member Join Date: Nov 2006 Location: Yokohama, Japan
Posts: 88
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I don't like to state the obvious, but many people in this forum is working on blogs or web-sites. Income from ads and affiliate programs can be that passive income that you (and me !) are looking for.
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| | #4 (permalink) | |
| Member Join Date: Nov 2006 Location: Haworth, West Yorks, United Kingdom
Posts: 66
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| | #5 (permalink) |
| Senior Member Join Date: Nov 2006 Location: Singapore
Posts: 433
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When analyzing any systems for passive income, it helps to remember this formula I first learnt from my millionaire mentor Adam Khoo: Income = Value x Time x Scalability For example, I rely on my pro-blog Life Coaches Blog for passive income, but it's not really passive because I still have to work at it, but it is a lot more scalable than my full-time job because I can reach out to a larger audience. A great passive income system would ideally be one where you can reduce the time you put in, and increase the value and scalability. A good example is Steve, even though he still has to put in the time to write articles for his blog, his value and scalability numbers are so up the scale that the income becomes substantial relative to the time put in. |
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| | #7 (permalink) | |
| Family Member Join Date: Nov 2006 Location: Berlin, Germany
Posts: 8,749
| Quote:
Income = Value x Time x Scalability x Monetisation Even if you invest a lot of Time to bring a lot of Value to a lot of people you still make no income if you fail to monetise it. | |
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| | #8 (permalink) | |
| Senior Member Join Date: Nov 2006 Location: Tucson, AZ
Posts: 162
| Quote:
Income = (Value x (Time/Scalability + Monetisation))/3.486 | |
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| | #11 (permalink) |
| Senior Member Join Date: Nov 2006 Location: Sheffield, United Kingdom
Posts: 202
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2 Things Firstly chances are you'll get more help on this site if your polite, even a simple thing like please's and thank-yous can make a post seem more friendly and therefore people are more likely to respond Secondly passive income as far as I can tell the easiest way to do it is make a model, and then rather than creating things from scartch just put them through the model. I.e. something that adds value with very little work. I could put 100 letters in envolopes for 5p. Alternatively I could build a machine that puts letters in envelopes and just every hour spend 30 secs restocking letters and envelopes. Depending on how many letters it can do you could make lots of money just by passing things through the model. Costs would be creating the model and a small time investment putting things through it. Hope this helps |
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| | #12 (permalink) |
| Junior Member Join Date: Feb 2007
Posts: 3
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Hi Everyone. This is my first time posting to this community and found this thread interesting and thought I may be able to help Siccmadeinc with the search for passive income. I have been searching for passive income streams for a while now. The one I have found recently is the most promising. Here is a link to the site that will give you the information: https://www.legisi.com/ref/?id=Bullet77. You can also contact me via email for more information. Enjoy! |
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| | #13 (permalink) |
| Senior Member Join Date: Nov 2006 Location: USA
Posts: 334
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Robert Allen has a mastermind tele-group, a book and a set of CD's on the subject. I was in his original mastermind group....way back when....and I learned alot. A few of the areas we made $$ was marketing a product (that we already had....our wassail, if you remember that story) online with a website and affiliates 2) stock options (made $10k, lost 8k, but hey....it sorta worked 3) real estate~ flips & rentals (need some cash for that and lots of patience!) 4) Information on the internet (didn't use that until recently...wrote a book and now generate some passive income from that) (Real estate....in all forms, information on internet, and stock market are his babies!) |
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| | #14 (permalink) |
| Banned Join Date: Nov 2006 Location: Eastern Canada
Posts: 203
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Network Marketing is one good way to create passive income. I like it because the company I work with has a low start up cost and has 22 years of positive growth. If you or anyone is interested give me an e-mail chris_run_fly@hotmail.com and we can talk over the phone.
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| | #15 (permalink) |
| Junior Member Join Date: Aug 2007 Location: Dublin, Ireland
Posts: 10
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Hey, What about affiliate marketing? It's sort of a passive income. I mean once you've learnt how affiliate business works, it takes less and less time to make sure that the money flow in. I only work 15-20 hours a week and make twice as much as I did as an IT recruitment consultant. Is 20 hours a week to much to call it a passive income, do you think? He, heh, I wonder Does anyone here makes money as an affiliate? Katharina |
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