A great asset is one that provides you with a steady cash stream – month after month – without your constant attention and presence. Whether a monetized website, royalties from a book deal, or any other method you choose, passive income is truly living the dream.
But how can you get started? It all starts with defining your goal. One man at the forefront of the passive income movement is Pat Flynn, from www.smartpassiveincome.com. He defines passive income this way:
“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. Instead, we internet entrepreneurs invest our time upfront creating valuable products and experiences. We work hard now to continually reap the benefits later.”
So passive income means making money over and over again after having worked only once. After that, it’s just a matter of maintenence and occassional updates. Never before has generating passive income been within the reach of so many people. Working online has made it possible for just about anyone to attract a following, become a member of the media, and to make money doing something they love.
We will keep posting great ideas for generationg passive income, both here and on our Facebook page (www.facebook.com/forevercashlife). So check back soon.