I first learned about earning passive income when I read Robert Kiyosaki’s ‘Rich Dad Poor Dad’ years ago. It made so much sense to me.
What’s better than working fewer hours while earning without much effort—that is, after the initial investment or product is put in place.
One area that I would suggest you entertain where you can increase your revenue stream is information products, i.e. e-books and reports.
People are hungry for information; hence, there is an on-going need to feed their curiosity. With information products, your imagination is not limited. Further, the web is a great place to sell your creations.
E-books and reports are relatively easy to create and can be done in a matter of a few hours or days. A large e-book however, may take several weeks or months, but it’s worth the effort because once it’s done, with good promotion and well-chosen keywords, search engines will help with massive exposure thereby leading to enormous sales 24- hours a day for years to come.
In addition, you can add an affiliate program to increase the number of sales by getting other people to sell it for a commission. This enables further increase for passive income.
Reprint rights, too, creates passive income as you can charge a fee for people to have the complete reprint rights, and they can place their own affiliate links in the product and sell it for the same price to others.
I’ve researched other avenues where you can generate passive income, but I quite like information products. You don’t necessarily have to do any micromanaging per se. Once in place, the investment/product is not dependent on hands-on effort on a 9-5 basis, yet you can generate unlimited income 24 hours, 7 days a week. It’s so worth the initial investment.
© 2009 Cherry-Ann Carew
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