Building Passive Income

The need to build passive income has become so popular in recent time because of the benefits associated with it. People who succeed in building passive income can take vacations when they want to or can make their wife stay at home and look after the kids if they choose to. They can do all these and still have money to pay their monthly bills.So the question is, what is passive income? Passive income is income that you make from investment that require minimal work. Some of these investments are: interest from savings accounts, dividends, rental income from real estate and online business setups that are either put on autopilot or that require very minimal work after setup. In this article we will talk about the latter. The following are some of the benefits of creating a passive income: People who succeed in building passive income do minimal work after the initial setup, they have freedom to chose when they want to work, they are not bound by the traditional 9 to 5pm work week, the incomes they can earn are not limited by any person or factor except their imaginations, they have free time to spend with their families and they could put enough money down to secure their retirements…Types of passive income streams to build online:1. Passive income from Affiliate Programs: to get passive income from Affiliate programs, you need to first set up a website. You will then register with the parent company and wait for approval. Once you are approved, the parent company with provide the products, track the sales and pay you commissions for direct sales from your website and or driving traffic/customers from your site to the parent company. In most cases you get paid when a customer from your website goes on to purchase a product from the parent site. One of the best examples of affiliate commission is the Ebay affiliate program from ebay.To see a typical example of a website set up to promote and sell affiliate products, take a look at: http://www.webauctionsdaily.com

2. Information Products – many people now go to the web for information on “how to” stuff. You can create an Ebook with “how to” information. E.g. How to set up a website, how to manage your personal finances, how not to get ripped off online etc. Because we are in the information age, people are always seeking after information before they take any action, and your online ebook with attract a lot of these information seekers. You can create information on any niche where people need information.

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