How How to Build Passive Income Empire
Olasunkanmi Adeniyi
Helping You Master Personal Branding | Product Management || Last-Mile Logistics Operations
If you you have access to internet connection, you are powerful.
My approach to making money online is ridiculously simple and has helped me a lot.
What if you could make money every minute of the day while you were sleeping?
Do you want to wake up to the sweet sound of credit alerts for the rest of your life?
Did you know that almost every wealthy person you can think of has a money machine that prints cash for them, whether they are there or not?
This money machine is called a passive income. Banks have money 24 hours a day, 7 days a week.
I often hear that "the rich do not work for the money. The money works for the rich."
"The rich do not work for the money. The money works for the rich."
It's true, and it is because they created processes and systems that allowed them to make money even when they weren't actively working.
Now let's talk about you, yes, "you" my readers.
Do you have a money machine?
Is your income active or passive?
Do you have to be a slave every day and go to work before you can make money?
What if you get sick or lose your job now?
Can you still maintain your lifestyle? Well, that's a lot of questions that would of course depress you if you weren't in your finances.
But the goal is not to upset you, but to get you to kick your ass to do something for your income.
Fortunately, you can learn about these easy-to-start business opportunities that even civil servants can earn passive income.
The best part is that most of the passive income ideas listed here are suitable for people who want to avoid the hassle and stress of starting a business from scratch.
But before we dive into the list, let's take a look at the basics.
Get your LinkedIn Made Easy Here - A Practical Guide To Career And Business Growth On LinkedIn
What is active income?
Active income is the money you earn as a result of your direct efforts. It's the most popular way people make their money.
Thinking this way, active income is the money you earn by doing something.
examples of active income:
Income earned from completing a client project. Salary at the end of the month.
Income from freelance work
Your coaching or consulting fee
What is passive income?
Passive income is the money you earn from your assets. You don't have to work to earn passive income.
It's the income you generate without your active participation.
This is where you want to be – passively making money with your assets.
Think of it this way. You have the assets to generate income. For example, real estate that pays rent, stocks that pay dividends, or even profitable companies.
Example of passive income:
Independent and profitable business
Affiliate marketing
Turning your expertise into productive venture
Money from Monetization of your Youtube channel or other social media channels.
Rent from real estate
Money made from your book or other intellectual property rights
Note that you usually invested a lot of time and resources in advance to build wealth before you can start earning passive income.
"If you can't find a way to make money while sleeping, You'll work until you die."
Passive income ideas for making money 24/7 From anywhere
You need to know that you will need to work a lot in advance before you can start earning a fair amount of residual income from your efforts.
Assets that generate passive income are not a coincidence. You grow them over time.
However, if you are willing to do the initial work needed to build a source of residual income, the idea of residual income available today has been proven.
Affiliate Marketing
Affiliate marketing, when done correctly, is a way to earn a lifetime of passive income.
The best part is that you can do affiliate marketing online or offline.
This is a great example of affiliate marketing. Have you ever been to Ikeja's Computer Village or visited the island's Balogun Market? Do you remember those who stand on
streets and ask them to buy from them?
With a little care, you'll usually find that they don't really own the business that takes you.
Recommended by LinkedIn
Affiliate marketing involves selling someone else's product and you get paid commissions for your efforts.
There are some points to keep in mind:
You don't have to own a product or service
You need to know how to sell online or offline.
You need to put in place a system to attract leads (buyers).
Promote only products that you can trust. It would be even better if you had used them. Our goal is to generate residual income from affiliate marketing, so now we will focus on building the system or automating the process so that we can make money from the system whether or not we are involved in it. To.
Fortunately, there are some valuable resources to help you get started. This is an excellent free resource on youtube, facebook, instagram or Tiktok.
Then, when you're ready for a more advanced strategy, check out this paid course on Udemy.
Making Money From Your Skills Or Experience
Turn your knowledge into a product and sell it for passive income - that's the simple idea behind it.
However, you need to make sure that the specific knowledge you want to convert into a product is on the market.
You don't want to spend a lot of time creating a product just to know that no one wants to buy what you sell.
Therefore, before doing anything else, do the following:
Conduct market research. Your goals are:
Identify who your customers are.
Where are they staying online and offline
Are they willing to pay – the data will help you set a reasonable price for your product.
How bad do they need your solution?
How do they prefer to consume your product - as video content, books, software, or as a digital or physical product?
Answers to these questions will shed light on your product formats, marketing strategies, and the tools needed to create a product.
Tools for Creating Ebooks:
Word processing – MS Word or Google Doc.
Tools for creating video courses:
microphone
smartphone or digital camera
Video Editor- OpenShot or LightWorks, Youcut,
Screen Recorder – I'm using screenOMatic and XRecorder
Course Hosting Platform-Depending on your niche (Alison, Teachable, Udemy, YouTube)
Invest In Crypto Currency
Cryptocurrency has moved into the mainstream investment asset class that many people are currently exploring and it's making them millionaires easily.
What is a cryptocurrency?
Cryptocurrency is a central authority-independent type of digital currency for transaction validation and new entity creation. Instead, it relies on encryption to prevent counterfeiting.
Blockchain technology supports cryptocurrencies.]
A blockchain consists of individual blocks of data that can contain any information, such as B. Transactions made in a particular cryptocurrency. Each block of data refers to the previous block and creates a chain of blocks. This reference uses encryption to ensure that the chain remains immutable and prevent hackers from modifying the data.
Currently, there are thousands of cryptocurrencies. This is primarily due to the ease with which new currencies can be created using smart contracts. New coins can be easily stacked on existing blockchains. A network of block verification computers has already been established in the existing blockchain.
How to choose a cryptocurrency to invest in
It's worth doing some research before you go ahead and buy some coins or tokens just because someone said it's a good investment.
First of all, it is important to understand that choosing a good cryptocurrency is different from choosing a good stock. Shares represent ownership of a company that is or at least may generate profits for its shareholders. Owning a cryptocurrency represents ownership of a digital asset with zero intrinsic value.
It is simply supply and demand that raises or lowers the price of cryptocurrencies. When demand increases and supply is limited, prices go up. Insufficient supply raises prices and vice versa.
Therefore, when valuing cryptocurrencies, the important question to answer is how the supply will increase and what will drive the demand for coins. You can answer these questions by reading the white papers released by the
How to Invest in Cryptocurrencies
Once you find a cryptocurrency that you think is a good investment, start buying.
The first step is to open an account with a cryptocurrency exchanges like Paxful, Coinbase, Binance e.t.c
Most stockbrokers do not support cryptocurrency trading.
Coinbase (NASDAQ: COIN) is one of the most popular and beginner-friendly exchanges in the United States. Other options include Gemini, and new brokers such as Robinhood (NASDAQ: HOOD) and SoFi (NASDAQ: SOFI) support encryption. Make sure the exchange you want to use also supports the cryptocurrencies you want to buy.
Once you have funded your account in fiat currency, you can place an order to buy cryptocurrency.
Orders on the exchange work the same as orders on the exchange. The exchange will match your buy order with someone who places a sell order at the same price and execute the transaction.
When the transaction is completed, the exchange will keep your cryptocurrency in your storage wallet.
cryptocurrencies is an easy part. As a crypto investor, you need to be prepared for volatility. Cryptography is generally more volatile than traditional asset classes such as stocks. Price fluctuations of 10% or more are very common in just a few hours.
In addition, you need to consider the amount of portfolio you will ultimately allocate to a particular cryptocurrency and common asset class. Given the variability of cryptography, try to give yourself an acceptable range of allocations. If your investment is outside these ranges, be sure to rebalance it.
Advantages and Disadvantages of Investing in Cryptocurrencies
Investing in cryptocurrencies has several advantages:
Diversification: The value of cryptocurrencies does not seem to correlate with the price of stocks, bonds, or other asset classes. However, cryptocurrencies have only existed for about 10 years, so data on this is limited.
However, in theory, it makes sense that the price of crypto has nothing to do with the price of traditional assets. Yield Potential: As adoption increased, cryptocurrencies generated very strong profits. Most people agree that the expected return on a solid crypto investment is higher than that of stocks. Additional Utilities: Unlike stocks, some cryptocurrencies provide utilities. For example, you can use Bitcoin (CRYPTO: BTC) to pay for goods and services. Other tokens may allow access to the project or discounts on the project's services. However, there are some major drawbacks for investors.
As a cryptocurrency beginner, don't try to find diamonds in the rough. You should get your feet wet with the more established cryptocurrencies that have developed networks to support them. This will give you a better understanding of how cryptocurrencies are invested and how they fit into your portfolio.
Bitcoin (CRYPTO: BTC) is easy to get started. All cryptocurrency exchanges support Bitcoin trading. It's well established and you know what you're getting with Bitcoin. It's not flashy, it's just digital cash, but it has the advantages of a starter and is widespread. It gives Bitcoin a competitive edge when it comes to it