Building passive Income - Part II ~ Make Money Fast - The Million Dollar Experiment Down Under

Wednesday, January 24, 2007

Building passive Income - Part II

Before you read this article if you like you can read Part I

Earn Money While You Sleep
I like to think of Passive Income as earning money while you sleep. Whatever hemisphere you live in remember to take advantage of the opposite side of the world. If you live down south like me I have a couple of UK websites... that's right whilst myself and my countrymen are sound asleep my UK websites are earning a few bucks. Make sure every hour of the day and night is performing for you.

Think of Time as an Investment
It takes at least 15 minutes, probably 30 to write and go through the process of a Sponsored Post and you may get between 5 - 10 dollars for this time. That's all you get though. Spend that same half an hour on improving your traffic or some part of your site and you may earn for example an extra 10 cents a day. That adds up to 70 cents a week, $2.80 a month, $33 a year and so on. Yet remember it was the same half an hour, you just need to think a couple of years down the track not next weeks paypal payment.

Multiply the things that Work
If you have a site that works, make another just like it, try and cater to a slightly different market or country but just duplicate what works and chances are that it will work as well. Don't waste a proven formula, they are hard to come by.

Multiple Streams
How many times have you heard the saying don't keep all your eggs in the same basket. Well its true, you need to diversify and spread your income streams over multiple sources. Otherwise one bad turn of events could destroy your whole empire. If you are spread over 6 or 7 different income streams then at the most you will only take a partial hit.

Please share any other good ideas that you may have for creating and securing passive income. There could be a part III if I get some feedback!

If you found this site to be helpful or inspiring you are welcome to donate to Robs Experiment!

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Tom said...

Hey Rob!
I've just been reading Blog About Your Blog and I see you've shafted me for the next hot seat interview! Cheers bud. At least I've got a chance to rehearse my answers based on the assumption they'll ask the same questions as they did you. Still following your Experiment daily so keep in the groove. Best regards.

rob stgeorge said...

Hey Tom.. glad to be of service! I look forward to reading the interview.