Putting Together The Ultimate Passive Income Machine - Passive Income Assignment: How To Make Money Online With My Favourite Passive Income Streams (2016)

Passive Income Assignment: How To Make Money Online With My Favourite Passive Income Streams (2016)

Chapter 5. Putting Together The Ultimate Passive Income Machine

You should have gone through the previous chapters about how to make passive income with different techniques already. Now it’s time to put everything together to build the ultimate passive income machine. We will be combining all the ways to make passive income, and each will complement each other. If this strategy is done the right way, it will generate you income for the rest of your life. It will take time, so don’t expect to put in no effort and end up with millions.

I will be starting with the easiest and fastest way to make passive income, so what you’ll want to do is start here and once you have success, move onto the next step and so on. In this post I’ll be giving a general guideline for what to do. I have created more detailed posts on how to do these, so check them out after reading this. I will link everything in this post. Let’s begin with Kindle Publishing.

Step 1: Kindle Publishing

This will be our first step because kindle publishing is the fastest and easiest way to make money online. You don’t need to be a writer to do this, since 90% of the people creating these books aren’t. We will want our kindle books to relate to our website later on, so if your blog is going to be on cooking, you want to create cooking related books.

Once you’ve made a series of related books, you will not only start making money from the royalties, but you will also be using these books to promote your blog and vice versa. This is so powerful because by having your book on Amazon and taking advantage of the free promotion they have, you can get in front of hundreds of people within a couple days. These people will then go to your blog if they liked your book, and potentially become a customer.

Step 2: Create Blog/Website

Now that you have a series of books in a certain niche, it’s time to create your website or blog. Your goal at the start should be to create quality content that is all free for your readers. You want to build a relationship with them first to build trust. Once the relationship is made, you can now start promoting things and monetizing your blog. An example of this can be promoting your kindle books through your blog.

Next thing you’ll want to do is create an email list. An email list is when people subscribe to your mailing list because they want to get more from you. They provide their email address and you provide them with awesome content. This is the most powerful asset you will have because these people already trust you and will basically buy whatever you put in front of them. They will not only buy your books, but they will also buy products you recommend. The most successful people on the internet today say that the money is in the list, so don’t overlook this step.


Step 3: Affiliate Marketing

Now that your blog has quality content on it and you have a decent following, you can now start promoting other people’s products as an affiliate. This means that you refer them to a product or service and if they make a purchase, you receive a commission. You should only recommend products that are related to your niche and you have personally tried. DON’T RECOMMEND RANDOM PRODUCTS THAT YOU HAVEN’T PURCHASED. The whole idea behind this is that you are providing them with useful tools and resources that will benefit them in some way. Your first priority should be to help them and making money should come after. This is a win-win situation for you both.

Step 4: Investing

The question now becomes“what do I do with the money I’m making”? The answer to this will depend on your personal situation, but a certain percentage should go into your investment account. There are many different ways to invest you money and it really depends on your risk tolerance. The main idea is to take advantage of compounding interest over the long term. Albert Einstein once said,“compounding interest is the most powerful force in the universe”.

You will need to figure out how much of your income you are putting away each month into your account but as a general rule, it should be at least 10% of your monthly income. Obviously the more you put in now the better as it will increase exponentially over time.

You can choose to be an active or passive investor. Being an active investor means you are actively buying and selling stock to receive capital gains. Being a passive investor means you’re investing for the long term and receiving dividend payments. Whichever method you choose will depend on your interest, but you should definitely follow one approach. Investing is the number one way to build wealth, so in my opinion it’s a must.

There you have it. This is the strategy that I’m using to build my passive income machine and how I’ve learned about doing this. The process is relatively easy if you’re willing to put in the time and effort. Don’t expect to become rich overnight. This is a long term wealth building approach and is well worth the time and effort.

You don’t have to follow this exact approach, and doing only one of them will be just fine. I’ve found this to be the best strategy for me and I wanted to share this with you. By having my kindle books making me income up front and promoting my blog, and my blog promoting my books and generating income through affiliate products and then investing a percentage in stocks, I believe that this is the ultimate passive income machine that will make me money for the long term. It’s now time for you to do the same.

Visit my website to learn exactly how you can start any of these techniques today. www.PassiveIncomeAssignment.com

Conclusion

Like I said before, by applying what I talked about in this book with confidence I have no doubt at all that you will be able to earn what you have always wanted to and live a quality life. The only thing holding you back is yourself, so don’t be afraid to get out there and get everything you want.

Thank you for reading this book. I absolutely hope that you received value from it. I wish you all the best in your journey, and just remember to never be satisfied, you’re worth much more.