The thing about true wealth is that it's about more than just income, per se.
Wealth is something that generates more of itself. Ideally, your money should be making you even more money.
It's about assets. These things generate money in a way that isn't directly tied to the time and effort you put in. That's what makes the difference between “wealth” and a mere salary.
This is the idea behind “passive income.” While it's true that nothing good comes without hard work, the idea of creating something that continues to generate income by itself is a tantalizing proposition indeed.
And today, with the miracle of the internet, all you need is time and an internet connection to start making a profit.
In the words of Gordon Gecko, “Money never sleeps.” When you've made something that generates passive income, it keeps bringing in money, whether or not you're actively working on it at the moment.
But how do you do this?
There are quite a few options, but one of them has been a perennial favorite since the early 2000s: blogging.
It's not secret: you can make money from a blog. You do need good content, and you need a solid monetization strategy. But once you've put in the majority of the legwork, your blog will continue to generate profits with minimal effort on your part.
Entrepreneur explains how you can get started today. Check it out below.
Starting a blog…
Perhaps the most popular way to earn a passive income is by launching your own blog. It only takes a couple of minutes to set up and is cheap to start – just purchase your domain name and pay for hosting.
After that, start creating amazing content that people would be interested in reading or sharing. For example, if you’re an accountant that has helped small business owners with their taxes, then that could be your blog.
I personally have my invoicing blog to help customers know everything there is to know about invoicing. This draws thousands of signups a month.
Make sure the topics you write about are popular. If you still love your pet rock, I doubt there would be enough people visiting your our site to monetize it. But, you never know.
Once you’ve gained a following, you can start making money from of your blog by:
1. Earning commissions as an affiliate.
This is where you push other people’s products or services on your site. Make sure these products or services are relevant to your blog. For example, that accounting blog could become an affiliate for accounting or invoicing software. Once you find an affiliate partner you’ll be given a unique code so that whenever a visitor clicks that link on your site you’ll earn your commission.
2. Sell advertising.
If your site has the traffic to become an affiliate, then it may also be good enough for advertisers to purchase ads on your site. You may start off small, like making under $20 per ad. But, you may eventually be able to charge triple digits. Again, your site must be quality.
3. Find sponsors.
This is slightly different from just selling ads on your site. Sponsorships may be a one-off piece of sponsored content or permanent logo embedded in your footer
You can find more creative ideas for making money while you sleep over at Entrepreneur.