A few years ago I was desperate to learn how to earn passive income online – I suppose I was having the classic midlife crises: hated my job, felt trapped earning good money, but watching my life pass by while I lived for the weekends and the vacations. I’ve learned a lot in three years – there are an awful lot of traps out there for the beginner and the naive. In my experience here are some things I wish I’d known before I started.
Online Business or Online Job
If you need money right now then you need may well end up freelancing or otherwise selling your skills for a profit. And very profitable it can be too. But after a while I realized that having a whole lot of clients was even worse than having a boss!
Not All Money Making Schemes are Scams
I have found some excellent mentors along the way – almost without exception the people with the best information provide it at the lowest cost – or free. Why? Because they make plenty of money from their passive income businesses – they don’t need to fleece you as well.
How To Pick a Scam
Here are some of the tell-tail signs of a scam:
- only limited places, sign up now,
- lots and lots of testimonials from people you never heard 0f
- lots of glowing reviews when you google the “product’s name review” or “product name scam” – these are affiliates making a buck when you sign up for the product from your site
- products that tell you exactly how you will make money – before you sign up
You Need Resources to Start Your Business
Once you know what you are doing you will also have realized that it will probably take 9 months to a year to start making a decent income. That’s the bit no one talks about. If you are planning on quitting your job – then make sure you have enough savings to cover your living costs for a year. If you are doing this part-time – make sure you understand the time commitment you are taking on. Yes you can start an online business for free, and you certainly don’t need a bank loan, but having some money to start and the ability to reinvest into your business will help – a lot.
This is a Tough Business
Apparently over 98% of people fail with making an online business. Its probably a made up figure – but its also probably true. Most people just fade away – or start selling their service online – their friends and relatives will think that’s success. But its not if you want a truly passive income business. Its taken me years – but now if I take a month off my income doesn’t change very much- the checks just come in – but most people would have given up long, long ago.
So how do you earn as passive online income? Take your time, learn a lot, work hard and then maybe after a year or two – you will in fact have an online business
