Freelance blogging is hard work. Much harder than some of us expected! What happened to living the dream? To getting our “money for nothing and our chicks for free?”
Well, I’m not sure about how to get your chicks for free, but I can help you with the “money for nothing” aspect. At least to some extent.
At this point in your career you’ve probably heard the term “passive income” at least once. Now, to fully understand passive income, let’s first take a look at what qualifies as “active” income:
Active income is money that you have to earn actively. (Makes sense so far, right?). Money you make from your freelance blogging “job” is active income. As is any money you have to be present to earn. You perform a service once (like writing a blog post for a client), you earn money for it once. It’s the income model we’re all more-or-less familiar with.
Now, what qualifies as “passive” income will vary from place to place, but the basic gist of it is this: It’s the exact opposite of active income.
Passive income can be earned even when you’re not around — it can run on auto-pilot. It’s money earned with little-to-no effort on your part. You perform a service once, you earn money from it multiple times. With no additional work from you!
Sounds pretty good, right? Now, imagine setting up multiple revenue streams, all passive. Each of these revenue streams will take effort to set up initially; however, after they’ve been put in place, you could potentially earn more money than you earn now… for doing nothing at all. Talk about living the dream! [Read more…]