FOXBORO, MA - JUNE 4: Andres Iniesta #6 of Spain keeps the ball from Jonathan Spector #2 of the United States and Steve Cherundolo #6 of the United States at Gillette Stadium on June 4, 2011 in Foxboro, Massachusetts. Spain beat the United States 4-0. (Image credit: Getty Images via @daylife)Creating financial sustainability in this economic environment can be quite a difficult task. Reports are coming out month after month about the negative outlook for the United States economy. Global economic forecasts do not fare much better. Millions of Americans are finding themselves facing the scary possibility of unemployment. For those currently employed, job security remains faulty, at best.
At times like these, it is absolutely imperative that you begin to think as creatively as possible for ways to introduce additional income streams to help bolster your financial bottom line. However, if you are facing eight, nine, or ten hour days at a job, you might find that you do not have a ton of energy to throw behind another gig moonlighting. On top of this, part-time jobs to earn extra money are becoming almost as elusive as Bigfoot.
That's why it is imperative to take a few risks and decide how you can create passive income streams.
If you are unfamiliar with what passive income (PI) is, let me take a minute to explain. Most people think that it is easy money. Others think that it is a way to get rich quick. However, this form of thinking is high inaccurate and will lead you to fail at your business in no time. This form of income is something that takes active, hard, and focused work at the beginning, but will keep earning money for months and years to come. Actors, singers, and writers potentially earn passive income. They are paid for their work upfront, but will also earn royalties on their work as long as their works are being purchased. Although potentially a ton of hard and active work, many individuals think of owning and managing rental properties as other forms of PI.
But if you are not an actor or if you don't have the upfront capital to buy an apartment building, you can still find hundreds of opportunities to create passive income streams online. Here are a few ideas that can assist you in earning extra cash online:
Create a blog and sell advertising and affiliate products Write and sell an ebook online Create products, such as Wordpress templates Creation or promotion of membership sites Creation and promotion of subscription sites
This is only a partial list. One of the greatest aspects about these forms of income is that you can treat them as a home based business. Making money online can be done during the evening hours or according to your hectic schedule. You create the plan, create the content, create the products, and promote the heck out of it.
The great thing about less active money making opportunities is that you place them on the web, promote the heck out of them, and let them make money for you for years to come!
Jay Monroe is highlighting his money-making exploits on Thats Awesome.org, a website that is detailing his experience with one money-making program.
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