Internet Marketing and Entrepreneurship with Miles
Business:Management & Marketing
I’m so tired of all the BS out there about making money online.
Every coach and guru out there is trying to sell you on a dream - the idea that you can work a few hours a week, bust out the laptop on the beach, and spend the rest of your time chilling and drinking mojitos.
Don’t get me wrong - that dream IS possible.
But what the internet marketers and gurus DON’T tell you is that it takes a massive amount of work and hustle to get to that point.
I’ll get more into the passive income myths in the next video, but for now I want to focus on the 3 ways you can start making money online in 2017, aka the types of online income.
These online income streams can help you become a digital nomad, quit your full-time job, or just create a side hustle that will pay off your student loan debt.
The 3 ways you can make money online are:
1. Passive
2. Residual
3. Active
The first way that you can make money online is what’s commonly called “passive income”. This means that you make money while putting no work in.
This IS possible… it’s just way more rare than you think.
I would argue that the only real way to build up truly passive income is to build a valuable business and then create people and processes that run that business for you.
Another way you can have truly passive income is by the “traditional” passive income route - having a bunch of investments that pay you money on a regular basis.
The second way you can make money online is residual income. This is what most people are actually doing when they tell you they are making passive income.
Residual income means you put in work up front that you get paid for several times over. For example - let’s say you create a great digital product around cat care and cleaning.
Once you set up the website, funnels, traffic systems, product delivery systems, payment processing, and customer support…
You will be making money off that product time and time again without putting much more work in.
Another example of residual income is the membership site my wife and I run.
We have created a bunch of content that continues to work for us, as people are constantly signing up for our membership site. So that content we created a year back or however long ago is continuing to pay dividends… which is awesome!
However, at the same time - we are constantly creating new content for our membership program... So in reality, even our membership income is quite active still.
So while we aren’t making PASSIVE income, we are making HIGHLY LEVERAGED income… aka a lot of money from not that much work (after the initial burst of work of course).
The third type of income you can make online is active income. This is basically being a freelancer.
I feel like active income gets a bad rap, but I don’t really understand why. Look - if you want to have time freedom and location independence, being a freelancer is probably the best way to get started.
And guess what? If you get good enough as a freelancer, you can definitely work part-time hours and make full-time money.
But again - the path to becoming good takes time. There are strategies you can use to optimize your effort, but there aren’t any shortcuts here.
PS
Go hit “subscribe” up above if you haven’t already - and keep your eyes peeled for my next video where I really break down the myths and realities of passive income.
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