Since 1980
How To Find Modern
Passive Incomes
How To Make Money With Modern Passive Incomes
Table Of Contents:
%20(1).png)
What is a modern passive income?
Passive incomes are seen as one of the holy grails of wealth creation, much like nuclear fusion is to the energy sector.
Perpetual income generated, like energy, but without the harmful side effects….work (or CO2 emissions in ref to energy).
I would advise at this point, that there are two things to be aware of when beginning your passive income journey. Know that:
-
Passive incomes are great, as part of a larger vision. Without one, all the money in the world wouldn’t satisfy.
-
Focusing solely on passive income, from what I’ve seen with several hundred people, can begin to make you dull (not too sharp). This can prevent you from innovating and being resourceful.
Ultimately, a modern passive income is a way to build wealth that uses less time and energy. It’s the utilisation of income systems that have only been around since around 2010.
They provide hybrid-type business that includes a combination of:
-
Network marketing (sometimes)
-
Franchise components
-
Coaching
-
Affiliate style marketing, and more.
These systems are powerful and can generate significant wealth, whether you share them or not. This is especially appealing if you have lacked success previously or have struggled financially.
However, there are plenty of organisations that are wolves in sheep's clothing. We’ll help you know what to look for later on.
Are passive incomes too good to be true?
Yes sometimes sadly, but there are a few gems out there. Like anything in this world, you cannot judge the individual, based on the group.
There have been a few headlines over the years that have affected people's views of passive income opportunities. Ruja Ignatova, the founder of One Coin, which ran away with billions of people's money, is one of them. She is currently one of the top people on the FBI's most-wanted list.
Countless scams have disappeared with new ones starting daily. Just type ‘hyips’ into Google to see them.
Many of the best scams are smooth and dangerous, they will often encourage you to recruit family and friends, before failing within 2.5 years.
Therefore you are forced to reject a friend or family member to order avoid it! Tough choice if you say you trust that friend right?
It's not where you heard about an important opportunity, it's about all the facts being weighed up to determine whether it’s valid or not.
How to do your research and due diligence for a modern passive income system?
Due diligence (or due dil) separates the possible from the improbable.
Each person I speak to has a slightly different list, but I have tried to include as many of the core questions to ask that are often the main ones:
Unless you can answer 'YES' to the following questions then it's best to let the opportunity pass by, regardless of how tempting it may seem. Unless you're willing to take a blind chance:
Initial Due Diligence:
-
Is it legal?
-
Is it over six months old?
-
Are the directors' details easy to find?
-
Is there a property address where they operate (not just a mailing address)?
-
Is there an associated product?
-
Can I see/understand how they make money?
-
Can I afford to lose my original investment?
-
Is anyone I know earning from this?
-
Have I done my due dil?
-
What is my gut instinct on this?
Whilst following this assessment may lead you to a great opportunity, always remember to only proceed at levels that allow you to sleep well at night
Deeper Due Diligence:
-
Search out the online history of directors or main players
-
What other projects have they been involved in?
-
Were they genuinely successful previously?
-
What is the passive income dependent on?
-
How likely is that to change?
-
Source company accounts and history
-
Is there a repeating concern from the online community (ignore one-offs and those promoting other products on the same page)?
-
Revisit that gut instinct
Many ‘half-baked’ modern passive income systems, will last around 2-2.5 years. After this, you may get one of a thousand reasons why they’ve stopped paying.
These ‘half-baked’ systems will disappear if they are trouble - or sometimes just need time to adjust, like in a market crash.
‘Is it collapsing’ emergency due diligence?
-
Are the communication channels still up?
-
Is the website still live? Can you log in?
-
Can I get withdraw anything?
-
Has there been a plan proposed to turn things around?
-
Are your leaders biding their time by creating excuses or do they speak from a position of understanding?
-
Beyond any anxiety in the communities, what is your gut instinct now?
Just to make it clear that even the best passive income opportunities still carry risk. If they didn’t, we’d all be rich and sitting on the beach!
List of the types of modern passive incomes
This is a list of the types of modern passive incomes that are worth considering. Still do your due diligence on any company offering the services below.
-
Private investment systems
-
Cryptosystems
-
Copytrading
-
Bot Trading
-
Evergreen marketing / also business
-
Introducer
-
Affiliate businesses online
-
Network marketing / also business
What's a good amount to start investing with, and what could I earn?
Key questions to ask first:
-
What can I afford to lose?
-
Do I have a six-month emergency fund already in place?
-
Is my spouse or partner on board with this?
We all have to start somewhere. Using 500 to get started is a good level to start at for your first investment. That means ideally you would have 3-6 months of income saved in your emergency fund.
If you feel you can afford to take a risk then do so at your pace and no one else's.
We do discuss passive income opportunities on this site, and typically investments will pay out around 5-10% per month. Compared to traditional investments, which have their benefits, pay approximately that per year.
I hope you enjoyed this article. Stay in touch by subscribing to hear about upcoming screened opportunities that I have decided to participate in.
Legal + Disclosure Any financial strategy discussed is at risk of the potential loss. No past performance of any opportunity should be considered an indication of confirmed future benefit. Any financial strategy discussed should not be considered financial advice and is subject to your assessment/s before deciding to proceed. I am not a registered accountant or tax/financial advisor. Please also note that I may benefit from my advice through affiliate systems, however, I only share what I believe to be the best companies, and the commission made is second to that fact.
Jim Johnston
Jim Johnston is an award-winning entrepreneur. With a business banking background in London originally, he went on to create a national B2B start-up in the UK, for on-demand property services. A blogger, copywriter, and all-round creative, his vision is simple - to see people experience wealth in every key area of their lives. True wealth!
