If you are looking to earn money but are limited on time then you need to learn the basics of passive income. Passive income is income that you don’t have to continually work at to earn. There may be some maintenance but basically you do the job once and then collect income well into the future.
Books, CDs and applications are great examples of passive income. You write the book and then collect royalties on it forever. Record a CD and collect royalties on it forever. Develop an exciting game or business application and collect royalties on it forever.
Just like your blog or website, active involvement in promoting your product is extremely helpful. Promotion doesn’t have to be marketing. Your marketing or involvement could be participating on forums relating to your product, writing a new blog article about it, or creating the next version of your app.
Three Steps to Created Passive Income
1. Develop Product - write the book, record the CD, finish the application
2. Promote Your Product - participate on forums, spread the word, start the follow-up to the product, create an add-on product
3. Collect Your Royalties
Passive income is a totally hands off approach to income but the more involved you are the better the results will be.