Getting yourself out of the rat race and earning passive income through various investment channels is a dream of many. It is also a good side income to look forward to every month. This article will suggest good books to equip you the reader with relevant knowledge to get started on your passive income journey. Read on to find out how to make money work for you while you sleep!
1. “Four Hour Work Week” by Timothy Ferriss
Highly regarded, what this book lays out may seem a tad unachievable and overly ambitious. However, exposing yourself to such ideals can provide perspective on what to work towards. Look forward to learning about Parkinson’s Law, the importance of outsourcing work, investing in the right people, finding a niche that you love and is in demand, as well as what goes behind a seemingly ‘effortless’ income stream. Behind the successful façade lies a lot of sleepless nights producing blueprints, developing your system, analyzing the business environment and more. This book is sure to motivate you to start working hard now in order to reap the rewards in due course.
Often times, our attention is drawn towards new and brilliant business ideas. However, even unexciting business solutions can be profitable if executed well. As such, the team running a company can directly determine how successful the business will be. This book addresses just that by focusing on how to spend resources on building and improving a virtual team. If you need tangible examples and applications for business strategies, look no further. With a virtual support team, you can channel your energy on high level tasks. You can also be assured that your company will function 24/7 at a relatively low cost. Automation as a secret to a successful venture is made understandable through this read.
3. “Invisible Selling Machine” by Ryan Deiss
E-mail marketing takes the spot light in this book. A comprehensive read, Invisible Selling Machine provides you with a step-by-step guide for you to get started quickly. Doing your business right from the very beginning can build a solid foundation that will prove to be handy in future. Topics covered are not limited to consumer engagement, valuable content creation, reputation, buyer segmentation, consumer re-engagement and more.
For those with shorter attention span, you will be relieved to know that this is a short read with a great mix of stories, information and case studies to keep you going for more. Regardless of which stage you are at in your business, and regardless of your focus being e-mails, landing page or auto-responders, this book will prove to be helpful in improving your business to better your passive income stream. Having basic computer knowledge will also allow you to make full use of the content.
4. “KaChing: How to Run an Online Business that Pays and Pays” by Joel Comm
The catchy title has an equally catchy content. KaChing: How to Run an Online Business that Pays and Pays is a beginner’s guide to starting your own online business through a blog. If you prefer to feel as though you are speaking to the writer directly, this book is perfect for you. Hear him narrate and motivate through personal experience and learn about pitfalls to avoid, and how to translate your idea into an actual product. Business opportunities, uniqueness of product, content monetization, knowledge selling, affiliate programmes, membership sites, coaching and more are just some of the new media marketing tactics explored in this book.
5. “The Power of Passive Investing: More Wealth with Less Work” by Richard A. Ferri
Instead of actively picking stocks, Ferri proposes low cost index funds and exchange-traded funds (ETFs) as easy and accessible alternatives to allocate funds to stocks, bonds, and other asset classes. By providing exposure to selected broad markets, you reduce the risk of loss from individual securities.
This book is not just for investors, but also for brokers, consultants, people from trust departments, people overseeing endowments and pension funds as well as investment advisors. If you are confident of making passive income a full-time endeavor in the comfort of your home, give this book a read.
If you would like to know how to select and create a portfolio using low-cost index funds and ETFs, you can read his co-authored book, “The Bogleheads’ Guide to Retirement Planning“.
At the end of the day, passive investment is not the same as easy or mindless investment. While you play a less active role, there is still a need to research extensively and to monitor the market. The effort that goes behind the sustainable and income stream should not be forgotten.