Have you ever bought something from a store that you didn’t plan on? My wife and I do it all the time. Every week, we check up on the advertisements that come out from our local grocery and department stores. This is one of the factors on how our family can live comfortably on a single income.
We are not buying items that we don’t need or won’t use just because they are on sale or on clearance. Instead, we purchase items we will use and have a need for. Each purchase is carefully calculated to ensure we are not just buying to buy (within reason of course).
This same shopping philosophy can be used when creating passive income. While there are some free passive income opportunities available to start, the majority of them require some up front costs to launch. One example of how I recently saved money launching a new passive income stream is detailed below.
Passive Income Tools on Clearance
One of the favorite and more successful passive income streams used by many people today is niche blogging. This form of passive income building usually requires the purchase of internet real estate. There are actually some FREE resources available to setup a niche Blog like Blogger, but there are many advantages to owning your own site versus using a free one.
Over the past several weeks, I have been working on researching keywords for a new niche site I plan to launch sometime this year. I had just completed my research and had the details mapped out on my plans for this site. My plan was to go-live with the site sometime later in the year, once things slowed down at my current job.
Then I came across a deal that was being offered by Go Daddy for setting up a new hosting account. For less than $5 per month, Go Daddy was offering the chance for me to get this site started for very little out of pocket expense. In fact, they were also offering a few other additional features that helped make my decision very easy.
In addition to the cheap hosting costs being offered, the current deal also included -
- $1.99 Domains – For a limited time, Go Daddy was offering $1.99 domains when you purchased a non-domain related product. Since I needed to purchase a domain name for my site, I decided to jump on this deal!
- WordPress Installation – I use WordPress for all of my sites. If you sign up for a WordPress Hosting account through Go Daddy, they will do the complete installation for you! I actually don’t really mind doing this setup, but I know that this is one area that people dislike the most. In less than 24 hours from my purchase, I had a fully functional installed WordPress site for less than $5 per month! I would highly recommend this service to anyone who dislikes the WordPress setup.
I had never intended to go-live with my new site for a couple of months. However, when the recent deal from Go Daddy came out, I couldn’t pass up this opportunity. My total cost per month for the domain name and hosting account will run me $4.42 per month or about $.15 per day.
Low Barriers to Entry
As an investment, the barriers to entry for internet real estate are very low compared to other opportunities. The potential return on investment is very high for the little amount of money typically required for start up. This makes it much easier for the average person who does not have a lot of savings or capital to get started. All that remains is your hard work and dedication to make it a success!
So what are you waiting for?
GoDaddy.com! Resources
- Blogging made easy – WordPress Hosting from GoDaddy.com!
- 3 Reasons to Invest in Internet Real Estate
- How to Make Your Own Blog – Introduction
- Tips for Making Money Online for Free Using Twitter
- I Read it on the Internet, so it Must be True!
- 7 Ways to Save Money Blogging
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{ 2 comments… read them below or add one }
I just thought I should add that hosting plans that come with a feature called ‘Fantastico’ also include automatic Wordpress installation. This is how I set up wordpress and it’s really great. It sounds like you got a great bargain though, especially on the price of the domain names! You are so right about the low barriers to enter internet real estate. My only problem with that is that I now have a million domain names still waiting to be developed!
@Web Career Girl – Domain names can be a little addicting. I have tried to limit myself on which ones I decide to purchase.