Enough talk...

Talking about how we can go about generating passive income is one thing. Doing it is another story.

I really like the idea of financial independence. I would like to be able to do what I love to do without worrying about money. I mean, if you love you job, there's no reason to quit. But that doesn't mean you should deny yourself financial freedom.

So I asked myself.... what do I want to do? Real estate requires quite a considerable initial investment. I would like to start with something that I can do on a part time basis because I have obligations that doesn't allow me to quit my current job. I want something that I can start with low initial cost. I do have savings but I don't want to blow everything in case it doesn't work out. So I look around and ask myself... what can I do? What business can I start given the constraints I have?

I stumbled upon Internet entrepreneurs that have been making a handsome amount of money on the Internet. Some of these people are millionaires. Irfan Khairi is our own Malaysian home grown Internet millionoaire. I reckon if I need to learn about Internet business, I might as well learn from someone who has done it successfully. So I enroled in his seminar and learnt the basics of what I need to know to start an online business.

One of the reasons I decided an online business as the way to go for me is because I need very little capital to start. Basically, there are two things that I need to start - a web hosting service and an autoresponder. There are many web hosting service providers. Depending on the service you choose you can get one for about $50 - $70 per year. You can set up an autoresponder account for about $20. So my initial cost was only about $90 (< RM400). Pretty cool, eh.

If you want to know what's a web hosting and what's an autoresponnder, stay tuned.

I made a number of mistakes when I first started and lost some money. I would like to share my mistakes with you so that you can avoid them if you're thinking of starting an online business.

I have to sign off now and continue my keyword research (I'll tell you more about this later).