Many Americans desire to retire at age 67 and to leave wealth to their children. Many people aren’t on track to achieve either of these goals. A survey of 2,000 Americans aged 40 and over found that the majority had less than $100,000 in retirement savings. Over a quarter of those in their 60s had less than $50,000.
It is no longer possible to rely solely on one income source to provide enough retirement funds or generational wealth. What is the secret to those who achieve these goals? Passive income.
Passive income is money that can be earned by doing nothing but passive work. These income streams require some work upfront, but eventually will be a passive venture. This is how people make their money while they sleep.
Passive income is usually achieved by selling products or investing in property or stocks. Ready to get started? Here are a few of the most popular passive-income options.
Digital products can be downloaded instantly or accessed online. Digital products include ebooks, guides, templates, apps, and online courses. These products will need to be marketed. You don’t need a large following to make money — apps such as TikTok allow you to simply “blow up”, with just one video.
You’ll need to find a web host to store digital products, regardless of whether you sell them from your website. Etsy is great to create templates, Amazon is perfect for ebooks, and Udemy is well-known for creating courses.
Also read: Best ecommerce platform in 2021
Passive income is easy to generate through investing. It takes time to research individual stocks and invest in them. Therefore, it is better to invest in mutual funds. Although there are still some initial research requirements, investing in stocks is about time in the market.
Once you have invested, you should let it sit. This is due to compound interest. Your investments will earn more interest the more you earn. It is important to invest early and often.
Fear of appearing on YouTube is what many people avoid making a YouTube channel. However, that’s not a requirement. You may have tried searching YouTube for videos of thunderstorms. You might also want to see a video of birds singing for your cat. These videos can make you thousands of dollars, and you don’t have to spend any money.
After you have set up your channel you will need to find video and audio. Pixabay.com offers free video, but you can also find many other videos by doing a Google search.
Next, navigate to the YouTube studio and search for the sound you are looking for. You can then combine them using video-editing software and upload the video. After you have been accepted into the YouTube Partner Program, you can start earning ad revenues.
Affiliate marketing is selling products and services other than your own, and receiving a commission. This link tracks the commissions. You can get people to click on your link, make a purchase, and then receive credit and commission.
Affiliate marketing can be done in two ways. One is by creating a social media presence or building a blog. The first option requires you to build a sales funnel to direct customers to the products that you are selling. You will need to create a blog and ensure that your SEO is correct so people can find it. You can also use social media to attract people to your blog.
You will need to choose a niche first, then select the items that offer the highest commission percentage so you are earning the most.
While there are many passive income options, the most rewarding ones require some effort. After you have put in the effort, you can relax and watch the money flow in.
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