Waking up every day to go to work and living paycheck to paycheck is not the kind of lifestyle you’d want to have for the next 20 years of your life.
It’s not very smart to rely on a job to build your wealth when there are many ways to earn money without having to work on it too much.
That is why you need to have a passive income. Having multiple sources of cash flow assures you that you’ll always have money on hand whenever you need it.
Now, technology and the Internet of Things (IoT) opened up several opportunities for people to earn money even while sleeping.
Working on different ventures to have a passive income is not an overnight success. It takes time, patience, and the right kind of effort.
Once it’s up and running, you’ll gradually start seeing cash flow in your account without having to attend to it every single day.
Here’s a list of the things you can do to have a source, or multiple sources, of passive income and achieve financial freedom:
While it is true that the crypto market is volatile, it is undeniable that it has great potential for earning profits.
For instance, Bitcoin’s price has reached $10,931.21 at the time of writing. Those who were able to keep their Bitcoins when it first launched in 2019 are now reaping the benefits.
Moreover, after the success of Bitcoin, other cryptocurrencies have also emerged. Some of these coins, known as altcoins, are viable alternatives to Bitcoin if you want to venture into the crypto market.
Best of all, there are easy ways to make money in crypto even if you’re a beginner.
For example, you can simply use automated trading apps where you can follow an expert’s trading signal, set up your trading position, then leave it.
This method is one of the quickest ways to earn passive income. It won’t take more than a week to start gaining some profits.
There are many international best selling authors such as Neil Gaiman and J.K. Rowling who are now enjoying the fruits of their labor.
These authors can earn a lot from royalties, making it a great source for long-term passive income.
If you have vast knowledge around certain topics such as cooking, gardening, making money off the internet, or anything you’re passionate about, you can write an ebook and publish it online.
Writing your ebook may take weeks to a few months depending on the content. And while you’re writing, you can start marketing it through your social media.
Once you’re ready to publish it, go ahead and distribute it on Amazon, Barnes and Noble, and other ebook publishing platforms.
The income you will earn may not be a lot in the first few months, but if your book has high-quality content and gathers enough attention plus good word of mouth, you’ll be able to see your profits drastically grow.
Affiliate marketing means earning commissions every time a customer makes a purchase using your affiliate link.
By driving huge traffic to your social media channel, website, or blog, you’ll be able to get more customers.
It is possible to earn huge amounts of passive income from this venture. And the great thing about it is that anyone can do it!
Time and making the right effort are essential if you want to be successful in making money through affiliate marketing.
You need to do proper research about your niche, reach out to affiliate networks, and build your traffic.
Affiliate marketing is not an overnight success. You may be able to see results within 6 months to one year of working on it.
But, once you’re able to set it up, you’ll have a good source of passive income.
Also read: How Self-Employed Person can Maintain Balance in their Work and Personal Life
Today, blogging is no longer just a way to pass the time and keep an online journal. It is now one of the top sources of passive income especially amongst Millennials and Gen Z.
There are different ways to earn through your blog. The most common way is by letting advertisers pay you to put up ads on your blog.
Another method is by charging people or companies to post their content on your blog. You can also put affiliate links on your website so that you’ll be able to reach more customers who are willing to buy.
You don’t need to be a developer to start making your own blog. In fact, there are free applications that will help you create your own website. You can even build your blog over the weekend!
But, do keep in mind that monetizing your blog does not happen overnight. You have to build substantial traffic to your site which may take around 3-6 months.
So, don’t get discouraged if you don’t see any results in a month. Keep working on your marketing and soon it will pay off.
If you have skills that you’d love to share with everyone, then why make money from it by offering online courses!
An online course is more than just giving out an ebook. It involves offering tutorials, webinars, audiobooks, and other resources that will help your audience.
What makes it really great is that you don’t have to be present all the time to teach an audience. Everything can be pre-recorded which saves a lot of time and effort.
Compared to an ebook, you can earn more money with online courses. High-quality courses would net you for thousands of dollars a month depending on the demand and niche.
If you host your online course on your own website, then you don’t have to share the profits with any third-party hosting site. You get to keep it!
However, creating an online course is not necessarily an easy task. You have to plan out your lessons and design your teaching materials in a way that is appealing to your audience.
Once you have the strategy and design, you have to dedicate time to making your content. Depending on the length and level of expertise, it may take 25 to 500 hours.
If you’ll be offering a more in-depth course, it may take weeks to complete.
After creating your course, you have to market it to your audience. It’s faster to reap in the profits if you already have followers. But, if you don’t have a good amount of followers, you can try reaching out to popular experts in your field and collaborate with them.
It may take some time for you to start making money if you don’t have any traffic yet. Keep reaching out to your audience and build your follower base.
Also read: Is It Time We Should Start Worrying About the Stock Market?
Not everyone will get rich with just one job. Bills and other expenses will take up a huge chunk of your paycheck.
If you want to achieve financial independence, you need to have a passive income so that even if you’re not working, the money will still flow into your bank account.
Setting up a passive income stream does not happen overnight. It may even take months for you to make profits.
So, don’t be discouraged if it seems you’re not making any progress in a month. Just keep on moving forward and things will work out.
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