Have you been thinking about ways to start making a passive income? Is this something you are interested in and want to start exploring more? If so, read on for a few thoughts and tips.
So – What is Passive Income?
Passive income is money you earn that doesn’t require you to do a lot of “active” work to continue making it. So, the idea is you put in some work initially then sometimes a little effort along the way to continue to earn an income.
For example, if you created an online course, or wrote an eBook for example, you just need to update its content from time to time to keep it relevant and the money could continue to flow (that’s not to say it’s that straight forward though of course).
You’ve probably heard the expression, why not “make money while you sleep.” That right there is the single biggest draw that entices people to earn passive income.
So, the broad idea is that you can create something (a blog, course, eBook, you tube videos, or an online shop perhaps) that generates income even when you’re not working. Or you can make passive income investments (property or stocks) that allow you to earn passively. There are people travelling the world right now, doing this. As long as they check in now and again, they can keep things ticking along. The most successful people at this earn all their income this way, but if that sounds like too much of a challenge, just start small – everyone else had to.
Below are just a few ideas of ways you can generate a passive income. If you start brainstorming all your own skills and ideas, I’m sure you can think of many more.
Start a blog
One of the most popular passive income streams is creating a blog. Blogging, especially over the last decade, has helped countless entrepreneurs earn passively through affiliate links, courses, sponsored posts, products, book deals, and more. As someone with a blog, I would argue that a lot of what I do is not earned through passive income, but things like affiliate links and selling books or courses via your blog clearly are.
Building a successful blog, where you can get to the stage that enough people will click those links, that you can earn an income from that takes time and effort. That’s not an overnight process, but it is true that once established, that can turn into significant supplementary income.
The biggest perk of creating a blog is that you can turn that one asset into several different streams of income. So if you’re looking for an easy passive income idea, blogging might be the perfect option for you, because within the blog, there are multiple ways to earn money.
Switch Your Bank Account
You can’t earn hugely from this but if you have been with your existing bank for sometime, it might be worth exploring a switch. Many banks offer cash incentives and also have a range of other offers on as well, so do take the time to check this out as it could benefit you both in the short and long term.
Buy Via Cashback Websites
There are a number of these around these days and many people swear by them as a way of supplementing their income. I know people who use them all the time and save up enough over the year to use the cashback to pay for Christmas for example.
Whilst it may take you a while to figure out which of these sites works best for you, once you are up and running, this really is a good way of generating some passive income.
Get To Grips With Cryptocurrency
What do you know about cryptocurrencies? Anything? Nothing at all? If you are looking for options for generating a passive income, you could add this to the list. The simplest way to get started with passive income in crypto is to look at all the various options for staking cryptocurrencies on exchanges. This is the perfect option if you, like me are still new to this world. These centralised exchanges are able to remove all of the complexities that come with staking crypto assets.
As a way of getting started with crypto you could open a Crypto interest account with AQRU. This is super easy to do and with such an easy to navigate site and app, you will be sharing your own crypto tips in no time. Just remember, that this method of passive income generation isn’t risk free.
Invest in Stocks
While many consider investing in stocks to be passive, it could be argued that the research that goes into this is very active, certainly for those who are most successful with this. For example, by reading annual reports of businesses, you can better understand whether or not a business is performing well, which will then inform you and help shape your investment decisions.
Again, these are not without risk, but done well, stock investments can help you earn passive income that stretches far beyond what your value at your 9 to 5 job is worth.
Create YouTube Videos
YouTube videos have been described as the passive income stream that just keeps giving. Just this week I had an email from a PR officer informing me of the top ten toys they are recommending influencers do unboxing videos of and the significant amounts of revenue than can be generated from this.
From sponsored videos to ad revenue, you’ll find that you can make recurring income from your YouTube channel without a doubt.
The secret to creating a successful YouTube channel is creating content on a consistent schedule for a long time. That’s it. If you stick with it for the long haul, you’ll eventually start reaping the passive income rewards. Don’t expect to make a couple of videos and have the thousands coming in, it really doesn’t work like that, but if it’s something you are interested in and something you think you could stick at, give it a go.
There are loads of tips online from experienced people who share their tips and tricks, it’s well worth some of your time researching it, if it interests you.
Sell your Photography
While being a photographer may seem like an active income business, it’s actually not. Photographers don’t only make money from taking photographs. They sell them too. One passive income way to make these work for you is by using stock image sites, and all you need is a camera, or even just your smartphone.
The easiest way to make your photographs available as stock images for sale is by using a third-party microstock website such as iStockPhoto, Dreamstime, Shutterstock, 123RF or Getty Images via Flickr. Selling your photos through a stock agency like this is quick and easy, but if you have your own website, selling via that will ensure you receive a higher price.
Like I said these are just a few possible ways you can generate a passive income. Think about what appeals to you and perhaps pick one to get started on. Once that is up and running you can choose another. Good luck and do let me know how you get on.