If you’re bored of the rat race and you want to find more time for yourself to spend on hobbies, exercise, or whatever it is that you really love in life, but you don’t want to sacrifice your income in order to do so, you might want to look into the concept of passive income.
Passive income is, as the name suggests, any income that you can earn even when you are not working. You create a product or service, putting a lot of initial work into doing so (or not as the case may be) then you make it available for other people to purchase at any time of the day or night, thus allowing you to earn money without working nearly so hard.
Sound too good to be true? It really isn’t. So many people are living their best lives and making a decent living using passive income, and if you are ready to invest some time and money into setting up your own passive income streams, you could potentially do the same.
Sound good? Here are some of the best sources of passive income you could consider setting up for yourself...
Invest In Stocks That Pay Dividends
Perhaps the most traditional way to earn passive income is by investing the money you already have in stocks, shares, commodities, or maybe even a business where you can be a silent partner. Of curse, in order to do this effectively, you will need to have a decent pool of money already available to you, and depending on market conditions, you may earn more or less. Still, it is something you should definitely consider because it is mostly hands-off, especially if you hire a financial adviser to sort out and manage your investments for you.
Affiliate marketing is booming right now due to the fact that so many of us use the internet to find information and buy the things we need each day. Basically, affiliate marketing is the process of promoting various third-party goods or services on your website, blog, social media, etc. Whenever someone purchases that product or service vias your affiliate link, you will earn a commission.
You may be thinking that surely you cannot make a lot of money that way, but you really can, especially if you have a huge following or a really popular website, and you choose higher-end products and services to market.
If you want to get into affiliate marketing, it’s a good idea to invest in WordPress professional web design, and if you aren’t a great writer, you may want to hire a freelancer who is to create your content for you, which means there will be some investment required. However, it is also perfectly possible to learn these skills for yourself if you are looking for a low investment option, then you’ll only need to pay a couple of dollars each month for hosting your website.
Rent Out Your Space
If you have space you aren’t using whether it be a single room, a whole property, or even a garage, you could make passive income by renting it out to third parties. People are always looking for affordable places to live, park their vehicles and store their goods, and if you are able to provide them with that space, you could potentially earn thousands of dollars each year by doing so.
If there is a subject that you know a lot about, you could earn regular passive income by creating ebooks on that very subject. A short ebook can easily be written in 30 days or less, and there are numerous tutorials that will show you how to properly edit and format it so that it is accepted by platforms like Amazon for sale. Obviously, unless you write the next Harry Potter, writing and publishing as single ebook is unlikely to generate much of an income, but if you can commit to writing an ebook every month, or more often if you are able, you can build up a sizeable back catalog which could help you to earn a decent living even when you aren’t working.
In a similar vein, you could also create your own online course teaching customers how to fix their cars or paint portraits for example. Once you’ve created the course, you can upload it to one of the many online learning platforms where it can remain indefinitely and enable you to earn passive income for life. It’s a good idea to choose evergreen subjects for your courses because they are more likely to actually keep generating money, but you also need to ensure the course offers good information, so you should try to target niches you do understand pretty well.
If you are the artistic type, creating art and selling prints is a process that can be automated to a large extent. Obviously, you will need to create the original artwork, but once that’s done, you can set up an automated system to handle print sales and you can simply sit back and hopefully watch the money come in, It doesn’t have to be classic art either - designing t-shirts, mugs and things like that can also be pretty lucrative if you create designs that people love - websites like Etsy and Redbubble are proof of this.
To get into dropshipping, set up an online storefront, populate it with stock held by a third-party drop shipper, and do your best to market it. When someone buys a product, the drop shipper will send it out to them and you will get a cut of the profits. For a few hours’ work each week, you would make a decent income, but you will need to work on marketing your store so it is not the most hands-off approach on this list.
Passive income is something that is available to us all if only we will take the plunge and start building our income streams. If you’re serious about having a better quality of life, get to work on one of the above ideas right now, and in a few year’s time, you could be earning thousands of dollars as you relax at the beach!