When people think about Passive Income they imagine themselves sitting on a couch, enjoying a coffee while looking at the increasing number in their bank balance with almost no effort, seems quite a passive right. But it’s not entirely true as we will discuss what is Passive Income.
What is Passive Income?
It may include royalties from ebooks, movies, songs, etc. Some Passive income takes a bit of upfront work while others don’t require any effort at all e.g investing online.
If you are looking for an easy startup or already doing a job but want to speed up to reach your goal of financial freedom then Passive Income can prove to be a game-changer for you. In either case, let’s just get right into it.
Some of the most common and easiest sources of passive income are :
- Earn from daily activities
- Affiliate marketing
- Create and sell an online course
- Peer to peer lending
- Start a blog
- Rent your car
- Network marketing
1.Earn from daily activities
Online purchasing is one of the best examples of this type of passive income. With the advancement of internet services, the trend of shopping online is increasing day by day and the providers of these services make sure that their business keeps on running like this.
Like by doing online activities on [ https://www.inboxdollars.com/ ] you also get residual income, though you also get paid for other everyday activities like checking your e-mail and reading news etc.
Another example is the [ https://www.swagbucks.com/ ]where you do online shopping from places like Amazon, Walmart, and gets points. Plus you also get points for watching videos on random topics, surfing the internet, and answering surveys. These points can be redeemed for gift cards of your favourite store or get cashback via Paypal.
With affiliate marketing, you promote a product, and when a buyer purchases it you get your commission. The promotion requires you to have knowledge about the product and its quality in its field of use.
To start as an affiliate you can either directly get in touch with the product owner or use an affiliate platform like Commission Factory, RewardStyle or ShareASale.Becoming an Amazon Affiliate is always another option.
An essential element of affiliate marketing is a blog. Having a blog gives you an online presence from where you can promote and recommend any product. With the help of a blog not only can you start affiliate marketing but also earn by advertisement too.
3.create and sell an online course
Perhaps you are very skilled at a certain thing and have a good teaching method then you can sell that skill of yours by forming an online course. It could be about some musical instrument, an academic subject, etc.
The best thing about this source of passive income is that once you are done with setting up your course on various platforms like Udemy or Teachable, you will continue to get paid whenever someone comes to learn it.
4.peer to peer lending
This is another common way of starting your passive income. The idea of peer to peer lending is that you make your account on [http://out.goodfinancialcents.com/lendingclub-investor ] or any other similar website, you invest your money there and this club will use it to lend individuals or a start-up business. Afterwards, they pay you back with interest.
The expected return is around 5% which is still better than any other Bank interest providing such services
5. Start a Blog
If you are looking for an extremely cheap yet highly scalable way of making passive income, you might want to take a moment and consider starting a blog by yourself.
Here’s the idea: If you consistently use your blog and create a lot of value for a large group of people, you can generate a huge amount of passive income without any additional time.
Well, there’s one thing about blogs that they are a long term investment plan, so the sooner you start the better. There’s also this [ https://www.goodfinancialcents.com/make-1k-blog-challenge-optin/ ] ( Make 1K Challenge ) which is a free email course that walks you through the steps to start your 1st blog and make 1000 $.
6.Rent your car
You might know about renting your extra house or just a room to someone for extra cash, but let me ask you this – how do you feel about renting your car?
Just think about it, the Rental car agencies like Enterprise, Budget, etc are way too expensive for everyone. A company called Turo has disrupted the Rental car industry like Airbnb did to hotel industries. People across the globe are earning lending their cars to strangers.
If you aren’t using your car for a while or have a spare one just simply join Turo’s platform and charge with your own will.
In network marketing, they earn a commission on the product they sell. Many people are drawn to Network marketing as it allows them to be their boss, set their hours, and have flexibility.
There are many Network Marketing companies. Some of the most popular companies are Mary Kay, DoTerra, Pampered Chef, and Rodan & Fields.
Although there are some other ways to make income by network marketing. You can get profit by sharing the company’s outputs with others, you can use commodities yourself and you can select others.
Bottom line and Conclusion
All things considered, we only have finite time that is our most valuable resource, something that can not be recovered once lost. So to maximize the potential of this precious resource we should make wise use of it.
Building passive incomes is the best possible usage of both our time and hard-earned money, eventually leading to financial freedom and better control over time and resources.