6 Ways To Make A Passive Income
Making a passive income might sound like an ideal way to make a living, and it is certainly something that many people strive for. Earning money in this way is indeed possible, but it won’t happen overnight – you will need to do a lot of groundwork and preparation to get everything ready, and then you will need to promote whatever it is you are doing to ensure enough people are aware of it and buy from you. However, if you are prepared to put in the hard work, spend time, money, and energy, and not let setbacks derail your plans, then here are some ways that you might be able to make a passive income. How large that income in and whether it can replace your current job will be down to you.
- Write A Blog
Blogging is a great way to generate a passive income, and it is something that almost everyone is able to do with no startup costs. It will take time, though, and at the start it won’t be something that brings you any money. The key is to build up a good following because then you will be able to monetize your blog through advertising and guest posting. To get started, you should work out what niche you will be writing about. Relationship advice, finance blogs, and diet-related blogs are all good places to start as long as you have the knowledge to go with it.
- Rental Property
Being a landlord might not sound like something that will bring you much money, but it can be extremely lucrative. Of course, buying a property will cost you money, to begin with, but if you pick somewhere that people are sure to want to live and find the ideal property there such as a gorgeous oceanfront house, you won’t have a hard time persuading tenants to want to live there. You can manage the property yourself or have a management company do the work for you. The more properties you have, the greater your income, and when you come to retire, you can sell them to bring in a lump sum. If this sounds interesting, you can read more now about that perfect ocean front house.
- Automated Webinars
Webinars are hugely influential and popular at the moment, and if you can launch an automated one, then you have the opportunity to create a fabulous passive income. It is essential that you consider live webinars before you think about automating them because you need to build your audience. This might take a year or more, so be prepared to put in the hard work. Once it is done, though, and your automated webinars are running, you can make money without even thinking about it.
As long as you are targeting the right people and giving them information that they find useful, you will be able to make money. If the webinars aren’t value for money or if people just aren’t responding, you won’t make any money at all, and could even lose some. This is why preparation is so important. There must also be a certain sequence of events that takes place – the webinar should be followed up by a series of emails, for example, which includes a variety of offers and other information.
- Write An eBook
An eBook can be a powerful tool to create sales that continue long after your publication date. Thanks to online technology, it is now extremely easy to write a useful book such as a guide or how to, or something that gives a lot of information and create an eBook to be sold through stores like Amazon, or even through your own website. Unlike traditional publishing, there is only a very small outlay for creating an eBook, and since it can be downloaded unlimited times, once it has been published it has the capacity to bring you money forever more.
Once the book is published you will need to publicize it otherwise only a handful of people will ever come across it and you won’t make much of an income from it at all. Using social media to do this can be the ultimate way to bring in more income because it is easy to create a message and then share it across many different platforms. The reach from social media is immense, and it can help you to create the passive income you are looking for.
- Sell Online
More and more people are choosing to shop online instead of heading out to the stores in their local town or shopping mall, so why not use this to your advantage and ensure that they are spending money with you? By creating an online store, you can be selling your goods or service even when you’re away from your desk. It works even when you’re asleep or on vacation. This is one of the reasons why so many people like to shop online these days; it is convenient and can be done whenever they want to, rather than waiting for stores to open or rush to them before they close.
Although there is some work to be put in for this method of money-making and it is not entirely passive, it is far less work than many other careers entail. You might even want to look at dropshipping, which means that there is a lot less work to do and you don’t have to hold onto any stock either. There are pros and cons to this idea, however, and it is important that you research it thoroughly before committing yourself, especially if you need to pay upfront for anything.
- Reduce Your Borrowing
Many people have loans or credit cards that aren’t being paid off as quickly as they could be. By paying off only the minimum amount each month, the interest becomes more, and the borrowing takes a lot longer to pay off. If you can pay your credit cards and loans off more quickly and then put whatever you would have spent on paying them into a savings account, automated each month, you will be making a kind of passive income. You won’t miss the money from your account because you were using it to pay your cards each month before, but your savings will quickly grow, giving you an additional income stream that wasn’t there before.