Hello my fellow steemians! 😉
Today I wanted to show you 5 reputable ways to earn passive income. These are not get rich quick schemes! They are all working, serious and have all different outlooks on profit. They need time to setup but once done correctly they will generate an passive income stream, which is the dream of everybody i guess.
I will list this 6 methods up and descripe them a bit. I will then compare the difficulty, the time it takes to make it work and how much the possible earnings are!
I will maybe do more explicit guides on each one of them if you would like 😉.
To beginn with:
What are doing many wrong?
I see all the time people posting links (on facebook etc.) from ominous programms, ponzi schemes or online polls. These links, websites etc., which sound to good to be true, are 99% fake and a rip off. Many people are doing alot of work without any success, only the people who started that are getting all the money you basically earn!
So first lesson is : Dont burn your name! If you promote every get rich quick scheme to everyone long term, you can loose your authenticity and even friends. Long term you will not earn money with these methods and loose alot more in comparison. (PS: This even goes out to you insurance brokers! :P)
But what are the alternatives you ask? Lets get started with the first Method:
1.Nichewebsites:
You basically create an website about an topic. Maybe an comparission website about powerbanks, and link them with affiliate Links to the products (for example to amazon) you describe and earn a comission if someone buys that product through your link.
Example of an Nichesite
Recap
How? Affiliate Marketing
How much money? You dont need much money or time for that. Create an website and do SEO for it.
Possibilties Well the possibilties are limited. You have many competitors in this market. Even google is starting to do these comparissions.
2.Amazon FBA:
FBA means "fullfilled by Amazon". You sell physical products on Amazon. Most buy products in bulk from alibaba, private labell them with their own brand, send them to amazon and sell them on the website (amazon).
Recap
How? Physical Products
How much Money? You need at least 1000$ because the sellers on alibaba have an minimum order number.
Possibilities The possibilties are high in this. You have high scalability because you can start endless amounts of products and have not alot of work to do to maintain them, once you got started. There are people earning hundred thousands, even millions of dollars in an year with this method!
3. Information Products:
Tai Lopez and many others got millionaires for it. You create an ebook or pdf which is an exclusive guide to someting (for example how to earn a 100.000$ in 1 year. You should be an expert on the topic you are writing on. It takes some time but doesnt cost that much and you have 0 production costs and can sell it literally. May be a bit hard to generate traffic to that product but if its good and you can get it started this is an awesome way to generate an passive income!
Recap
How?digitize knowledge
How Much Money? Not much to get started!
Possibilities? Very high, once it down you only have to drive traffic to it. You have 0 production costs and you can sell it infinite!
4.Stock Market
The 4. Method is the stock market. You don´t need to be an investment genius to do this. ETF´s are pre made Investmentfonds which can generate you in general about 10% per year in interrests (MSCI WORLD, MSCI EMERGING MARKETS, ...). Over the course of 5 Years you have an very slim chance to loose money here.
I also recommend investing some of you money in p2p loans. P2P websites are lending websites where you can "invest" your money in loans for private persons. All of the famous websites have an Auto-Invest, so you basically have not much work, maybe 10 minutes per week, to check if everything is working. You can expect 8%-26% interrests per year. These Services are around for long time and are relatively safe (nothing is a 100% safe) and its really effortles.
I will do an in depth guide in P2P Loans in the near Future (100 followers!). I personaly use this methods for my savings because i get like 0,5%interrest per year in my Bank and the inflation is about 3% per year!
Recap
How? ETF, P2P Loans
How much Money? You can start with as little as 25-50 Dollars.
Possibilities? Endless (the more money you invest the more money you get out of it!)
5. Property renting
This method is for people with alot of resources. You buy or own a property. You can then lend it, or sell (but thats not passive income). Not the newest method in the world but you can still consider this if you got alot of money since the return is pretty nice!
Recap
How? Property renting!
How much money? You need alot of cash for this. Properties are expensive and hard to evaluate!
Potential? Very high. Very scalable!
Thanks for reading this short comparission! If you are interrestes in one of the Methods you can let me know in the comments and I will do an in depth guide on the topic. The P2P topic will be released when i hit my 100 followers!
Hope you enjoyed it!