Learning how to make passive income changed my life..Find out the easiest ways to make passive income.
What is passive income? I like to tell people that it is money that you get paid while you eat, sleep, and shit. But it is much more than that. It is the ability to have freedom. To win your time back. To live a life that you create for yourself instead of being forced to do things you don’t like to do
All my friends, family members, and teachers all told me that there was only one path to success. Go to school get good grades, get a job, then work until you die. The worst part was I believed them. I believed that the only way to becoming successful was trading my time for money
But its not..
If you want to live the life that you want.. you need to find a way to separate yourself from the money equation.
Because “If you don’t find a way to make money while you sleep, you will work until you die.” – Warren Buffet
So learn about passive income today and find out the top 7 ways below.
1. Start a blog
.One of the simplest ways to start making passive income is to start a blog. Now, it’s far from the simplest way to start making a lot of passive income but there are a lot of very good options for how to monetise things. It can also serve as a platform to launch other, potentially more profitable ventures.
The hardest thing with a blog is finding a decent niche. To be really successful, you need to write about something you’re an expert on that isn’t already too saturated.
You can try and start another travel blog, but every twenty-something who’s visited South East Asia has one; the market is so saturated that it will be very difficult for you to stand out and start making money. Instead, if you find something you’re interested in that is underserved, you’re far more likely to be able to carve out a space. You’ve a far greater chance of making money with a blog for vintage BMW owners than another generic Thailand travel guide.
When it comes to making money the two quickest ways to start are ads and affiliate programs. Let’s take them one at a time.
2. Write an e-book
Like creating a course, you can also write an ebook without being a so-called expert. In fact, you can write a non-fiction ebook in just 30 days. If you’d like to exercise your creative writing chops, you can go the fiction route. But, keep in mind, it often takes much longer to pen a fiction ebook than a non-fiction one!
To turn an ebook into passive income, it all starts with an idea. Maybe you want to put together a recipe book filled with crockpot recipes for one. Perhaps there’s personal branding advice you’ve been dying to share with the masses. Whatever your knowledge, passion, or hobby, chances are you can capture it into a well thought out ebook.
Not only is Amazon the Mecca of online retailers, it’s a popular platform to buy and sell ebooks. Because of it’s popularity, many ebook authors use Amazon Kindle Direct Publishing (KDP) to get their words in front of millions of online shoppers.
3. Create an online course
Courses are similar to guides but they’re easier to produce for some subjects, especially tech subjects. If you’ve got a computer, a decent microphone and some screen recording software, it’s pretty easy to create high quality courses. You can sell your course through your own site or you can use a marketplace like Udemy to do all the heavy lifting.
The key to making really good money is to find a niche. You’re probably not going to manage to make much from another Photoshop 101 course. You don’t need your own website to launch a course, but it does make it easier.
4. Create a YouTube Channel
This one is my personal favorite. Many YouTubers make a living on the ads that play before a video. While that is one way to make money with YouTube, the better way is actually monetizing that traffic. You can do that by sending the YouTube traffic to your blog where you can sell them things like my book, recommend them to products , or help people that need extra help with any online courses.
The reason why this is amazing is because once you create the video, it will then exist forever – constantly being your slave and working for you while you are sleeping.
5. Sell your photos
You may not realize it, but stock photos are everywhere. When you visit a website, look at ads, read a magazine, or browse a brochure, chances are there’s a stock photo or two (or 20) being used. Bloggers, business owners, and marketers turn to large photo marketplaces whenever they need an image to help tell their story.
Because of this high-demand, online photo marketplaces constantly need new images to add to their lineup. That’s where you come in. And, before you even ask — you don’t need to be a pro-photographer to make passive income online with photo sites!
In fact, if you have a smartphone, you can use images right in your phone’s gallery. One great image can sell over and over again earning steady income month after month.
6. Develop Wordpress Themes for ThemeForest
You’ve probably noticed a trend by now: a lot of passive income ideas involve using an existing marketplace to reach customers. One of the best and biggest is Envato Market.
If someone is starting a blog, there’s a really high chance they’re going to use Wordpress. And if they’re going use Wordpress, they need a good theme. Thousands of people everyday turn to the Envato Market's ThemeForest to get one. The top theme developers have made millions of dollars through Envato.
Now obviously you’re not going to make millions the first time you develop and sell a theme, but there is definitely the opportunity for some good passive income if you’ve got the skills to make them.
7. Affiliate Marketing
Affiliate marketing is rather simple. It’s when you recommend a product and when some other person buys it, you end up getting a commission.
If you check out any website and notice that Whenever someone visits that website and clicks on most of the links, they end up on Amazon.com.And if the person ends up buying anything on Amazon within the next 24 hours, the affiliate would get up to 10% simply by being the person that referred the customer to Amazon.
Like with ads, for affiliate marketing to work, you need to be reaching the right niche. Vintage BMW drivers aren’t going to be interested in a guide to cheap travel in Asia; it doesn’t matter what cut you get, you won’t sell any copies through your site.