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Creating passive income takes work, but once you implement those processes, it's one of the most fruitful income sources that you'll ever have and it's also very rewarding.
I'm going to share some passive income sources that you can start today.
Investing
I know many of you reading this might think; "well, I don't have enough money to get started". I get it, you're not alone in this, but it doesn't really take a lot of money to get started. Whether it is fifty bucks a month, a hundred dollars a month, anything that you can start investing in, you can start making gains and you can start making interests off your investment.
So, whether you're making capital gains off of your mutual funds, your stocks or if you have dividends that pay out on a consistent basis, these are all sources of passive income that you can get. If you're not sure how to start investing, there are a ton of online providers, there are robo advisers such as betterment, wealthfronts acorns, RobinHood, allyinvest,
e-trades etc. If you know nothing about investing and you want somebody to pick those investments for you, I'd recommend betterment. If you're putting any money in, they're going to choose those investments and then you'll sit back and start making those capital gains and dividends.
Another option that I love when it comes to investing is peer-to-peer lending. Peer-to-peer lending is just as if you're acting like the bank, instead of somebody going to the bank to get a loan, you're giving them a micro loan, so you become the financial institution. In giving out micro loans you can give as low as a hundred dollars or it's equivalent based on your local currency per loan,sometimes less.
I don't know if you've ever taking a personal loan from the bank, but you know how much interest they charge. Imagine taking the place of the bank and collecting those interest.
The top two peer-to-peer lending websites are lendingclub and prosper
Stock photo royalties
I have a friend who is a photographer, when he takes pictures of people and things, he doesn't really charge the ones that come out nice, he uses them for his istock photography account, with their permission of course. When he uploads those pictures on istock, businesses from all over the world would use these pictures on their website, brochures and other marketing materials. This guy makes royalties on a daily basis from pictures he uploads on istock, even from pictures he uploaded several years ago. So if you have a knack for the camera, and love to take pictures of people, things or whatever, consider using istock photography service.
This is for any artist that has a community of people that love their art, a growing community and wants to get paid for his/her work, it could be your drawings, your music or whatever. Each time that you release a new item, you can get paid a fee for that and you get to determine what that fee is. Let's say you are a talented sketch artist signed up on patreon, anytime you make a new sketch, image or drawing, your community would pay you a fee.
On patreon, you are paid for what you love to do. If you're a music artiste, you get paid by your community every time you release a new music video. This are things you as an artist already love and do, but instead of creating something and expect that someone would discover it, you can make some cool extra cash from patreon. Check out patreon today.
Write a book
You could write a book; it's time intensive and mental tasking, yes, no doubts, but writing down, your story or experience over time, can be a really profitable venture. You can get royalties from your published book even after four years of publishing. You can log into amazon anytime and see how much your books are being sold for. Maybe you're not ready to do a hard-copy book, you can also sell an e-book. There are tons of authors that release ebooks all the time on amazon.
Writing and publishing books on the amazon platform, is so much easier than if ever was.
Mike Piper a blogger, owner of oblivious investor is making over six figures a year from the e-books he sells. The thing is, he doesn't have a ton of e-books but he has enough and the ones he sells accrues nothing less than six figure every single year.
Writing a book whether an e-book or a hard bonk copy can be very lucrative, you just have to get the book done and get it out there.
Sell physical products
This could be a variety of things, jewelry, clothing, shoes etc. It's amazing what you can sell online these days especially with e-commerce sites like amazon, Ali express, Jumia and konga. If you don't want to go through that route and you actually do have a physical product that you intend selling you can create your own e-commerce site. This way you control and monitor the activities of the site.
Real Estate
There are many ways in which you can get involved in real estate; you can buy them and sell, or you can become a landlord with tons of rental properties. If you want to venture into real estate, make sure that you have a good mentor, if not you could lose a lot of money very quickly, if you don't know what to do. If you're not comfortable in investing into physical real estate, you can invest your money in sites like fundrise.com.
In fundrise, they'd take your money and put them in a pool with other real estate investors and someone is going to be in charge of choosing those physical locations for you. In that way, you're not in charge of picking those locations or helping to collect rent, or making sure of the upkeep of those buildings, all you do is sit back and collect the interest in dividends
Publish content and run ads
If you're comfortable standing in front of a camera, you can publish content to YouTube and make money. So, how exactly is money made on youtube, the most easiest way is the ads that you see. You know those annoying ads, the ones that pop-up the first five seconds of every YouTube video that you watch, yeah, those ads. Anyway, YouTube publishers get paid anytime you watch any of their videos.
YouTube is always looking for content creators that are willing to put in their time and effort to create good video content. Let's say you open a YouTube channel, and you start making makeup tutorial videos, you'd start making money with the ads from your videos, the ads would increase as the videos increase and your money will increase as well.
Start a blog
Starting a blog can earn you money, the more the traffic to your site, the more money you make. Some local companies or multinationals can put up ads on your blog site at a fee, depending on your agreement with them. The good thing is, you can blog about anything that interests you, from food to real-estate, from sports to lifestyles, or whatever.
I highly recommend Steemit.com if you are looking to take blogging as a serious business.
Creating your own online course
Creating an online course is one sure way to make passive income. You can create a course of choice or something you feel people would be interested in and put it in front if the right audience. Anytime people take the online course, they pay you a fee.
You can make some real money doing most, if not all of the aforementioned things on steemit. For me steemit is one major way to get passive income, you could write blogs, or upload videos on dtube, you get paid for whatever activity you carry out on the steemit platform. Steemit is an amazing way to accrue passive income.
I'd love to hear your thoughts and opinions on this issue, please leave a comment in the comment section. Thank you.
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